I am JD Farmer, and I will be assisting you in answering this question.
Strategic planning is the process of creating a mission statement, vision statement, policies, and cross functional decisions to ensure a companies success. Since, the companies success is the vital interest of the stakeholder, certain considerations must be taken into account in the planning process. With the recent scandals in the business market more companies are incorporating ethics and social responsibility into these plans. The purpose of ethic and social planning is to develop customer relations and public image. These steps may hinder, to a degree, the rapid increase in capital that unethical practices, albeit legal, might produce. However, the company will save money from law suits and negative publicity in the long run.
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