Explain the purpose of mission and vision statements for a company.

Suppose you have been hired by a small group of partners who is in the process of starting a new business. The business will design, produce, and sell an innovative product to the bio-medical industry. The partners have a great deal of experience designing products but very little knowledge about starting a business. Due to the sensitive nature of the new business, you feel that the partners need to develop a code of ethics and a mission and vision statement for the company. They do not agree. You need to convince them that this is an important step in establishing a new business.

Use the Capella library and the Internet to locate 3–7 scholarly and professional articles on codes of ethics for organizations. Identify examples of codes of ethics, as well as examples of mission and vision statements. You must have at least three resources to support your writing and research.

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Based on the scenario above, develop a report on the importance of a code of ethics. Format your report according to APA guidelines. In your report, be sure you complete the following:

  • Explain the purpose of mission and vision statements for a company.
  • Identify key elements that should be included in mission and vision statements.
  • Explain the purpose of a code of ethics for a company. Be sure you consider who the code is directed toward: Leadership, employees, or customers?
  • Identify key elements that a code of ethics should contain.
  • Explain the relationship between a company’s mission and vision statements and its code of ethics. How can they affect the success of a business?
  • Explain the role of an organization’s leadership in promoting and supporting the vision, mission, and ethical principles of the organization.

Additional Requirements

  • Formatting: APA formatted, including a title page and reference page.
  • References: Use 3–7 current scholarly or professional resources.
  • Page length: 3–5 pages, double spaced, Times New Roman 12-point font.