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Explain Briefly Any Two Points of Importance of Consumer Protection from the Point of View Of The Business. - Business Studies

Answer in Brief

Answer the following question:
Explain briefly any two points of importance of consumer protection from the point of view of the business.

Answer the following question:
Explain any four points of importance of 'consumer protection' from the point of view of a business.

Answer the following question:
State any three points of importance of consumer protection from the point of view of a business.

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Solution

Consumer protection plays an important role for businesses in the following ways:

  1. Long-Term Interest: For any business, consumer satisfaction is essential. In today's times, with increasing competition, consumer satisfaction has become all the more important. As the organisation takes care of the interests of consumers, it builds goodwill and reputation in the market. This, in turn, helps in increasing the sales and profits of the business. Thus, protecting consumer's interests benefits the business in the long run.
  2. Use of Resources: Any business survives on the basis of society. It uses the resources of society for its various production activities. It earns profits with the sale of these goods and services to society. Thus, the business must take care of the interest of society and supply goods and services which adhere to the overall interests and well-being of society.
  3. Ethical Reasoning: Every business must follow basic moral and ethical values. It must not follow any such business practices which lead to exploitation of consumers in any form
  4. Responsibility towards Society: Any business strives to exist on the basis of society. It sells various goods and services to consumers in society and earns profit. Thus, it is the responsibility of the business to take into consideration and work towards satisfying consumer interests
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