Consumer Protection In The Market
Dear businessmen, today I want to ask you three questions whose answers I believe are same for all business men.
What are you putting in so many efforts for?
The answer must be SURVIVAL.
Okay!
What are you following all the management principles for?
The reply would be PROFITS.
Certainly!
What have you been adhering to all the business ethics for?
The most obvious reason should be GROWTH.
So, when business ethics play such a crucial role in the growth and development and overall operations and management of a business, let us today talk about the most importance of all Business Ethics;
CONSUMER PROTECTION
Consumer is the king of the market. The success or failure of your business depends entirely upon your consumers, their interest, tastes and preferences, satisfaction in your business etc.
I believe if consumers are your Gods, the why not think about protecting their interest in the market? It is most important, dear busy businessmen!
Consumer protection is a topic of vast discussion. It involves educating the consumer not just about his rights and responsibilities but also getting his grievance redressed.
From the point of view of business, it is essential to pay due stress on Consumer Protection because of the reasons mentioned below:
Long term interest of the business: Enlightened businesses have it in their long term interest to satisfy their customers. It helps in repeated sales and also get them a good feedback through word of mouth to prospective customers. Enhancing our customers base leads to profit maximization.
Business uses Societys resources: Since the resources use by business comes from the society, it is their responsibility to provide such products and services that are in public interest.
Social Responsibility: A business has the social responsibility of taking care of the interest of stakeholders. Consumers form an important interest group, thus, they have to be taken care of well.
Moral Justification: It is the moral duty of a business to take care of its consumers. Thus, one must avoid unfair trade practices and malfunctioning.
Government Intervention: Any business dealing in unscrupulous or exploitative business activities will have to suffer government intervention. This would harm the image of business in the market, thus leading to loss of customers. So, one must avoid such an outcome of ones efforts involved to make the business successful.
The government of a state or country draws out certain rules and principles for the business organizations to work within them. It is important for a business to function within the set framework so that they are able to achieve customer satisfaction. It is the most prominent trait that a business needs to achieve in order to be successful.
Consumers have legal protection from the government. Todays consumer is well aware of his rights, especially and thus if you deal in malpractices you can suffer greatly. Avoid any such mishap to tarnish to goodwill of your business in the market and follow Consumer Protection in fair terms.
May God be with you always! Good luck!
by: Pearl.S
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