Question

Draw a mind map of Business Environments, Ethics and Strategy. (Hint: Start your mind-map with three boxes at the center, one for each of Environments, Ethics, and Strategy.) and a short summary of this mind map not more than 100 words.

Answer 1

Business environment consists of both internal and external factors which will be influence a business organization. Ethics and strategy comes under internal environment of an organization. An organization will be successful in long run when it has ethical implications through its products and services offered to the various stakeholders across the marketplace.

Ethical standards will force top management to design, incorporate, and implement strategies which would be supportive , cooperative and involved both right or wrong related questions. Strategy helps to achieve competitive advantage and it should be based ethical principles of corporate philosophy of an organization. For example, Top companies are retaining their employees during Covid19. Here , ethical standards are followed by strategy to position as a employee centered approach of an organization.

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