Consumer protection refers to protecting the interest of consumers. The producer should produce good keep in mind the requirements of consumers and satisfy the consumer. But it is observed that this application is neglected by some businessman and they are involved in the unfair practices so there is a need for consumer protection.
A consumer is said to be a king in a free market economy. The earlier approach of caveat acted which means let the buyer be aware. Has now been changed caveat venditor. Let the seller be aware however with growing competition and in an attempt to increase their sales and market share manufacturer and service provider may be tempted to engage in on scalp. Plus exploitative and unfair trade practices like defective and unsafe products. Alteration false and misleading advertisement holding black marketing etc. This means that a consumer might be exposed to risk due to unsafe products might suffer from bad health due to edit rated food. Products may be treated because of misleading advertisements for the sale of spurious products might have to pay a high price. When selling engaged in overpricing holding or black marketing etc. Does there is a need for providing adequate protection to consumers against such practices of the seller’s let us now discuss the importance of consumer protection?
Importance of consumer protection
From the consumer point of view :
- Consumer ignorance: In the light of white spread ignorance of consumers about their rights and reliefs available to them. It becomes necessary to educate them about the same so as to achieve consumer awareness.
- Unorganised consumers: Consumer needs to be organised in the form of consumer organisations. Which would take care of their interests through in India? We do have consumer organisation which are working in this direction adequate. Protection is required to be given to consumers until these organisations become powerful enough to protect and promote the interest of consumers.
- Widespread exploitation of consumers: Consumers might be exploited by a scripless exploitative and unfair trade practices like defective and unsafe products. Ulta relation false and misleading advertising hoarding black marketing consumer need protection against such malpractices of the seller.
From the point of view of business:
Business must also lay emphasis on protecting the consumers and adequately satisfying them.
- Long term interest of business: lightened businesses released that it is in their long-term interest to satisfy their customers satisfied customers not only lead to repeat sales, but also provide good feedback to prospective. Consumers and thus help in increasing the customer base of business does business firm. Should I am at long term profit maximization through consumer satisfaction?
- Business uses society’s resources: Business organisation use resources which belong to the society. They do have a responsibility to supply search products and under service, which are in the public interest and would not compare public confidence in them.