Answered Essay: Locate a recent news or journal article that is an example of one of the strategies discuss in this

Locate a recent news or journal article that is an example of one of the strategies discuss in this module and post a link to that article. Discuss the actions that were taken by the company and tie them back to one or more of the strategies discussed in this module. What is business ethics? Why should a company’s strategies be ethical? In addition, describe why it is important to consider the Saint Leo core value of responsible stewardship when developing a strategy. How did your company’s strategy exemplify responsible stewardship?

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Answer
  • The example that we will be considering here is the decision of Paytm to open banks for its customers, bold and new move which the competitors were not expecting.
  • Business ethics are the morals following which the business should be done, it should not be only profit making approach but attention towards societal issues should also be given. Also, the business should not directly or indirectly harm any entity and all the legal rules and regulations should be followed while conducting a business.
  • Major actions taken by Paytm include tie-up with reserve bank of India who gave all the permissions to start the bank under certain conditions.
  • To ensure longer stay in the market, to gain the trust of customers, to increase the repeat customers and to ensure better revenues and increased profits, the strategies should be as ethical as possible.
  • It is very important to pay attention towards Saint’s responsible stewardship as it gives an indication where the company stands in front of global competitors and also sustainable business is ensured through it.
  • Paytm clearly depicts this (stewardship) as it has foreseen that to ensure sustainable business growth and to reach at the level of international standards opening a bank is very important and hence it took that initiative pro-actively.
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