Explain the following four points of importance of consumer protection from the point of view of business.
(i) Long-term interests of business
(ii) Business uses society's resources
(iii) Social responsiblities
(iv) Moral or ethical justification
Explain the following four points of importance of consumer protection from the point of view of business.
(i) Long-term interests of business
(ii) Business uses society's resources
(iii) Social responsiblities
(iv) Moral or ethical justification
Importance of consumer protection from the point of view of business is as follows :
(i) Long-term interests of business : In the long-term, businesses need to keep their consumers satisfied by providing good quality products and services to sustain. Businesses need to grow to face competition and increase demand for their products and services in the long-run.
(ii) Business uses society's resources : Businesses should produce and provide products and services that do not harm the overall society as they use natural resources like (land, minerals, etc.), human resources and capital of the society.
(iii) Social responsibilities : Profit-maximisation should not be the only motive of the business. Business should manage their processes to produce an overall positive impact on society that are directly and indirectly related to the business.
(iv) Moral or ethical justification : Businesses need to maintain moral and ethical standards and policies that ensure trust between consumers and all stakeholders in market. This should also assist in building a good image and reputation of the businesses in the long-run.
Importance of consumer protection from the point of view of business is as follows :
(i) Long-term interests of business : In the long-term, businesses need to keep their consumers satisfied by providing good quality products and services to sustain. Businesses need to grow to face competition and increase demand for their products and services in the long-run.
(ii) Business uses society's resources : Businesses should produce and provide products and services that do not harm the overall society as they use natural resources like (land, minerals, etc.), human resources and capital of the society.
(iii) Social responsibilities : Profit-maximisation should not be the only motive of the business. Business should manage their processes to produce an overall positive impact on society that are directly and indirectly related to the business.
(iv) Moral or ethical justification : Businesses need to maintain moral and ethical standards and policies that ensure trust between consumers and all stakeholders in market. This should also assist in building a good image and reputation of the businesses in the long-run.
