ABSTRACT

This chapter analyzes mission, objectives, and strategy as the key components of the strategy hierarchy. These three components are the basic building blocks of the process and practice of strategy formulation, strategic decision-making, and strategic management. Ethical principles underlie the basic rules of social behaviour that are essential for the preservation and continuing of effective social and organized life. Face to face ethics arise from the interpersonal interactions and transactions that make up day-to-day organizational life. Senior management, boards of directors, CEOs are likely as a part of their corporate responsibility to have to establish company-wide or governance policies on ethical issues. The UK's National Trusts, for example, have been in the conservation business for many years. However, increasingly severe environmental problems associated with pollution, toxic waste contamination, and the destruction of tropical rain forests have raised the level of environmental awareness on the part of the public.