Mention four means by which we get informed about various products.
Answers
An informed consumer is capable of making sensible decisions by gaining an insight about a product prior to its purchase. This insight equips the consumer with the data to arrive at an evidence based conclusion.
Answer:
The concept of the informed consumer is fundamental in the law of the European Union. Since the European Council Resolution of 14 April 1975,[1] one of the primary objectives of the European Community, and then the European Union, has been the provision of information to consumers. The rationale is that market actors are enabled to make better choices when they are informed and have a greater capacity to understand the importance of their market actions and choices.
The US Federal Trade Commission recommends that consumers:
Know who they are dealing with, and to not do business with any company that cannot be contacted.
Protect personal information, and share it only with a trusted company.
Resist high-pressure sales techniques, and take time to consider a purchase.
Get all promises in writing and review all documents before paying or signing a contract.
Discard any offer that asks payment for a gift.
Know the risks when it comes to investment.
Consumers derive their information from multiple sources. The following are the sources from which consumers gather desired knowledge about the product:
Governments issue public information for the consumers
Regulatory authorities, review and testing services and comparison sites
Social networks (friends, family, fellow consumers, etc.)
Suppliers of the products or services.
the media
Consumers derive information from a variety sources, each with its own interest, skills and resources. It is essential for the consumers to recognise their personal interests and make a suitable decision.