Consumer protection has a wide agenda. Importance of consumer protection from the consumers point of view.
Importance of consumers protection from the point of view of business are as follows:
(i) Long-term interest of business: Satisfied customers not only lead to repeat sales but also provide good feedback to prospective customers and thus, help in increasing the customer base of business.
(ii) Business uses society's resources: Business organisations use resources which belong to the society. They thus, have a responsibility to supply such products and render such services which are in public interest.
(iii) Social Responsibility: A business has social responsibilities towards various interest groups. Business organisations make money by selling goods and providing services to consumers.
(iv) Moral justification: It is the moral duty of any business to take care of consumer's interest and avoid any form of their exploitation. Thus, a business must avoid unscrupulous, exploitative and unfair trade practices like defective and unsafe products, adulteration, false and misleading advertising, hoarding, black marketing etc.
