Who is a consumer? A consumer is defined as an individual who buys good for his personal use. He/she buys goods and services and uses for his satisfaction.
Meaning of Market
A market is a place or situation where buyers and sellers come in contact to sell goods and services.
A market need not be a physical place or location, buying and selling can be arranged and carried out by telephone, letter fax, internet etc.
Meaning of society
Society is a group of people who have something in common e.g. religions, politics, values, etc. It is a group of people living together in a community.
Consumer education means consumers acquire skills, concepts and understanding that are required satisfaction and utilisation of resources.
NEED FOR CONSUMER EDUCATION
There is need of consumer education to gain knowledge and skills to manage consumer resources and take actions to influence the factors which affect consumer decisions.
Consumer education like the general curriculum is a part of foundation on which students may begin to build their personal lives.
Consumer rights are very strong and can protect consumers. A consumer who is aware of consumer legislation and consumer protection aware to business malpractisces and aware of product and services standards and certifications can utilise the legislation
ADVANTAGES/IMPORTANCE OF CONSUMER EDUCATION
- Consumer education helps a person in making a proper purchase. It enables the consumer
- Consumer education familiarises the consumer with the problems which he faces while making
- Consumer education provides the consumer full information of marketing condition like various sources of purchasing a particular commodity
- Consumer education familiarises the consumer with various levels of standardisation and their marking
- Consumer education helps the consumer in getting maximum satisfaction by proper utilisation of his money and leads a better living standard
- Consequences of lack of consumer education
- Disturbing trend in business
- Consumers cannot be expected to throw their money without really knowing why or what to expect
- Consumers cannot pour money into the business of those who don’t understand it.
- Who is a consumer?
- What is market?
- What is society?
- What are the advantages and disadvantages of consumer education
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