Suppose you have been hired by a small group of partners who are 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. Make examples to convince them that this is an important step in establishing a new business.

Based on the scenario above, develop ways on the importance of mission and vision statements and a code of ethics. You should have examples of the following sections.

• Purpose of Mission and Vision Statements.
• Explain the purpose of mission and vision statements using real-world examples and supporting evidence.
• Key Elements of Mission and Vision Statements.
• Identify key elements within mission and vision statements and explain why the elements are important for a company.
• Purpose of a Code of Ethics.
• Explain the purpose of a code of ethics and why the code should be directed toward all stakeholders, including leadership, employees, and customers.
• Key Elements of a Code of Ethics.
• Identify key elements within a code of ethics and explain why the elements are important for a company.
• Relationship Between a Company's Mission and Vision Statements and Its Code of Ethics.
• Explain the relationship between a company's mission and vision statements and its code of ethics in terms of strategic management.
• Role of Leadership in Promoting and Supporting the Mission, Vision, and Code of Ethics.
• Explain the role of an organization's leadership in promoting and supporting the mission, vision, and ethical principles of the organization and discuss the consequences of a leader who fails to promote and support the mission, vision, and ethical principles of the company.