CHAPTER 3: SOCIAL RESPONSIBILITY, ETHICS, AND STRATEGIC PLANNING
Explain the relationship between social responsibility, ethics, and strategic planning
The social responsibility and ethics of your business are the commitments you make to doing what is right
Strategic planning is the process of deciding where yo want yout busienss to go and how it will get there.
All three concepts work together to form the foundation on which your entire business rests.
Name the level of social responsibility
You have an economic responsibility to make your business profitable. Without profit, your business cannot contribute anything to society
Your legal obligation to obey the law describes the minimal behavior expected for your firm to be part of society
Your ethical responsibility covers your obligation to do what is right.
Discuss how to establish a code of ethics for your business
a code of ethics offers a way for you to communicate your ethical expectations to everyone involved in your business
The code should represent your ethical ideals, be concise enough to be remembered, be written clearly, and apply to everyone in the organization
Describe each step in the strategic planning process, and explain the importance of competitive advantage
The strategic planning process includes defining your mission statement, conducting an environmental analysis (internal and external, or SWOT, analysis)
Analyzing the competition and defining your competitive advantage
Identifying strategic alternatives, setting goals, and establishing systems to measure effectiveness
A competitive advantage is the facet of your business that gives your company an edge over the competition
The strategic planning helps you to identify and establish competitive advantage by analyzing the environment and the competitive landscape
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