Explain any four points of importance of consumer protection from the point of view of business.
Explain any four points of importance of consumer protection from the point of view of business.
Importance of consumer protection from the point of view of business is as follows :
(i) Long-term interests of businesses : Businesses need to keep their customers satisfied by providing good quality products / services to sustain in the long-run.
(ii) Businesses use society's resources : Businesses should use natural resources (like land, water, minerals, etc.), human resources and capital which are obtained from the society to produce and provide products and services that do not harm the overall society.
(iii) Social responsibilities : Along with profits (which are required for continuity of a business), the responsibilities of businesses should cater to the overall Interests of the community their stakeholders represent.
(iv) Moral or ethical justification : Busines.ses have moral and social responsibilities towards the community and environment they operate for maintaining certain level of ethical standards and policies thus ensuring trust between consumers and all stakeholders in the market.
Importance of consumer protection from the point of view of business is as follows :
(i) Long-term interests of businesses : Businesses need to keep their customers satisfied by providing good quality products / services to sustain in the long-run.
(ii) Businesses use society's resources : Businesses should use natural resources (like land, water, minerals, etc.), human resources and capital which are obtained from the society to produce and provide products and services that do not harm the overall society.
(iii) Social responsibilities : Along with profits (which are required for continuity of a business), the responsibilities of businesses should cater to the overall Interests of the community their stakeholders represent.
(iv) Moral or ethical justification : Busines.ses have moral and social responsibilities towards the community and environment they operate for maintaining certain level of ethical standards and policies thus ensuring trust between consumers and all stakeholders in the market.
