Business Questions on Ethics, Strategic Plan etc Essay

Business Questions on Ethics, Strategic Plan etc - Essay Example Religion is not just about beliefs. In fact, the religion guides its followers towards a complete way of life that is ethically justified and is meant to spread peace in the society. The different standards of ethics amongst communities dwelling in the same place fundamentally arise from the difference of religious teachings of the different communities. People living in a certain place have their customs, values, and traditions that are a reflection of the geographic, political, and socioeconomic history of that place. Over the time, the customs and traditions approved by a vast majority of the people are recognized as ethics in that society. Ethics play a very important role in the business today. There is a lot of evidence to suggest that the world today is not as healthy and clean place to live in as it once was. This is primarily attributed to the false and objectionable business practices that have been in place over a long time in the history. There is a greater emphasis from the society upon healthy business activities to reduce the negative environmental effects of the business. The term used for environment-friendly businesses is â€Å"green business†. Companies are encouraged to compete with one another to become greener as it is seen as one of the pre-requisites of success for the company. On the other hand, businesses today are expected to fulfill the demands of corporate social responsibility, which essentially means that a business that is only profitable to the business owner today is not sufficient. In order for the business owner to be successful and gain competitive advantage, it is imperative that the business benefits the society as well. It may benefit the society in a number of ways that include but are not limited to reducing unemployment, finding the cure of diseases, creating knowledge, and doing research and development for the benefit of the society. Over the time, people have become more conscious about their health and safet y which has imparted a need for the regulatory bodies to oblige the entrepreneurs to abide by the rules of ethics so that the business can be made greener, and its positive role in the development of the society as a whole can be enhanced. Q. 2 Answer The strategic plan can be considered as a kind of business plan, though there are certain differences between the two. The main purpose of making a strategic plan is to implement an organization’s strategic direction and manage it, thus it is made once the organization or business has been established already whereas the business plan is required at the stage of starting a new business, gathering the required funds, and directing its operations. In this way, the strategic plan is helpful for the businesses that are already established but need to be expanded but the business plan makes an entrepreneur prepared to commence a new business. â€Å"The business plan examines the business’ potential for success, the competing industry and the business’ competitive advantages† (Smith). The timeframe covered by the strategic plan is different from that covered by the business plan. While the time covered by a strategic plan ranges from three to five years in general, the business plan is commonly made to last for a year only. The strategic plan is critical to enlarge the revenues and maximize the return on investment of a business as it prioritizes the resources while the business plan is needed when the entrepreneur needs funding. The strategic pla