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Developing a Strategic Plan, Essay Example

Pages: 2

Words: 642

Essay

Question 1. What are the roles of ethics and social responsibility in developing a strategic plan for an energy-related organization?

The strategic plan for any given company is a strategy that details the organization’s desired direction. As such, when an energy-related organization is coming up with a strategic plan, it is vital that the plan puts into consideration facets of the organization’s operations that are both internal and external in nature. (Bhattacharya, 2007)

Ethics ensures that the organization’s culture is in line with human rights codes. By upholding such standards, the organization can ensure staff loyalty through observation of labour laws and safe working environments. Ethics in other operations of the organization such as financial reporting ensures that the company is in line with local and international business laws. (McWilliams, Siegel, & Wright, 2006)

Social responsibility in the strategic plan plays an important role in ensuring that the company is conscious of its operational activities and the effect that it has on the environment, its customers, its employees and its shareholders. Customers would tend to be associated with an energy company that is socially responsible, increasing its market share, sales and profits (Bhattacharya, 2007). Shareholders whose main focus is to make profit would want an energy company that is socially responsible to ensure increased revenue and return on equity. An energy company that is conscious about the environment would create positive environmental factors that would favour long-term business operations.

Question 2. Given an organization’s role in the energy sector, what are the ethical and social responsibilities of a company to the community?

An organization in the energy sector is mandated to be ethical and socially responsible towards the community in the following ways;

Provide benefits, both economic and other benefits, to the communities within which the organization is conducting its operations. This can be achieved through a lower price for the energy commodity that the company produces. This can also be achieved through supporting local social initiatives that are geared towards solving local social problems and ensure better living standards for the community.

Protection of the environment and the safety of the community within which the organization conducts its operations. This can beachieved through environmental protection initiatives such as tree plantation. The organization can also ensure that its operations do not endanger any individual within the community that it conducts its operations. (Corporate social responsibility: Strategic implications, 2009)

Question 3. How do a company’s mission, vision, and values statements guide strategic planning?

A mission statement is crucial in defining and organization’s purpose in conducting its operations (McWilliams, Siegel, & Wright, 2006). This is because the mission statement outlines the scope of the organization’s operations in terms of the product and market, while at the same time reflecting on the organization’s priorities and values. The vision statement on the other hand defines the organization’s long term goals and aspirations. (McWilliams, Siegel, & Wright, 2006)

In strategic planning, it is essential that the strategic plan be in line with the organization’s product and market scope and long term goals. This mission and vision statements can be used as a way through which stakeholders can understand the organization’s aspirations. Also, the organization’s employees can better align their responsibilities and duties within the organization if they better understand and grasp the mission and vision statements.

Question 4. How do these documents reflect the company’s corporate values?

The strategic plan that encompasses the organization’s mission and vision statements, define the organization’s perceived goals, targets and direction in the long-term. As such the corporate values of the organization can be derived in the manner in which it sets its targets and goals and the way it will achieve these targets and goals.

References

Bhattacharya, J. (2007). Corporate social responsibility: Ethical and strategic choice. Delhi: Asian Books.

Corporate social responsibility: Strategic implications. (2009). Corporate social responsibility strategic plan. Richmond: British Columbia Lottery Corporation.

McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Oxford: Blackwell.

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