Importance of Consumer Protection
Essay on Importance of Consumer Protection – Consumer protection has made the companies produce the products in regard to the consumer’s demand and the market in which they operate without making the consumers mislead about the product. Moreover, companies have to give detailed information regarding their products.
From this information, it is analyzed that what is in these products, how they were produced, and what was used in them. This ensures whether certain products are safe or not. This usually happens with food-related companies. One of the six main rights that consumers have includes the right to be informed and educated regarding the product that they are consuming. This is ensured by the consumer protection law as the companies are required to reveal important information about their products.
In addition, consumer protection laws help to stimulate competition between companies by preventing the formation of monopolies. The existence of competition will reduce the prices of goods and services and hence, consumers will be benefitted as their money is saved.
In a nutshell, consumer protection laws were formed to ensure that all consumers have a fair shot at the products they want to purchase without the risk of being exploited by the businesses.
Recently, in developed countries, consumer protection has attained increased attention. This protection serves the purpose of guarding buyers against unethical practices involved in every stage of production, supplying and distribution. Hence, Bourogoignie has stated that consumer law is not fair as it aims to re-establish equity between strong businesses and exposed consumers. Due to its moderateness, it is very crucial to recognize the ‘consumer’ who is related to this protection.
The need of giving a transparent definition of the ‘consumer’ is to eliminate any doubt regarding the perimeter of the protected consumers that may result in exploiting legal benefits, which will delay the actual implementation of the law. Usually, cases are more focused in recognizing whether the petitioner is under such protection or not and this has raises the need for executing proper legislation in order to protect consumer’s interests.
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