Question

Do you think using a Stakeholder Management Approach to business ethics is the best approach? Why do you think so?

Answer 1

Stakeholder management approach focuses upon the best interests of the different stakeholders and it is only possible when morally high and socially right decisions are taken that will benefit the society, environment and the consumers. Achieving the objectives of taking care of the different stakeholders, helps to achieve the business ethics that are based upon value creation and respect for the people and community, served by the organization. So, it is the stakeholder management that facilitates the implementation of business ethics. Further, the business ethics complements the initiatives that are taken up to serve the different stakeholders. So, a synergy effect is created in the organization. It is the reason that stakeholder management is the best approach to apply business ethics.