Define consumerism and briefly discuss the various rights associated with it.

Question

What will be an ideal response?

Answer 1

Answers will vary. One core responsibility of business is to deliver consumer value by providing quality products at fair prices. Honesty and communication are critical components of this equation.Consumerism-a widely accepted social movement-suggests that consumer rights should be the starting point. In the early 1960s, President Kennedy defined these rights, which most businesses respect in response to both consumer expectations and legal requirements:The Right to Be Safe: Businesses are legally responsible for injuries and damages caused by their products-even if they have no reason to suspect that their products might cause harm. This makes it easy for consumers to file suits.The Right to Be Informed: The law requires firms in a range of industries-from mutual funds, to groceries, to pharmaceuticals-to provide the public with extensive information. The Food and Drug Administration, for instance, mandates that most grocery foods feature a very specific Nutrition Facts label. Beyond legal requirements, many firms use the Web to provide a wealth of extra information about their products.The Right to Choose: Freedom of choice is a fundamental element of the capitalist U.S. economy. Our economic system works largely because consumers freely choose to purchase the products that best meet their needs. As businesses compete, consumer value increases. Socially responsible firms support consumer choice by following the laws that prevent anticompetitive behavior such as predatory pricing, collusion, and monopolies.The Right to Be Heard: Socially responsible companies make it easy for consumers to express legitimate complaints. They also develop highly trained customer service people to respond to complaints. In fact, smart businesses view customer complaints as an opportunity to create better products and stronger relationships.