Question

What is the importance of consumer protection from the point of view of a business.·

पर्याय

• Long-Term Intetest

• Use of Resources

• Ethical Reasoning

• All of the above

Answer 1

All of the above

Explanation - 

The following points emphasise the importance of consumer protection from a business standpoint.

1. Long-Term Interest: Consumer happiness and interest are critical for any business in the face of increased competition and the need to thrive in the market. A firm creates goodwill and reputation by taking care of the interests of its customers. A happy consumer not only returns and purchases from the company again, but also attracts new customers by spreading the word. As a result, protecting the interests of consumers is beneficial to the business in the long run.
2. Use of Resources: A business harnesses society's resources to produce a variety of goods and ices. A firm makes money by selling these items and services to the general public. As a result, it is their responsibility to provide goods and services that are in the best interests of society.
3. Ethical Reasoning: Moral principles and ethics are crucial in business today. Every firm has a moral obligation to safeguard its consumers' interests. They must adhere to ethical and moral standards and avoid any sort of customer exploitation, such as unfair trade practices, adulteration, and so on.