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Explain the importance of consumer protection from the point of view of a business. - Business Studies

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प्रश्न

Explain the importance of consumer protection from the point of view of a business.

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उत्तर

Businesses cannot survive or profit without consumer protection and satisfaction because of the following reasons:

  1. Long-term interest: long-term profit maximisation should be the aim of the business by retaining the consumer interest by satisfying them with the products.
  2. Business uses society's resources: Business uses resources from society; therefore, it’s their responsibility to supply such products and render such services which are of consumer interest.
  3. 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.
  4. Moral Justification: It is the moral duty of any business firm to take care of its consumers by preventing them from getting exploited, experiencing insecure losses, and facing unfair trade.
  5. Government Intervention: A business engaging in exploitative trade practices 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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अध्याय 15: Consumer Protection - QUESTION BANK [पृष्ठ ४७५]

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सी. बी. गुप्ता Commerce Volume 2 [English] Class 12 ISC
अध्याय 15 Consumer Protection
QUESTION BANK | Q Q. 8. | पृष्ठ ४७५

संबंधित प्रश्न

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State the consumer’s right which Manvendra had exercised.


On Sonika's birthday her mother gave her a pair of gold earrings. After one month Sonika observed that the ear-rings are losing their shine. She checked the mark on the earrings and found that it was not a proper Hallmark and her mother had been cheated by the shopkeeper. So, she finds a complaint in the district forum which rejected it. Not satisfied by the decision of district forum, she was very much disturbed and after two months decided to appeal further.

Can Sonika appeal against the decision of the district forum? Give reason in support of your answer.


Explain any two points of importance of 'consumer protection' from the point of view of business and any two points from the point of view of consumers.


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The consumer protection act was passed in the interest of the consumers.


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What are various ways in which the objective of consumer protection can be achieved?


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State any four features of the Consumer Protection Act, 2019.


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Write the full form of FSSAI. 


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The consumer dispute redressal authority can be approached by the patient's family. Explain any three rights to the consumers.


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