Consumerism: Consumer Protection and Competitive Advantage
ADVANCE STRATEGIC MANAGEMENT
1. What is consumerism?
DEFINITION
Consumerism can be defined in two different ways;
1. Consumerism is a theory which states that buying and consuming goods and services in a large amount are more beneficial to the economy. Thus this theory appreciates gradually increased consumption of goods and services.
2. Consumerism means ‘consumer protection’. It is a movement or policy that protects the interests of consumers via truthful packaging, honest advertisement, improved safety standards and product guarantees.
Consumerism involves policies that regulate methods, products and services, standards, selling and advertising in the interests of the consumers. These protect buyers from defective products, misleading advertising, unfair practices etc. Such policies can be mandatory, legislative, institutional or voluntarily accepted by the industry. e.g., consumers’ interests can be harmed by mispricing, adulteration, artificial demand etc.
IMPORTANCE
Consumerism encourages economic growth by providing good quality goods and services to the customers.
Increased consumption by the customers shows the economic growth level. Increased demand would lead to increased production thus raising the gross domestic production.
It helps to make informed decisions through truthful advertising, environmental and safety standard laws. Thus consumerism provides protection to buyers.
Implementation of consumer protection laws shield consumers against exploitation, discourage anti-social activities and unfair trade practices, provide complete and latest information to the customer which aids in buying decision making process.
2. What IS STRATEGY? Why it is important?
Choose a company, study its strategy and then make its competitive analysis.
DEFINITION
1. Strategy is business game plan used by management to stake out market position, conduct its operations, attract and please customers,
1. What is consumerism?
DEFINITION
Consumerism can be defined in two different ways;
1. Consumerism is a theory which states that buying and consuming goods and services in a large amount are more beneficial to the economy. Thus this theory appreciates gradually increased consumption of goods and services.
2. Consumerism means ‘consumer protection’. It is a movement or policy that protects the interests of consumers via truthful packaging, honest advertisement, improved safety standards and product guarantees.
Consumerism involves policies that regulate methods, products and services, standards, selling and advertising in the interests of the consumers. These protect buyers from defective products, misleading advertising, unfair practices etc. Such policies can be mandatory, legislative, institutional or voluntarily accepted by the industry. e.g., consumers’ interests can be harmed by mispricing, adulteration, artificial demand etc.
IMPORTANCE
Consumerism encourages economic growth by providing good quality goods and services to the customers.
Increased consumption by the customers shows the economic growth level. Increased demand would lead to increased production thus raising the gross domestic production.
It helps to make informed decisions through truthful advertising, environmental and safety standard laws. Thus consumerism provides protection to buyers.
Implementation of consumer protection laws shield consumers against exploitation, discourage anti-social activities and unfair trade practices, provide complete and latest information to the customer which aids in buying decision making process.
2. What IS STRATEGY? Why it is important?
Choose a company, study its strategy and then make its competitive analysis.
DEFINITION
1. Strategy is business game plan used by management to stake out market position, conduct its operations, attract and please customers,