Business Ethics and Ethical Purchasing Research Paper

Pages: 3 (926 words)  ·  Bibliography Sources: 5  ·  File: .docx  ·  Level: Doctorate  ·  Topic: Business - Ethics

Business Ethics and Ethical Purchasing

Business ethics can be defined as systems of principles and values that direct choices and dealings within a company. In the business world, a company's culture often sets the values for determining the distinction between good and bad decision making and actions. In the most fundamental terms, business ethics comes down to knowing the difference between right and wrong and deciding to do what is right. "The phrase Business Ethics can be used to describe the actions of individuals within an organization, as well as the organization as a whole" (White, 2012). Core ethical values and responsibilities are typically expressed through an ethics policy. This is followed by a code of ethics, setting down the way the institution aims to conduct its business, including promises to stakeholders and guidance for staff. A standard of ethics may envelop issues not covered by law concerning a specific function like procurement (Procurement and business ethics, 2008).

Because purchasing is money driven activity ethics has tough battle with everything else that is in play. Therefore the importance of ethics is a mark elevated in purchasing than other fields where money in not the main driving instrument. It is not an easy job to keep the ethics elevated and fair in procurement. It needs exact concentration, perseverance and motivated people to keep up the ethics with in the procurement process (Ethical Buying or Ethics in Purchasing, 2011).

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Ethical purchasing helps business in a lot of ways including the feel good feature of everyone concerned. It aids in driving fair competition sowing improvement for enhanced cost effective ways of doing things. This in the end leads to more importance for the money being spent. On the other hand, unethical purchasing leads to less value for the money being spent, or the money is being wasted leading to an increase in inflation. Overall, one gets less than what they paid for, causing a drain in their over cash (Ethical Buying or Ethics in Purchasing, 2011).

TOPIC: Research Paper on Business Ethics and Ethical Purchasing Assignment

Ethics in the circumstance of procurement concerns the standards of conduct which make sure that individuals and organizations are trusted and appreciated by those with whom they deal. The organization or institution should be thought of as a good customer. Poor relations with suppliers can cause long-term harm to the status and credibility of the organization or institution. An organization or institution must make sure of regulatory compliance and propriety in the handling of public funds. There are some simple rules that if followed will allow procurement people to stay out of trouble:

"do not bend or break the rules follow procedure if approve is needed, get it first do not allow a conflict of interest to affect or appear to affect decisions do not use the organizations or institutions… [END OF PREVIEW] . . . READ MORE

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Business Ethics and Ethical Purchasing.  (2012, January 23).  Retrieved October 26, 2021, from https://www.essaytown.com/subjects/paper/business-ethics-ethical-purchasing/35030

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"Business Ethics and Ethical Purchasing."  23 January 2012.  Web.  26 October 2021. <https://www.essaytown.com/subjects/paper/business-ethics-ethical-purchasing/35030>.

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"Business Ethics and Ethical Purchasing."  Essaytown.com.  January 23, 2012.  Accessed October 26, 2021.
https://www.essaytown.com/subjects/paper/business-ethics-ethical-purchasing/35030.