Meaning of Consumer Protection | Consumer Protection Class 12 Business Studies

Описание: Consumer Protection
meaning of consumer protection
concept of consumer protection
what is consumer protection
need of Consumer Protection Act 1986
consumer is a King
why Consumer Protection is needed
marketing activities are done for consumers
Examples of consumer exploitation

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CONSUMER PROTECTION
Consumer Protection: Definition
Consumer protection refers to not only providing education to consumers about their rights and responsibilities, but also helping them in getting their grievances redressed

Importance of Consumer Protection from Businessman’s Point of View

Long-term Interest of Business is assured.
Business uses society’s resources so they need to safeguard consumer’s interests.
Social Responsibility towards consumers as an important interest group.
It is the moral obligation of the businessmen to give due consideration to the consumer’s interest.
To avoid government intervention in business.
Importance of Consumer Protection from Consumers’s Point of View

Consumer Ignorance needs to be removed
Unorganised Consumers need a mechanism to unite themselves.
Widespread Exploitation of Consumers needs to be checked.
Ways and Means of Consumer Protection

Self Regulation by enlightened business firms.
Business Associations have laid down code of conduct for businesses.
Consumer Awareness promotes consumerism.
Consumer Organisations provide support to the consumers.
Government provides necessary framework to safeguard the interest of consumers. .
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