A company's strategy can be considered "ethical"

if its actions and behaviors fall within the bounds of "fair competition."

so long as the appropriate governmental authorities find nothing "morally wrong" in the company's actions and issue the company a certificate of ethical compliance.

if each element of its strategy is "legal" and does not injure the business of rival firms or the well$-$being of customers or the environment.

so long as the company's strategic actions fall within the bounds of what is legal and help the company achieve the purpose and intent of both its customer value proposition and profit proposition.

if it does not entail actions or behaviors that cross the moral line from "can do$"$ to "should not do$."$