Consumer awareness refers to the understanding by a consumer of their rights in regards to a product or service being marketed or sold, enabling buyers to get the most from what they purchase. There are four categories in the concept of consumer awareness: information, choice, safety and the right to be heard.
Despite the fact the first consumer movement started in England after World War II, a declaration regarding consumers' rights in the United States was first made, in 1962. Consumer activist Ralph Nadar is considered by many as the father of the "consumer movement."
In 1985, the United Nations adopted specific guidelines to achieve the objectives of establishing an ethical conduct for those involved in the distribution and production of services and goods, and to maintain protection for consumers around the globe. The World Consumer Rights Day is celebrated, on March 15th.
The protection and promotion of consumer rights and best interests is an important function of the government of any economy. Government agencies and consumer groups regularly start consumer awareness campaigns, to help consumers understand new products and services in the marketplace.
Artificial scarcity, undue conditions, rough behavior and high prices are some of the ways consumers are exploited by traders and manufacturers.Learn More
The four basic rights of capitalism include: the right to private property, the right to own a business and keep its profits, the right to freedom of choice and the right to freedom of competition. Freedom of competition allows businesses to compete by offering new products at competitive prices.Full Answer >
According to Ford, consumer awareness is important because it increases a current or potential customer's knowledge about a product or service, allowing her to make a more informed purchase. Increasing consumer awareness also allows business owners to share background information about their organizations, their values and their practices.Full Answer >
Supply and demand are market forces that determine the price of a product. An example is when customers are willing to buy 20 pounds of strawberries for $2 but can buy 30 pounds if the price falls to $1, or when a company offers 5,000 units of cell phones for sale at a price, and only half of them are bought.Full Answer >
In economics, demand is a measure of how much buyers want or need a product. For example, consumers may collectively avoid buying a particular product because they don't understand it or don't believe it has value, resulting in low demand.Full Answer >