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Explain the Concept of 'Consumer Protection' and Any Three Points of Its Importance from the Point of View of Consumers. - Business Studies

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ConceptConcept of Consumer Protection

Questions

Explain the concept of 'consumer protection' and any three points of its importance from the point of view of consumers.

State any three points of importance of consumer protection from the point of view of consumers.

Solution

Consumer protection refers to educating consumers regarding their rights and responsibilities along with the redressal of their grievances and complaints.

Importance of consumer protection from the point of view of consumers:

1) Consumer Ignorance: In India, consumers are unaware of their rights and available reliefs, so it becomes important to educate them about the same

2) Consumer Exploitation: In India, consumer organisations and NGOs are few and not that powerful, implying the need of protecting consumers

3) Unorganised Consumer Group: Sellers are engaged in exploitative and unfair trade practices to increase sales, implying the need for consumer protection.

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Solution Explain the Concept of 'Consumer Protection' and Any Three Points of Its Importance from the Point of View of Consumers. Concept: Concept of Consumer Protection.
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