Develop a 3–5 page white paper on the importance of mission and vision statements and a code of ethics when starting a new business. Explain the purpose of each, identify the key elements for each, and explain how they can affect the success of a business.
An organization’s structure as identified through its mission and vision statements and code of ethics establishes a foundation for sustaining business practices as well as managing change during times of transition. Such components are organizing principles that serve to align personnel and functional areas to a business’ overall ideals. In combination, such statements and codes inform both internal stakeholders (such as employees) and external stakeholders (such as business partners and customers) about the organization’s priorities, values, and standards, explaining to them the ways in which the business will be responsive to their needs. It is important that mission and vision statements and codes of ethics are interrelated and consistent and that they accurately reflect current environmental dynamics and practices.
Dumitrasu, M., & Feleaga, L. (2019). Mission, vision, and values of organizations, the catalysts of corporate social responsibility. Audit Financiar, 17(153), 142–148.
Ferdowsian, M. C. (2016). Total business excellence – a new management model for operationalizing excellence. The International Journal of Quality and Reliability Management, 33(7), 942–984.
Chen, R. C. Y., & Lee, C. -H. (2017). Assessing whether corporate social responsibility influence corporate value. Applied Economics, 49(54), 5547–5557.
Based on the scenario above, develop a white paper on the importance of mission and vision statements and a code of ethics. Your white paper should have the following sections. You may use the Assessment 1 Template [DOCX] to create your white paper if desired.
Purpose of Mission and Vision Statements.
Explain the purpose of mission and vision statements using real-world examples and supporting evidence.
Key Elements of Mission and Vision Statements.
Identify key elements within mission and vision statements and explain why the elements are important for a company.
Purpose of a Code of Ethics.
Explain the purpose of a code of ethics and why the code should be directed toward all stakeholders, including leadership, employees, and customers.
Key Elements of a Code of Ethics.
Identify key elements within a code of ethics and explain why the elements are important for a company.
Relationship Between a Company’s Mission and Vision Statements and Its Code of Ethics.
Explain the relationship between a company’s mission and vision statements and its code of ethics in terms of strategic management.
Role of Leadership in Promoting and Supporting the Mission, Vision, and Code of Ethics.
Explain the role of an organization’s leadership in promoting and supporting the mission, vision, and ethical principles of the organization and discuss the consequences of a leader who fails to promote and support the mission, vision, and ethical principles of the company.