Consumer Protection has a wide agenda. It not only includes educating consumers about their rights and responsibilities, but also helps in getting their grievances redressed. It not only requires a judicial machinery for protecting the interests of consumers but also requires the consumers to get together and form The above case is just one of the examples of the many problems that consumers might have to face in the purchase, use and consumption of goods and services. The case also highlights the need for an appropriate legal protection to be provided to consumers to protect them from various forms of exploitation from the seller. Have you ever thought what would be the plight of consumers if adequate protection is not provided to them? Can the present day businesses afford to ignore the interests of consumers? The area of consumer protection has emerged as a very important area of study having significance for both the consumers and businesses alike. A consumer is said to be a king in a free market economy. The earlier approach of caveat emptor, which means “Let the buyer beware”, has now been changed to caveat venditor (“Let the seller beware”). However, with growing competition and in an attempt to increase their sales and market share, manufacturers and service providers may be tempted to engage multinational giants would not be allowed to have a free run and exploit a poor country like India by manufacturing and marketing sub-standard products. While giving its ruling, the District Forum relied upon the historic Donald versus Stevenson case, wherein heavy compensation had been awarded to a consumer, who had found rusted nails inside a bottle of ginger beer. themselves into consumer associations for protection and promotion of their interests. At the same time, consumer protection has a special significance for businesses too. From Consumers’ point of view The importance of consumer protection from the consumers’ point of view can be understood from the following points:
In this case, the District Forum relied upon the historic Donald versus Stevenson case, wherein heavy compensation had been awarded to a consumer, who had found rusted nails inside a bottle of ginger beer.
From Consumers’ point of view The importance of consumer protection from the consumers’ point of view can be understood from the following points:
Business firms should aim at long-term profit maximisation through customer satisfaction.