consumer is the king
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Who is aConsumer
Consumer is an individual whohas the necessary purchasingpower to consume good andservices.
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The Truth About Customers
Ten times more expensive to acquire a newcustomer than to keep a current customer
- Bain & Company Research
Customers are lost primarily due toindifference (66%) versus dissatisfaction(14%)
- Wall Street Journal
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Consumerism
Consumerism is a social movement ofcitizens and Govt. to enhance the rightsand powers of buyers in relation tosellers.
Business, Govt., consumer groups and
non-profit groups are concerned with fairtreatment of customers in the exchangeprocess.
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Consumer andChoice
Consumerconsiders the followingfactors before making a purchase :
The level ofsatisfaction derived
from buying goods and services. The price he has to pay to make the
purchase.
Satisfaction derived fromconsuming alternative products.
The price of alternative goods andservices.
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The Right toHeard
This right asserts the ability ofconsumers to voice complaintsand concerns about a product in
order to have the issue handledefficiently and responsively.
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The Right to BeInformed
This right states that businessesshould always provide consumerswith enough appropriate
information to make intelligent andinformed product choices.
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Right to BeSafe
This right provides protectionagainst the marketing of goodsthat are unsafe to health and life
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The Right toChoose Freely
This right states that consumersshould have a variety of optionsprovided by different companies
from which to choose.
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Why consumerprotection
To get the real value for his money.
To effectively organize the consumers.
To take care of illiterate and ignorantconsumers.
To prevent the consumers fromexploitation.
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Agencies ensuringConsumer Protection
Self-help groups
(e.g.- Consumerorganizations)
Business
(by self regulation and fairdeals)
Government
(by imposing laws andorders)
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