1- Acting with integrity • A high level of ethical awareness/moral reasoning. • Does not let unethical behaviour go unchallenged. • Honest and trustworthy. • Willing to explore ethical dilemmas. • Willing to take ethical action without a clear picture of the final result. 2- Being open‐minded • Willing to act on criticism from inside or outside the organisation. • Will not be complacent and assume things cannot be improved. • Open to new ideas and challenging others to adopt new ways of thinking. 3- Taking a long‐term perspective • Belief that bottoms line success can be achieved in an ethical way. • Does not focus exclusively on cost and budgets. • Recognising that business does have responsibilities to the broader society. • Understanding the role of each player in society. • Taking a strategic view of the business environment. 4- ...
Strategic Analysis Understanding and analysing the business environment is significant to develop a successful strategy and map the best feasible route to achieve goals. Strategic analysis helps to: Identify the organisation’s strategic position. Understand internal and external environment. Meet stakeholders’ expectations. Reduce the degree of uncertainty. Anticipate the future business needs and market trends. Recognize opportunities. Mitigate potential risks. Manage available resources effectively. Understand the trade-off between different options. Create sustainable competitive advantage. Supports the decision-making process. The external and internal elements of the business environment have a significant role in supporting strategic decisions and approaching a new market successfully. The difference between an external and internal business environment is the degree of element control, where the external environment elements are not directly under organisational control. Po...