A Company's strategy can be consider "ethical"
a. if each element of its strategy is "legal"
b. if it does not entail actions or behaviors that cross the moral line from "can do" to "should not do" (becauase such actions are unsavory, unconscionable, injurious to others, or unnecessarily harmful to the environment) and if it allows management to fulfill its ethical duties to all stakeholders (shareholders, employees, customers, suppliers, the communities in which it operates, and society at large)
c. if its actions and behaviors fall within the bounds of "fair competition"
d. so long as leading religious authorities find nothing "morally wrong" in teh company's actions
e. so long as the company's strategic actions do not injure the business of rival firms or wthe well-being of customers.