Consumer, Market And Society: Need And Importance Of Consumer Education

Meaning Of Consumer:

Consumer is an individual who makes the final use of goods and services provided by a firm. It can also be seen as a person who buy a product or service for his use.
The consumer is the final link in the chain of distribution. Production process is said to be completed when the goods and services get to the hand of the final consumer.

Meaning Of Market:

A market is a place where goods and services are exchanged, it is a place where buyers and sellers meet together in the exchange of goods for money.

Meaning Of Society

Society can be define as group of people living together in a given area having the same custom, mutual interest, cultural law’s, etc

A society can also be defined as an organization or association of people who have a common professional interest or goal, example Consumer society etc.

Need For Consumer Education

1) To ensure that goods sold is of high quality.

2) The consumer needs adequate and correct information to make the right choice.

3) This will ensure that fair and reasonable prices are maintained.

4) This will ensure that a consumer get the type of goods and services they demanded for.

IMPORTANCE OF CONSUMER EDUCATION

1) It enable the consumer to make right choice.

2) It educate the consumer on the important of reading labels on a product before buying.

3) It provides full information on marketing condition.

4) It helps the consumer to know their rights.

5) Consumer education makes the consumer aware of the various laws on consumer issues enacted by the Government from time to time.