Mgt 498 Week 2 Individual Assignment Ethics Paper

Strategic PlanningNameInstitutional affiliateStrategic PlanningThe business’ internal and external environment within which a an organization or company operates is always changing such as the economic changes, changes in the legal political environment, changes in consumer preferences and the activities of the competitors. Similarly, the company has to reposition itself accordingly to fit in the new environment; else it will be forced out of business (Simerson, 2011). Strategic planning refers to a set of activities that the organization’s management creates to set priorities, to strengthen operations, ensure that the stakeholders such as the creditors, directors, employees, suppliers and the owners are working toward the common goals, establish agreement around intended results, and measure and reevaluate the organization’s strategies in response to the changing environment. Therefore, the strategic planning states the purpose of the business, the short-term and long-term vision, the core values and the strategies. This plan is communicated to the stakeholders in a document known as the strategic plan. This document looks at the role of ethics and social responsibility in determining the strategic planning of the organization. Role of Ethics in Strategic Planning To ensure that organizations conducts