Order ID | 6163564292 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subject | Finance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Topic | homework assignment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type | Essay | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Writer level | University | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Style | APA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sources / references | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Language | English(U.S.) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description / Paper Instructions
Instructions:
ScenarioSuppose you have been hired by a small group of partners who are in the process of starting a new business. The business will design, produce, and sell an innovative product to the biomedical industry. The partners have a great deal of experience designing products but very little knowledge about starting a business. Due to the sensitive nature of the new business, you feel that the partners need to develop a code of ethics and a mission and vision statement for the company. They do not agree. You need to write a white paper (a document providing information on a topic) to convince them that this is an important step in establishing a new business. InstructionsBased on the scenario above, develop a white paper on the importance of mission and vision statements and a code of ethics. Use the Week 4 Assignment Template [DOCX] to develop your white paper with the following sections.
Your white paper should be 3–5 pages of content, well organized, and written in clear, succinct language. Follow APA rules for attributing sources that support your analysis and conclusions. Academic Integrity and APA FormattingAs a reminder related to using APA rules to ensure academic honesty:
Refer to the scoring guide to ensure that your work meets the grading criteria for this assignment. Exemplar (example) assignment: You may use the Week 4 Assignment Exemplar [PDF] for an idea of what a Proficient or higher rating on the scoring guide would look like. Additional Requirements
Once you have completed your assignment, submit your paper to SafeAssign as a draft. Review the report and correct any citations you missed or cited incorrectly before submitting your assignment for grading. Your paper is due by 11:59 pm central standard time on Sunday. Note: Your instructor may use the Writing Feedback Tool when grading this assignment. The Writing Feedback Tool is designed to provide you with guidance and resources to develop your writing based on five core skills. You will find writing feedback in the Scoring Guide for the assignment, once your work has been evaluated. Learn more about the Writing Feedback Tool on the course Tools and Resources page. Vision, Mission, and Ethics in Organizations Businesses today must constantly strive to adapt in an increasingly competitive environment. In a constantly evolving business world, it is the core ideals and objectives of businesses that guide their strategic decision-making and help them remain stable. This applies to new businesses too, which need to establish their guiding principles early on, because proceeding with insufficient experience and learning could prevent businesses and their leaders from reaching their goals. These ideals and principles are stated as mission and vision statements–– both of which are essential for the success of any business. What Are Mission and Vision Statements? A mission statement defines a company’s purpose and fundamental objectives. It communicates an organization’s reason for existence, and how it aims to serve its key stakeholders. A vision statement, on the other hand, is a concise and precise statement that presents a futuristic view of the organization’s mission: what the company hopes to become and the target it aims to reach. What Purpose Do Mission and Vision Statements Serve? Every business comes into existence to serve a purpose. Mission and vision statements are representative of that purpose. A study conducted by Bain & Company established that 90% of 500 firms surveyed had mission and vision statements to describe the nature of their business. Moreover, the firms that developed mission and vision statements showed better performance than firms that did not (Bart & Baetz, 1998).
Vision and mission statements essentially help organizational leaders to:
Therefore, it is no surprise that mission and vision statements are considered to be fundamental elements in creating a company’s identity. Key Elements of Mission and Vision Statements Since a mission statement is crucial for a company’s growth, it should include the following:
Google’s mission statement, for example, “To organize the world’s information and make it universally accessible and useful” (Millard, n.d.) includes most of these details. Likewise, vision statements have general principles that need to be considered in order to make them reasonable. For example:
These elements of a mission and vision are key for management to connect with clients, employees, and stakeholders, and to achieve financial gain. Along with financial goals, however, businesses also have ethical responsibilities. While mission and vision statements help fulfill financial goals, codes of conduct ensure that businesses and their stakeholders function in an acceptable manner.
Code of Ethics/Code of Conduct
Maintaining a code of ethics can help a business attain positive results and make sound decisions. A business environment that encourages and maintains strong values is usually a productive workplace. A code of ethics, also known as a code of conduct, clarifies “an organization’s mission, values, and principles, linking them with standards of professional conduct. It includes details about how employees are to treat each other and clients, how managers should treat their subordinates, and what is expected from contractors and vendors. In addition, it includes the duties of top management toward the whole organization and the organization’s social responsibilities. A sound code of ethics will include the following:
Violation of ethics can get companies in trouble with consumers, organizations, or government bodies. This in turn may adversely affect the image of the company. Role of a Company’s Leadership in Promoting Mission, Vision, and Ethics Top-level managers of a business develop a vision and mission to maintain a strategic framework throughout their organization and ensure consistency in performance and expectations. It is, however, not enough for these managers to create statements and codes. They must set good examples by acting in accordance with their mission and vision statements and their code of ethics. Organizational leaders must promote their vision and mission by letting employees know how they can contribute toward the larger goals of the organization and treating issues raised by employees as suggestions and areas to improve (Spiro, 2010). They must condemn decisions and actions that violate their business’s mission, vision, and code of ethics, even if such actions promise greater economic rewards. A failure of a firm’s leaders to promote.
The principles it stands for is likely to leave the firm without a purpose and result in a conflict of interest between its employees, management, and stakeholders. Conclusion The Business environment for existing and upstart organizations today is incredibly competitive and constantly evolving. Developing a mission, vision, and code of ethics that is supported and promoted by leadership with the core ideals of an organization is what drives strategic decision-making and helps an organization remain competitive.
References
Bart, C. K., & Baetz, M. (1998, November). The relationship between mission statement and firm performance: An exploratory study. Journal of Management Studies 36(6), 823-853. Abstract retrieved from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=716509
Dias, L. P., & Shah, A. J. (2009). Introduction to business. Retrieved from https://books.google.co.in/books?id=BNU3AwAAQBAJ&dq=introduction+to+business+ vision+and+mission+statements&source=gbs_navlinks_s
Ebben, J. (2005, February 1). Developing effective mission and vision statements. Inc. Retrieved from http://inc.com/resources/startup/articles/20050201/missionstatement.html
Millard, S. (n.d.). Characteristics of Mission and Vision Statements. Retrieved from http://hilo.hawaii.edu/strategicplan/documents/SPC18_10_Mission_and_Vision.pdf
Sullivan, J. (n.d.). What are the key components of a code of ethics in business? Houston Chronicle. Retrieved from http://smallbusiness.chron.com/key-components-code-ethics-business-244.html
Spiro, J. (2010, August 30). How to get employees excited about your business vision. Inc. Retrieved from http://inc.com/guides/2010/08/how-to-get-employees-excited-about-your-business-vision.html Mission, Vision, and Ethics in Organizations Scoring Guide Due Date: End of Week 4
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