The purchase function is the act of using resources to obtain goods. The act of purchasing in a company in an important contributor to the profitability in which those responsible seek and acquire the best products at the lowest price for the organization. As mentioned by Benton (2014), The purchasing function is an integral part of the transformation of raw materials and component parts into finished goods by utilizing materials, systems, information, and people (p. 5).
As part of the purchase function of an organization the buyer must have a wide knowledge of the market, must interact closely with the production department, must understand consumer behavior, and must ensure enough supplies of materials are available for the organization to conduct business (The Purchasing Function/Materials Management. (n.d.). The buyer is an integral part of the purchase function.
Other responsibilities in the purchase department are the purchase functions such as price negotiation and credit terms, receipt of goods and accuracy of prices, and ensuring that suppliers fulfill the quantity of goods needed and on time (The Purchasing Function/Materials Management. (n.d.). They also must constantly monitor the market for the best prices, products, as well as alternate suppliers if their go to does not provide for one reason or another.
Keeping the product price as low as possible is one aspect of profitability of an organization. Others may include getting the best rates at the bank for purchases, products delivered with speed and accuracy, and additional suppliers on hand when needed. Knowing the market and the customer helps the organization adapt to change quickly and in the long run not to be wasteful in resources, therefore increase profitability.
Benton, W.C. Jr. (2014).Purchasing and supply chain management(3rd ed.). Retrieved from
The Purchasing Function/Materials Management. (n.d.). Retrieved from http://www.yourarticlelibrary.com/material-management/the-purchasing-function-materials-management/69344
WednesdayMar 18 at 11:16am
Purchasing has an impact on organizations in a variety of ways The purchases of goods and services impact and contribute to a companys profit. Benton (2014) notes that buyers making purchases for their organizations look to obtain the highest quality supplies at the lowest possible price. This allows for companies to manufacture and produce goods at a lower costs to themselves, therefore turn a better profit.
Another important aspect that a purchaser much take into account is the supply chain in which they are making the purchase from. This is especially evident with what is going in the world today. If a company makes a purchasing decision to buy goods from China for example, they are now dealing with supply chain interruptions that can cause a company to lose profit. A company must have alternate suppliers ready to go to help with any supply chain issues. They must also constantly be evaluating suppliers to get the best price and material. If the supplies are causing product defects, they must be able to switch to a better supplier.
Purchasing impacts a companys bottom line as they must be able to produce quality products at a low price in order to be profitable.
Benton, W.C. Jr. (2014).Purchasing and supply chain management(3rd ed.). Retrieved from
WednesdayMar 18 at 3:33pm
Having a global marketplace creates an increase in competition. According to Benton, 2014 The global marketplace has experience a boom in online- or e-procurement technologies in the purchasing and supply chain management which has essentially transformed he traditional indirect purchasing functions of business-to-business commerce. With privacy becoming bigger concern in our modern day technology. For example, in 2012 a law was passed in California to prohibit a particular breach of privacy; asking for information that maybe ethical. There is a gray with ethics. A gray area with ethics is misleading a buyer into thinking they are getting a deal. For example, when they have a product that just went on sales but in fact the price is higher. But the competition runs into the grey area of ethics. I see that a lot with Walmart and Target. There are boundaries set when the global marketplace involves the technology.
When I am purchasing an item I like to read the reviews. Then I was would check the competitors reviews as well. But the reviews can be misleading even from the company themselves. Even knowing this I still want to read the reviews to make a decision whether I want the product or not.
Benton, W.C. Jr. (2014).Purchasing and supply chain management(3rd ed.). Retrieved from https://www.redshelf.com
WednesdayMar 18 at 8:31pm
Technology allows businesses to reach new markets at the local, national, and international levels to guarantee customers access to a variety of products. The Internet has penetrated many business operations, with emailing emerging as the primary communication mode in the technology-enabled world. Marketers require suppliers to meet a minimum degree of connectivity, which might not be possible to achieve. With more consumers ordering their products internationally, the legal challenges of transacting over the Internet become apparent. Scientific advancement has resulted in the use of electronic communication, signatures, and contracts in line with the federal electronic signatures in both global and national commerce actions.
Privacy is one of the ethical problems of purchasing. It is a significant concern to consumers during the purchasing process since personal information and financial transactions can be compromised. Therefore, technology affects the ethics of purchasing; for instance, in the cases of data breaches, involving hacking and identity theft (Martin, Shilton, & Smith, 2019). Location applications in smartphones can track information. Hence, it necessitates the global market to take advantage of technology but consider the associated legal aspects that might limit its effectiveness.
Martin, K., Shilton, K., & Smith, J. (2019). Business and the ethical implications of technology: Introduction to the symposium.Journal of Business Ethics, 16,307-317.https://doi.org/10.1007/s10551-019-04213-9
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