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The Consumer in Marketplace

This document discusses consumers and marketplaces. It explains that consumers are end users of goods and services who play a vital role in the economy. Marketplaces are locations where goods and services are exchanged. The document states that rules and regulations are needed to protect consumers from exploitation and unfair practices by businesses. Such exploitation is more likely to occur when consumers purchase in small amounts from powerful producers. False information is sometimes spread through advertising to attract customers by lying about product capabilities or prices. The Consumer Protection Act of 1986 was created to give consumers simpler access to remedies when grievances arise from businesses.

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Jogn Deb
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7K views12 pages

The Consumer in Marketplace

This document discusses consumers and marketplaces. It explains that consumers are end users of goods and services who play a vital role in the economy. Marketplaces are locations where goods and services are exchanged. The document states that rules and regulations are needed to protect consumers from exploitation and unfair practices by businesses. Such exploitation is more likely to occur when consumers purchase in small amounts from powerful producers. False information is sometimes spread through advertising to attract customers by lying about product capabilities or prices. The Consumer Protection Act of 1986 was created to give consumers simpler access to remedies when grievances arise from businesses.

Uploaded by

Jogn Deb
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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THE CONSUMER IN

THE MARKETPLACE
A presentation by Group 1
CONTENTS
Who is a consumer and what is a marketplace
Why rules and regulations are required for
protecting the environment and protection of
consumers in the marketplace
Exploitation of consumers in the marketplace and
when it is to happen most likely
How false information is passed through the media
and other sources to attract customers
WHO IS A CONSUMER AND
WHAT IS A MARKETPLACE?
Consumer - A consumer is a person or group of people, such
as a household, who are the final users of products or
services.
The consumer is the one who pays to consume the goods
and services produced. As such, consumers play a vital role in
the economic system of a nation.
In the absence of effective consumer demand, producers
would lack one of the key motivations to produce: to sell to
consumers.
Marketplace - A marketplace is a location where goods and
services are exchanged.
WHY RULES AND REGULATIONS ARE
REQUIRED FOR PROTECTING THE
ENVIRONMENT AND PROTECTION OF
CONSUMERS IN THE MARKETPLACE??

These rules prevent the exploitation of the consumer or
worker from different unfair trading practices and
cheating.
Individual consumers often find themselves in a weak
position. Whenever there is a complaint regarding a
good or service that had been bought, the seller tries to
shift all the responsibility on to the buyer.
EXPLOITATION OF CONSUMERS IN THE
MARKETPLACE AND WHEN IT IS TO
HAPPEN MOST LIKELY??
Exploitation in the market place happens in various
ways.
For example sometimes traders indulge in unfair trade
practices such as when shopkeepers weigh less than
what they should or when traders add charges that
were not mentioned before, or when
adulterated/defective goods are sold.
Markets do not work in a fair manner when producers
are few and powerful whereas consumers purchase in
small amounts and are scattered.
HOW FALSE INFORMATION IS PASSED THROUGH
THE MEDIA AND OTHER SOURCES TO ATTRACT
CUSTOMERS??

At times false information is passed on through the media, and
other sources to attract consumers.
Many products are falsely advertised as possessing certain
capabilities, features or even lie about its price just for the
intention of attracting customers.
The media and other forms of advertisement serve the purpose
of dispersing this false information to potential consumers who
may be interested on seeing its false data.
CONSUMER PROTECTION ACT
The Consumer Protection Act, 1986 was enacted to
provide a simpler and quicker access to redressal of
consumer grievances.
The Act for the first time introduced the concept of
consumer and conferred express additional rights on
him.
The protection is meant for the person who fits in the
definition of consumer given by the Act.
THANK

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