what is the need for consumer awareness?

Answer 1

It is in a consumer's best interest to have a high awareness of the products he/she buys. Higher awareness can lead to saving money and/or improving the quality of the goods purchased, or in economic terms, increasing the chances of being on a higher (better) indifference curve.

If we look at the opposite scenario, a poorly-informed consumer will spend more money on products that provide less utility to the consumer, and there can be a loss, either private or social.

Naturally, awareness is not "free" in the economic sense: it requires time and energy, two valuable commodities to a consumer, to be informed. The idea is, however, that the marginal benefits of being informed and having good consumer awareness tend to outweigh the marginal cost of being informed, so it is usually worth it.

Hope that helps.

Answer 2

The government is responsible for the well being of all its people so that everybody lives happily getting the maximum benifits from limited resources. In this context all the consumers ( people) should posess the knowledge ( awareness) regarding the goods & services they are consuming are not sub standard or the price they are paying for the same is not high. Only when this consumer awareness is there among the people then only country as a whole would be enjoying the maximum benifits uniformly without anybody getting deprived from what they naturally deserve.

Answer 3

Consumer education can play a very important role in protecting the environment. Today, we are facing environmental crisis in the form of global warming pollution, ozone depletion. etc.

The root causes of the environmental crisis are overuse of natural resources and
over consumption in the affluent societies.

Exploding world population and excessive consumerism are making the problem almost unmanageable.

Population as well as over consumerism need to be curbed. Consumer education will go a long way in curbing over consumerism.

Let’s know about the benefits of consumer education to individuals:

• It encourages critical thinking, which helps consumers function more efficiently in the marketplace.

• It promotes self-confidence and independence.

• It imparts life skills which contribute to success in everyday living.

• It fosters values such as distinguishing between needs and wants, paying bills, saving money, planning and budgeting.

• It improves the quality of life as well as environment.

Consumer education benefits society because it :

• Enhances citizen awareness.

• Promotes a stable society.

Consumer education benefits business because:

• It satisfies customers.

• It increases sales.

Answer 4

When we go for shopping and gets cheated, we want a remedy. We are treated as a peculiar creature in the market and told that they are selling the same goods to everybody and only we are the person aggrieved over that . So we have that odd man feeling and wants to cry " purchasers beware". It is only by gaining more and more support we can receive better goods. By teaching others our position as consumer will improve.

Answer 5

It helps the entire society. Protection to the consumers, professional assignments to the lawyers, activity for the activists, extra activity for the politicians, undercutting and under table creame for the people in position, platform for boosting the career graph of politicians, time pass activity for the retired husbands poking too much in the personal affairs of family members and 2 points to the yahoo members.

Answer 6

Awareness on the part of consumer is necessary for two reasons.
(1) One needs to know his/her responsibilities and obligations as a consumer, to get the best out of the product/service that was purchased.
(2) One needs to know his/her rights as a consumer, to get an effective redressal in case of deficiency of service / defective product.

Let me explain these two issues as short as possible.

Whenever we purchase a product/service we expect to get the best out of it and that it lasts as long as promised.
To get the best out of it (let it be a food item/lifestyle product or any thing), we must know how to use the product, how to store/preserve it so that it remains good throughout its life and how to dispose it off safely in the end. This knowledge, not only saves a few bucks, as you are utilising the last drop of the juice but also gives you full satisfaction or delight.

Just in case the product/service fails to meet your expectations, you have to ascertain your right of redressal.
In order to get a successful redressal (replacement, refund or compensation whatever it is), you have to prove that you have fulfilled all your obligations as a consumer and in spite of that the product/service failed to deliver what was promised.

There lies the need for consumer awareness.

Answer 7

Consumer awareness encompasses anything from how to spend money, to how to save it. It's a very general and non specific term.

Answer 8

consumer awareness is important because if consumer's are not awarethen they may be cheated by others. if they are aware then they spend their money according to their need or satisfaction.

Answer 9

consumer awareness is the need of today.If the consumer is aware of his rights then he will be able to how to save money and how to spend it.

Answer 10

Yes it is must, Awareness must be created in all commodities from gold to groceries, Clothings to White goods.
1) It will create enough Knowledge about purchased goods
2) This will make us to purchase right goods at right place at right price
3) producer will stick to quality for his survival
4) Makes competitor to follow which will ends in overall performance

Concluded as awareness will help us in all ways like price, quality, service and variety