Consumer, Market, And Society JSS1 Business Studies Lesson Note

TOPIC: CONSUMER AND SOCIETY

Who is a consumer?

A consumer is defined as an individual who buys goods for his personal use. He/she buys goods and services and uses them for his satisfaction.

Meaning of Market

A market is a place or situation where buyers and sellers come in contact to sell goods and services.

A market need not be a physical place or location, buying and selling can be arranged and carried out by telephone, letter fax, internet, etc.

Meaning of society

Society is a group of people who have something in common e.g. religions, politics, values, etc. It is a group of people living together in a community.

CONSUMER EDUCATION

Consumer education means consumers acquire skills, concepts, and understanding that are required for satisfaction and utilization of resources.

NEED FOR CONSUMER EDUCATION

There is a need for consumer education to gain knowledge and skills to manage consumer resources and take actions to influence the factors that affect consumer decisions.

Consumer education like the general curriculum is a part of the foundation on which students may begin to build their personal lives.

Consumer rights are very strong and can protect consumers. A consumer who is aware of consumer legislation and consumer protection aware of business malpractice and aware of product and service standards and certifications can utilize the legislation

ADVANTAGES/IMPORTANCE OF CONSUMER EDUCATION

•         Consumer education helps a person in making a proper purchase. It enables the consumer
•         Consumer education familiarises the consumer with the problems which he faces while making
•         Consumer education provides the consumer with full information on marketing conditions like various sources of purchasing a particular commodity
•         Consumer education familiarizes the consumer with various levels of standardization and their marking
•         Consumer education helps the consumer in getting maximum satisfaction by proper utilization of his money and leads to a better living standard

 DISADVANTAGES

•         Consequences of lack of consumer education
•         Disturbing trend in business
•         Consumers cannot be expected to throw their money without really knowing why or what to expect
•         Consumers cannot pour money into the business of those who don’t understand it.

Assignment

•         Who is a consumer?
•         What is a market?
•         What is society?
•         What are the advantages and disadvantages of consumer education