Developing Ethical Frameworks for Sustainable Food Pricing Through Supply Chain Transparency

Nsisong Louis Eyo-Udo, Chuwkwunweike Mokogwu, Amarachi Queen Olufemi-Phillips and Titilope Tosin Adewale
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Nsisong Louis Eyo-Udo: Ulster University, United Kingdom
Chuwkwunweike Mokogwu: Independent Researcher, USA
Amarachi Queen Olufemi-Phillips: Independent Researcher, UK
Titilope Tosin Adewale: Independent Researcher, Canada

International Journal of Research and Scientific Innovation, 2024, vol. 11, issue 12, 919-947

Abstract: Developing ethical frameworks for sustainable food pricing is crucial in addressing the interconnected challenges of profitability, ethical food access, and supply chain transparency. This study presents a decision analysis model designed to evaluate the sustainability and ethics of food pricing strategies, with a strong emphasis on future stakeholder analysis. The model incorporates a systematic approach to balancing profitability with ethical considerations, focusing on transparent supply chain practices as a foundation for sustainable pricing decisions. By evaluating factors such as production costs, environmental impact, and fair labor practices, the model aims to create a comprehensive pricing strategy that promotes both ethical food access and corporate responsibility. To account for diverse stakeholder interests, this decision analysis model integrates key metrics from suppliers, producers, distributors, consumers, and regulatory bodies, facilitating a balanced approach that aligns with sustainable development goals (SDGs). Stakeholder analysis is central to this framework, enabling companies to predict potential reactions and adapt pricing strategies that support long-term economic, social, and environmental objectives. By analyzing data from multiple stages of the supply chain, the model fosters transparency and allows stakeholders to track how pricing decisions impact resource allocation, waste reduction, and fair trade practices. This approach addresses rising consumer demand for ethical consumption choices while offering companies insights into profitability impacts associated with sustainable practices. Furthermore, it provides an actionable pathway for food industry leaders to reconcile competing priorities, such as affordable pricing for consumers and adequate returns for producers. Implementing this framework can help foster a culture of accountability and sustainability across the food industry, enhancing brand reputation and encouraging ethical consumer behavior. In conclusion, this study’s decision analysis model for sustainable food pricing offers a viable tool to evaluate ethical and transparent pricing practices, highlighting how strategic stakeholder analysis can align profitability with responsible corporate behavior. This framework supports sustainable food pricing as a core element of ethical business practices in the global food industry.

Date: 2024
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