Meaning and Importance of Consumer Protection Video Lecture | Business Studies CUET Preparation - Commerce

today we are going to start up with the
topic of take up the topic of consumer
protection now according to the
marketing concept consumer is said to be
the king of the market that means all
activities should be revolving around
the consumer and the earlier approach of
caveat emptor wherein let the buyer
beware has now been taken over by caveat
vendetta let let the seller beware right
but still it has been observed that in
order to increase their profit margins
or in order to increase their market
shares you know the producers in the
manufacturers they are resorting to a
lot of unfair trade practices like black
marketing holding or misleading
advertisements etc so in order to
protect the interest of the consumers in
order to protect the consumer from all
this consumer protection the concept of
consumer protection has come up right
now consumer protection refers to
protection of consumer from unfair trade
practices now how can we protect the
consumer from unfair trade practices by
educating the consumer about his rights
and responsibilities that have been
defined in the consumer protection act
right
providing speedy and inexpensive
redressal of grievances it is not only
that you have to educate the consumer
about what are his rights it is also
that if he is facing a difficulty or if
he is facing a problem with the product
then an easy and inexpensive redressal
of his grievances also has to be there
only then will this entire concept of
consumer protection will have some
meaning then creating awareness amongst
the consumers to organize themselves as
consumer association which are further
going to work for the in the benefit of
the consumers right which are going to
work for their interests
now why what is the importance of
consumer protection from the consumers
point of view first point consumer
ignorant why is it important to educate
the consumer because consumers are still
very very ignorant they are not aware of
their rights as consumers their
responsibilities as consumers it becomes
very important to educate them about
their rights and responsibilities so
this so that the same can be
caused by them whenever required
secondly unorganized consumers consumers
they still have not learned to organize
themselves in the form of consumer
associations what happens is many times
we think that one single person a single
aadmi puri organization Kaka burger
later but if we organize our cells in
the form of consumer association we can
put massive pressure on the
manufacturers okay that not to supply
substandard products in the market we
can really do that then widespread
exploitation of the customers because
these producers and manufacturers they
are exploiting the consumers they are
exploiting the consumers by maybe
supplying goods of substandard quality
or maybe by overcharging the consumers
or maybe by giving misleading
advertisements or making claims in the
advertisements which later on are not
substantiated by the product right and
from the point of view of producers long
term interest of the organization's now
the producers also realize that is it is
in their long-term interest okay to
provide goods of good quality right to
the consumers because it is going to
lead to repeat sales right a great bar
up a Chop Roddick a consumer go therio
reasonable price pedrão definitely what
the Warka product Kritika kuden a
curried egg about or on Kobe but I got a
product kibarim a thereby helping you to
increase your market share right
so they are aware of it that they have
to take oh they have to look at their
long term objective of increasing their
market share a be short term objectively
thrown as a profit Carmelina say they
are not going to be able to survive in
the market for long right secondly
business form use society's resources
all the resources that business firms
they use they take from the society only
so it becomes their responsibility
you