Ethics In Business
Develop a 3–5 page white paper on the importance of mission and vision statements and a code of ethics when starting a new business. Explain the purpose of each, identify the key elements for each, and explain how they can affect the success of a business.
An organization’s structure as identified through its mission and vision statements and code of ethics establishes a foundation for sustaining business practices as well as managing change during times of transition. Such components are organizing principles that serve to align personnel and functional areas to a business’ overall ideals. In combination, such statements and codes inform both internal stakeholders (such as employees) and external stakeholders (such as business partners and customers) about the organization’s priorities, values, and standards, explaining to them the ways in which the business will be responsive to their needs. It is important that mission and vision statements and codes of ethics are interrelated and consistent, and that they accurately reflect current environmental dynamics and practices. Senge, Kleiner, Roberts, Ross, and Smith (1999) emphasized that in order for such structural components to be effective they must be conceived and communicated carefully, realistically, and meaningfully.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Explain the underlying principles of successful business.
- Explain the purpose of mission and vision statements.
- Identify key elements within mission and vision statements.
- Explain the role of a company’s leadership in promoting and supporting the vision, mission, and ethical principles of the company.
- Competency 2: Examine ethical principles associated with the field of business.
- Explain the purpose of a company’s code of ethics.
- Identify key elements within a code of ethics.
- Explain the relationship between a company’s code of ethics and its mission and vision statements.
Senge, P., Kleiner, A., Roberts, C., Ross, R., & Smith, B. (1999). The dance of change: The challenges to sustaining momentum in learning organizations. New York, NY: Crowne Business.