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The Ethical Consumerism Practices in the Business Market - Ford - Case Study Example

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The paper 'The Ethical Consumerism Practices in the Business Market - Ford" states that the major market players must make it mandatory for the supplier firms to follow ethical business activities so that being a stakeholder the sourcing companies are affected by their unethical practices. …
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The Ethical Consumerism Practices in the Business Market - Ford
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Download file to see previous pages Certain firms, particularly in the poor economies, overlook the importance of the ethical practices and they are often blinded by their myopic approach towards short term objectives. This, as a result, leads to certain unforeseen incidents that have severe adverse effects on the stakeholders and society. Ford is one of the best ethical companies that is known for its code of conduct and strict enforcement. It sets an example for all the business firms on how the ethical practices can be followed and what are its positive implications.
This paper is focused on the ethical consumerism practices in the business market and how the companies can take steps to improve the ethical sourcing of products and services. The concept of ethical sourcing has recently become a topic of concern among the customers. Moreover, it also determines the attractiveness of a company to its stakeholders. Ethical practices are overlooked by many large companies who are blinded by their short term goals, this, as a result, lead to long term adverse consequences. This paper discusses how a firm can responsibly adopt ethical practices to ensure sustainable business activities. It also highlights the ethical practices of Ford Motors, which is considered to be one of the most ethical companies in the world.
The incident mentioned in the case study is a clear indication of the long term adverse effects of avoiding ethical practices. The collapse of the Rana Plaza building could have been avoided if the companies were more concerned about its maintenance (case study). The ethical practices of a firm include taking care of the sustainability of the industry, environment and the interest of the stakeholders. Most of the companies overlooked the necessity of ethical practices and sustainable marketing and is often perceived as an added cost to the company. However, they fail to realize that these ethical practices are the ones that allow the company to maintain steady growth and help to avoid unforeseen circumstances. The collapse of the Rana Plaza building has affected a lot of firms that sourced garments from the supplier companies in that building.  ...Download file to see next pagesRead More
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