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MGT 498 Week 2 Individual Assignment Ethics Paper

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Running head: ETHICS PAPER 1
Ethics Paper
The Role of Ethics and Social Responsibility in Developing a Strategic Plan
MGT/498
University of Phoenix

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Running head: ETHICS PAPER 2
The Role of Ethics and Social Responsibility in Developing a Strategic Plan
The idea of social responsibility is that private corporations have more responsibility than
just making a profit. Strategic decisions affect more than the corporation alone. Decisions that
are made for a corporation can affect the workforce, communities, and customers. It is important
that business corporations make decisions that are appropriate in their strategies, missions, and
objectives. Conflicts of interests have to be dealt with in an ethical manner. Simply put, the
corporation has to keep the stakeholders needs and agendas in consideration throughout the
development of their strategic plan.
The question is: What are the requirements of ethical social responsibility of a business
corporation? Milton Friedman and Archie Carroll offer different views of corporate
responsibilities to society. Friedman has a traditional view of corporate responsibility that urges
a worldwide economy that has minimal government regulations. However, Carroll proposes
business has four responsibilities which include: economic, legal, ethical, and discretionary.
Friedman argues against the social responsibility concept. “A business person who acts
“responsibly” by cutting the price of the firm’s product to prevent inflation, or by making
expenditures to reduce pollution, or by hiring the hard-core unemployed, according to Friedman,
is spending the shareholders money for a general social interest” (Wheelen & Hunger, 2010,
p. 72). It is Friedman’s opinion that even at the shareholders urgency, a business person who
acts from any other motive beside economic, may actually harm the society they are trying to
help. He believes that a business becomes less efficient by taking on the burden of social costs.

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Ethics Paper The Role of Ethics and Social Responsibility in Developing a Strategic Plan MGT/498 University of Phoenix The Role of Ethics and Social Responsibility in Developing a Strategic Plan The idea of social responsibility is that private corporations have more responsibility than just making a profit. Strategic decisions affect more than the corporation alone. Decisions that are made for a corporation can affect the workforce, communities, and customers. It is important that business corporations make decisions that are appropriate in their strategies, missions, and objectives. Conflicts of interests have to be dealt with in an ethical manner. Simply put, the corporation has to keep the stakeholder's needs and agendas in consideration throughout the development of their strategic plan. The question is: What are the requirements of ethical social responsibility of a business corporation? Milton Friedman and Archie Carroll offer different views of corporate responsibilities to society. Friedman has a traditional view of corporate responsibility that urges a worldwide economy that has minimal government regulations. However, Carroll proposes business has four responsibilities which include: economic, legal, ethical, and discretionary. Friedman argues against the social responsibility concept. "A business person who acts "responsibly" by cutting the price of the firm's product to prevent inflation, or by making expenditures to reduce pollution, or by hirin ...
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