The consumer in marketplace

8/10/2019 The consumer in marketplace

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THE CONSUMER INTHE MARKETPLACEA presentation by Group 1


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CONTENTSWho is a consumer and what is a marketplace

Why rules and regulations are required forprotecting the environment and protection ofconsumers in the marketplace

Exploitation of consumers in the marketplace andwhen it is to happen most likely

How false information is passed through the mediaand other sources to attract customers


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WHO IS A CONSUMER AND

WHAT IS A MARKETPLACE?Consumer - A consumer is a person or group of people, suchas a household, who are the final users of products orservices.

The consumer is the one who pays to consume the goodsand services produced. As such, consumers play a vital role inthe economic system of a nation.

In the absence of effective consumer demand, producerswould lack one of the key motivations to produce: to sell to

consumers.Marketplace - A marketplace is a location where goods andservices are exchanged.


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WHY RULES AND REGULATIONS AREREQUIRED FOR PROTECTING THE

ENVIRONMENT AND PROTECTION OFCONSUMERS IN THE MARKETPLACE??

These rules prevent the exploitation of the consumer orworker from different unfair trading practices andcheating.Individual consumers often find themselves in a weakposition. Whenever there is a complaint regarding agood or service that had been bought, the seller tries toshift all the responsibility on to the buyer.


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EXPLOITATION OF CONSUMERS IN THEMARKETPLACE AND WHEN IT IS TO

HAPPEN MOST LIKELY??Exploitation in the market place happens in variousways.

For example sometimes traders indulge in unfair tradepractices such as when shopkeepers weigh less thanwhat they should or when traders add charges thatwere not mentioned before, or whenadulterated/defective goods are sold.

Markets do not work in a fair manner when producersare few and powerful whereas consumers purchase insmall amounts and are scattered.


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HOW FALSE INFORMATION IS PASSED THROUGHTHE MEDIA AND OTHER SOURCES TO ATTRACT

CUSTOMERS??

At times false information is passed on through the media, andother sources to attract consumers.

Many products are falsely advertised as possessing certaincapabilities, features or even lie about its price just for theintention of attracting customers.

The media and other forms of advertisement serve the purposeof dispersing this false information to potential consumers whomay be interested on seeing its false data.


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CONSUMER PROTECTION ACT

The Consumer Protection Act, 1986 was enacted toprovide a simpler and quicker access to redressal ofconsumer grievances.The Act for the first time introduced the concept ofconsumer and conferred express additional rights onhim.The protection is meant for the person who fits in the

definition of consumer given by the Act.


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THANK

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The consumer in marketplace