23/08/2016Consumer Behavior Quick Guide2/44Features of ConsumerismHighlighted here are some of the notable features of consumerism −Protection of Rights− Consumerism helps in building business communities and institutions toprotect their rights from unfair practices.Prevention of Malpractices− Consumerism prevents unfair practices within the businesscommunity, such as hoarding, adulteration, black marketing, profiteering, etc.Unity among Consumers− Consumerism aims at creating knowledge and harmony among consumersand to take group measures on issues like consumer laws, supply of information about marketingmalpractices, misleading and restrictive trade practices.Enforcing Consumer Rights− Consumerism aims at applying the four basic rights of consumerswhich are Right to Safety, Right to be Informed, Right to Choose, and Right to Redress.Advertising and technology are the twodriving forces of consumerism−The first driving force of consumerism is advertising. Here, it is connected with the ideas and thoughtsthrough which the product is made and the consumer buys the product. Through advertising, we get thenecessary information about the product we have to buy.Technology is upgrading very fast. It is necessary to check the environment on a daily basis as theenvironment is dynamic in nature. Product should be manufactured using new technology to satisfy theconsumers. Old and outdated technology won’t help product manufacturers to sustain their business inthe long run.CONSUMER BEHAVIOR SIGNIFICANCE
23/08/2016Consumer Behavior Quick Guide3/44Consumer behavior covers a broad variety of consumers based on diversity in age, sex, culture, taste,preference, educational level, income level, etc. Consumer behavior can be defined as “the decision process and
You've reached the end of your free preview.
Want to read all 44 pages?
researcher, Abraham Harold Maslow, Behavior Quick Guide