Should ethics and social responsibility be important topics in the study of strategic management?
Social responsibility and ethics carry a high weight of importance in the context of strategic management. It is a well known fact that businesses that fail implement a code of ethics are more likely to make decisions that harm stakeholders. The modern business environment is highly connected via social media and technology, making the operations of a business a potential target of public discussion. In fact, the existence of social media has altered the way businesses approach ethics. When a business does not uphold positive core values, it is likely that the public will recognize it and discuss it via social media. Therefore, it is critical for organizations to consider the outside community by implementing social responsibility initiatives and maintaining ethical values within its workforce.
Here’s an example. With the recent death of the musician Prince, General Mills posted a tweet that was aimed to capitalize from his death in order to market the cereal brand Cheerios. Twitter users saw through this marketing scheme and started a highly charged discussion that will likely have long term negative effects on Cheerios sales.
— Daily Mail US (@DailyMail) April 22, 2016
- Student: Jason
- Textbook: Strategic Management in Business
- Course: Not Provided