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Explain briefly any two points of importance of consumer protection from the point of view of business. |
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Answer» Following points explain the importance of consumer protection in India : 1. long-term interest of business – It is in the long-term interest of the business to satisfy their customers. After liberalisation and globalisation, it is in the interest of the firm to produce quality goods and maintain its reputation. Satisfied consumers ensure long-term profit-maximisation. 2. Consumer awareness – Now-a-days, consumers are becoming more conscious of their rights against the malpractices by the business. There are many consumer organisations which are iftaking efforts to build consumer awareness. 3. Social responsibility – A business has social responsibilities towards various groups. Consumers form an important group among the many stakeholders of business. Hence, business has to take care of interests of consumers. |
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