Ethics Paper Essay

The role of ethics and social responsibility be full of life to the success of note. This also is very important to the s downholders and should be even more important to oversight executives who wipe out to make the decisions on whether to be respectable or unethical. This seems like a no brainer, but pennant level officials have the daunting task of reservation difficult decisions that affects groups involved in the success of the company. This physical composition will bring into focus the ethics and social responsibility in creating a strategic political platform while taking in consideration stakeholder needs and agendas.Business Ethics is a form of ethics, which examines the ethical principles, and moral problems that occur in a business today. Ethics plays an important role in business today by establishing policies, procedures, and practices when creating a strategic jut. One such policy to have as a driving force for the company is a formula of ethics, which out lines how an employee should behave while on the job. Having a code of ethics in place will not only help employees behavior, but the effectuation of strategic plan of guidelines that will take in consideration for stakeholder needs and agendas.Social responsibilities are the responsibilities of clannish corporations to society that goes beyond that of making a profit. When implementing a new strategic plan you have to take in account the affects it will have on society as well as the organic law. strategic decisions influence different entities internally and externally. For instance, a decision to down size by closing both(prenominal) distribution centers and discontinuing manufactured goods, affects not only the employees, but also the neighborhoods where the plants are located. This also hinders the consumers and suppliers with having no former(a) source for the discontinued products (Wheelen & Hunger, 2010).These types of decisions bring forth questions as to regarding, th e appropriateness of certain missions, objectives, and strategies of businesses. Management must be able to come to compromise the difference in interests in an ethical manner to formulate a realistic strategic plan to meet the needs of the stakeholders. To answer this question, the corporation may need to manoeuvre a strategy, which can explicitly articulate the organization with the role of ethics with stakeholders. This requires not only that management a clear picture of the organization key ethical approach but also that it understands the organization societal context, and undertakes stakeholder analysis to identify the issues and duties of for each one stakeholder (Wheelen & Hunger, 2010, pg.76).While researching an industry that continues to overstep its boundaries for stakeholder agendas. Pfizer, the world largest pharmaceutic company has been continually selling and selling drugs with unapproved uses. In 2004 Pfizer plead guilty to two felony counts of marketing a drug for unapproved uses and paid 430 million in beautifuls and penalties (Evans, 2009). United States attorneys office was assured by Pfizer lawyers that they will stop promoting drugs for unauthorized purposes. Five years later Pfizer plead guilty again for directional over 100 salespeople to promote Bextra, another unapproved medication. The fine this time was an Americas highest recorded fine ever of 1.19 billion. Since May 2004, Pfizer, Eli Lilly & Co., Bristol-Myers Squibb Co. and four other pharmaceutical companies have paid a total of $7 billion in fines and penalties for marketing drug for unapproved uses (Evans, 2009).This shows that not only Pfizer, but other pharmaceutical companies are taking the approach of maximizing profits for the sake of stakeholders. In the readings it states that shareholders were unmoved by the actions of the company because each time the company had to pay out billions in penalties the share price went up (Evans, 2009).This practice of marketing a nd selling unapproved medications have shown how irresponsible, unethical, and socially unaware these companies are. Lives are being lost or changed forever because of some(prenominal) of the side effects of these medications that are being push by these organizations for a buck. To prevent such wicked acts we need only one of the pharmaceutical giants to step up and implement a strategic plan using more of an ethical approach in producing new drugs to the market. This can be attain by having the research done well in advance, publically documenting their finding, have more transparent marketing strategies, and making sure that all medications are FDA approve first before any distribution of a hit pill. Another strategy to improving the industry is by using the input of the stakeholders which can give other alternatives to what route can the industry can use to maximize the benefits for all.In conclusion we can clearly see the importance of roles of ethics and social responsibil ities are within an organizations strategic plans. erst a company has put itself in a position to use ethics and society to influence it duties to make sure business is held to a standard higher values. Only then will organizations such as Pfizer will understand that its more about the people than the profit. Stakeholders have a diametrical role in the advance of business because each company that have taken notice continues to achieve today even in a recession.