How can link Strategy with ethics and social responsibility?

How can link Strategy with ethics and social responsibility?

Strategy means the skill of managing any affair. It is used to describe a pathway along which the organization moves towards its goals or objectives. A strategy should be ethical. It should involve rightful actions to the society. However, every business has an ethical duty to each of the following five constituencies:

Duty to the owner or shareholders: Strategy should ensure profitable management of the owners’ investment. It should try to provide sufficient return for owners’ or shareholders’ capital.

Duty to the employee’s: Strategy should not be unfavorable to the employees. It should consider employee interests such as – compensation, career opportunities, job security, and overall working conditions.

Duty to the customers: Strategy should be of such type that can ensure better customer service as well as quality product relatively at a lower price. A strategy should also try to meet up the customers’ expectation.

Duty to the suppliers: Suppliers are both partners and adversaries. A company should purchase goods only from the suppliers who maintain ethics and perform social responsibility properly.

Duty to the community: A company should pay taxes to the government, try to remove wastages properly, take care of their activities which may violate the environment.

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