To begin with, one should point out that the role of a strategic plan is to outline the principles that will guide an organization in the long term perspective. It is quite obvious that if a company adopts principles that are unethical, the result will be disastrous: it will be a target of criticism of the public and the entire business as at risk. Contrary to that, if ethical principles were enshrined in the course of developing a strategic plan, then it will allow an organization to find the correct solution to every problem that it faces.
In addition to that, the concept of social responsibility is the one that is closely tied to application of ethical principles in a strategic plan. Indeed, the force that should drive an organization to improve one’s performance and make it more sustainable is the acknowledgement of the impact that it has on the social environment and accepting responsibility for these actions. This means that such a strategic plan would urge the organization to minimize its negative impact on the environment in case it has any. Moreover, it will provide effective ways to adjust the current practices in order to make sure that the performance does not cause any damage.
However, it must be noted that while applying ethics and accepting social responsibility, the company should also take into consideration the needs of stakeholders. By definition, stakeholders are the people for whom certain actions make essential difference (Freeman, 2010, 44). One should keep in mind that stakeholders are often found not only inside an organization, but outside of it as well. That is why the most essential part of developing a strategic plan that would be both ethical and socially responsible is not to overlook needs of any stakeholders. This means that a company should carry out an objective investigation of the state of affairs and identify the primary