Suppose You Have Been Hired By A Small Group Of Partners ✓ Solved

Suppose you have been hired by a small group of partners who

Suppose you have been hired by a small group of partners who are starting a new business that will design, produce, and sell an innovative biomedical product. The partners have experience designing products but little knowledge about starting a business. Because of the sensitive nature of the product, you believe they need to develop a mission statement, vision statement, and a code of ethics, but the partners disagree. Write a white paper to convince them that mission and vision statements and a code of ethics are important. Use reputable sources (3–7 articles) to identify examples of codes of ethics and mission and vision statements and to support your arguments. Your white paper should include the following sections: Purpose of Mission and Vision Statements (explain purpose with real-world examples and supporting evidence); Key Elements of Mission and Vision Statements (identify elements and explain why they are important); Purpose of a Code of Ethics (explain purpose and why it should address all stakeholders, including leadership, employees, and customers); Key Elements of a Code of Ethics (identify elements and explain why they are important); Relationship Between a Company's Mission and Vision Statements and Its Code of Ethics (explain the relationship in terms of strategic management); Role of Leadership in Promoting and Supporting the Mission, Vision, and Code of Ethics (explain leadership's role and consequences if leaders fail to support these). Include at least three reputable resources and follow APA rules for citations.

Paper For Above Instructions

Executive Summary

This white paper argues that mission and vision statements and a formal code of ethics are foundational for a small biomedical start-up. Drawing on established research and real-world examples from the biomedical and broader corporate sectors, it explains the purpose and key elements of mission and vision statements and codes of ethics, describes how they interact strategically, and details leadership's role in establishing and sustaining these guiding documents (Collins & Porras, 1996; Treviño & Nelson, 2017).

Purpose of Mission and Vision Statements

Mission and vision statements serve different but complementary purposes. A mission statement articulates the organization’s current purpose, core activities, and primary stakeholders; a vision statement describes the aspirational future state that the organization aims to create (Collins & Porras, 1996). For a biomedical company, a mission might emphasize patient safety, innovation, and regulatory compliance, while the vision would describe improved patient outcomes or transformative technologies. Real-world examples include Johnson & Johnson’s Credo, which foregrounds patient and customer welfare as central to operations (Johnson & Johnson, 2020), and the Mayo Clinic’s mission to provide “the best care to every patient” (Mayo Clinic, 2020). These statements orient decision-making, clarify priorities, and communicate purpose to investors, staff, and regulators (Bart, 1997).

Key Elements of Mission and Vision Statements

Effective mission statements typically include: target customers/stakeholders, primary offerings or services, core values, and scope of operations. Vision statements include a clear aspirational goal, time horizon, and a concise image of future impact (Collins & Porras, 1996; SHRM, 2019). For biomedical ventures, explicit references to patient safety, ethical research, regulatory adherence, innovation, and quality standards are essential. These elements matter because they translate abstract purpose into operational priorities that guide strategy, hiring, performance metrics, and compliance programs (Porter & Kramer, 2011).

Purpose of a Code of Ethics

A code of ethics establishes normative expectations for behavior and decision-making across the organization. It protects stakeholders by making explicit commitments to integrity, safety, compliance with law, confidentiality, and conflict-of-interest management (Ethics & Compliance Initiative, 2020). In biomedical firms, codes of ethics reduce risks related to research misconduct, patient safety lapses, and regulatory violations. A well-crafted code reassures customers, partners, clinical investigators, and regulators that the company takes ethical risks seriously and has systems to manage them (World Medical Association, 2013).

Key Elements of a Code of Ethics

Core components of an effective code include: clear principles (e.g., patient safety, honesty), concrete behavioral standards, stakeholder-specific guidance (leadership, employees, contractors, customers), procedures for reporting concerns (whistleblower protections), enforcement mechanisms, and training/communication plans (Institute of Business Ethics, 2018; Treviño & Nelson, 2017). For biomedical startups, the code should also address research integrity, data handling and privacy (HIPAA-equivalent concerns), adverse-event reporting, intellectual property conduct, and interactions with healthcare professionals and regulators. Including enforcement procedures and accessible reporting channels motivates compliance and demonstrates accountability to external stakeholders (Ethics & Compliance Initiative, 2020).

