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Question
Explain the importance of consumer protection from the point of view of a business.
Solution
Businesses cannot survive or profit without consumers protection and satisfaction because of the following reasons:-
- Long-term interest: long term profit maximisation should be the aim of the business by retaining the consumer's interest by satisfying them with the products.
- Business uses society's resources: Business uses resources from the society therefore it's their responsibility to supply such products and render such services which are of consumers interest.
- Social responsibility: consumers are the major stockholders in the business firm and this holds the responsibility of the business to supply good quality products and reasonable prices to consumers.
- Moral Justification: It is the moral duty of any business firm to take care of their consumers by avoiding them from getting exploited, insecure losses, and unfair trade.
- Government Intervention: A business engaging in exploitative trade practice would attract government intervention, where punishable laws will be followed in case of exploitation of the consumer which can spoil the image of the business. Hence, such practices of fraud need to be avoided.
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