what is the need for consumer awareness?

Answer 1

There are three issues that are resolved by consumers in an industry committing themselves to becoming informed buyers.
1) Obviously, the consumer themselves are better able to avoid the issue of sellers exploiting their ignorance.
2) You, as an informed consumer will help me as another consumer get better value given that the sellers may feel less incentive to exploit others thanks to your vigilance.
3) Informed buyers pressure sellers to focus on adding value to compete instead of investing in non value added activiteis like competing for attention, asking for political protection or other things to gain rents. This is usually overlooked but is hugely relevant given the fact that other countries are eating the US's lunch in many industries. A good example of consumer ignorance and generally accepted industry practices can be found in Freakonomics and the Real Estate industry.

Answer 2

Due to expansion of the business activities and globalisation there are variety of goods available in the market and producers are spending lot of money to influence the consumers which make difficult for the consumers to make a correct choice. So there is need for consumer awareness.

Answer 3

Ya there is need of consumer awareness. Nowdays sellers and manufactures are exploting the consumers in various ways....like by selling them good of substandard quality..or charging more then its original price. so think consumer awareness is very imp. It makes the consumer aware.

Answer 4

it helps to get the real value for the products that we buy.
thus creating consumer awareness, we can get high quality, standard products. The manufacturing company cannot make us fool if we are aware each and every product details.

Answer 5

yes, consumer awareness is the need now.

Answer 6

Buyers Beware. You pay far more for ignorance than you do for knowledge. It informs you concerning the business practices and latest bargains of the world of commerce.

Answer 7

To make informed choices about what you put your hard earned money into.

Answer 8

To make the correct decison when buying whatever it is they are buying.