Question

Explain briefly any two points of importance of consumer protection from the point of view of a business.

Answer 1

Business needs consumers as much as consumer needs business, therefore businesses should work towards fulfilling and protecting consumer interests.

(1) The long term interest of business:

This can be achieved by creating and maintaining the customer value in the market by fulfilling customer's needs and expectation leading to customer satisfaction. A satisfied customer will always turn to the organization whenever the need arises.

(2) Government intervention: The protection of consumer rights is a campaign upheld by the government to provide the customers best service and products available and to protect them from malpractices in the market. Th organization has to protect the consumers as dwnying it can lead to governmant intervention and legal actions.