Relationship Between Mission, Vision, and Code of Ethics

Mission and vision statements define strategic intent; the code of ethics operationalizes the values that make that intent credible and sustainable. Strategically, the mission/vision provide direction for resource allocation and market positioning, while the code of ethics constrains tactics that would contradict those aims (Freeman, 1984; Porter & Kramer, 2011). For example, a vision promising safe, patient-centric innovation only has strategic value if the code enforces rigorous testing and ethical marketing. Integrating these documents ensures consistency between what the company promises and how it behaves, reducing reputational and regulatory risk while building stakeholder trust (Bart, 1997).

Role of Leadership in Promoting and Supporting Mission, Vision, and Code of Ethics

Leadership must champion and model the mission and ethical standards; tone at the top strongly influences organizational behavior (Treviño & Nelson, 2017). Leaders are responsible for embedding statements into hiring, performance reviews, training, and resource allocation. Practical actions include communicating the mission and code frequently, allocating budget for compliance and ethics training, and ensuring transparent consequence management for breaches (Institute of Business Ethics, 2018). When leaders fail to promote these elements, companies risk mission drift, noncompliance, low morale, and reputational damage—outcomes particularly dangerous in the biomedical sector where patient harm and regulatory penalties are possible (Ethics & Compliance Initiative, 2020).

Practical Recommendations for the Partners

1. Create concise, stakeholder-focused mission and vision statements that prioritize patient safety and scientific integrity (Collins & Porras, 1996).
2. Draft a code of ethics with concrete examples, reporting mechanisms, and enforcement policies; consult biomedical regulatory guidance and templates (WHO/Declaration of Helsinki; Institute of Business Ethics, 2018).
3. Integrate mission, vision, and code into HR processes, training, and supplier contracts to ensure consistent application (SHRM, 2019).
4. Have leadership publicly commit to these documents and publish a summary for investors, customers, and regulators to build external trust (Porter & Kramer, 2011).

These steps mitigate legal and reputational risk, accelerate market acceptance, and create a coherent culture that supports long-term growth in a sensitive industry.

Conclusion: For a biomedical start-up, mission and vision statements plus a robust code of ethics are not optional extras; they are strategic assets that align daily operations with long-term goals, manage stakeholder expectations, and protect patients and the business. Evidence from corporate practice and academic research demonstrates that these tools improve decision-making, compliance, and stakeholder trust when led from the top (Collins & Porras, 1996; Treviño & Nelson, 2017; Ethics & Compliance Initiative, 2020).

References

• Bart, C. (1997). Establishing an organizational vision: Philosophy, process, and practice. Academy of Management Executive, 11(3), 7–15.
• Collins, J., & Porras, J. I. (1996). Building your company’s vision. Harvard Business Review. https://hbr.org/1996/09/building-your-companys-vision
• Ethics & Compliance Initiative. (2020). Global Business Ethics Survey. https://www.ethics.org/research/gbes/
• Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman.
• Institute of Business Ethics. (2018). What makes a good code of ethics? https://www.ibe.org.uk/
• Johnson & Johnson. (2020). Our Credo. https://www.jnj.com/credo/
• Mayo Clinic. (2020). Our mission and values. https://www.mayoclinic.org/about-mayo-clinic/mission-values
• Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review. https://hbr.org/2011/01/the-big-idea-creating-shared-value
• Society for Human Resource Management (SHRM). (2019). How to write mission, vision, and values statements. https://www.shrm.org/
• Treviño, L. K., & Nelson, K. A. (2017). Managing Business Ethics: Straight Talk about How to Do It Right (7th ed.). Wiley.
• World Medical Association. (2013). Declaration of Helsinki – Ethical Principles for Medical Research Involving Human Subjects. https://www.wma.net/policies-post/wma-declaration-of-helsinki-ethical-principles-for-medical-research-involving-human-subjects/