What is the result of getting limited information about the product?
Answers
Explanation:
It is rightly that limited competition and limited information result in the exploitation of consumer because of these reasons:
(i)If the consumer has limited choice of products, they tend to purchase the commodity under compulsion of need. The quality factor gets subsided and in return the consumer is cheated since they are paying the cost without getting the actual product.
(ii)Moreover, when limited information is provide about the product the consumer is bound to become a testing tool for the producers as they are ignorant about the ingredients used in making that particular good Thus, limited competition and limited information exploit the consumers.
OR
(i)The emergence of the consumer movement in India as an organized groups and their activities and of course, the enactment of the consumer protection act in 1986 by the government of India was a testimonial to the presence of the consumer movement in India.
(ii)Not withstanding, the consumer movement still has a long way to go. The consumer consciousness is still to be developed among common people in India.
(iii)The consumer redressal process has become cumbersome, expensive and time consuming. Many a time, consumers are required to engage lawyers, These cases require time for filling and attending the court proceedings etc.
(iv)The existing laws are also not very clear on the issue of compensation to consumers injured by defective products
Answer: If the consumer has limited choice of products, they tend to purchase the commodity under compulsion of need. The quality factor gets subsided and in return the consumer is cheated since they are paying the cost without getting the actual product.
Moreover, when limited information is provide about the product the consumer is bound to become a testing tool for the producers as they are ignorant about the ingredients used in making that particular good Thus, limited competition and limited information exploit the consumers.