Question

why do consumer of an get exploited of an market

Answer 1

We buy a variety of goods and services in our day to day life and derive satisfaction from its consumption and use. Thus we all are consumers, and as a consumer, we expect a certain value for money, that is, right quality, right quantity, right prices, information about the product, etc.However, in the present day, we end up being harassed and cheated by market giants very often.In early days, unfair trade was almost impossible with limited wants and a conservative style of living. However, today, with increased industrial revolution, liberalisation and globalisation, our wants have increased manifold and this has given plenty of scope for malpractices.There are many ways by which consumers are exploited. A few of them are:A. Selling at higher prices -- The price charged for the product will not be proportionate to the quality;B. Product risk -- Drugs that are hazardous, banned or beyond expiry date, electrical appliances with inadequate safety precautions, etc;C. Adulteration -- This is very common in food items and could prove to be highly injurious to one's health;D. Sub-standard Products -- Items whose quality is far below the required standard;E. False Claims -- Manufacturers make false representations about their products in the media with a view to mislead the consumers. Claiming that use of a particular oil will cure baldness, using a company's fairness cream for a specific period will make one fair, etc., are all typical examples of exaggerated, misleading advertisements; andF. Warranty/Annual Maintenance Contract -- In many cases, though the product will have a warranty or will be under annual maintenance contract (AMC), when a problem arises, the consumer is told that certain parts will not be covered and they will have to pay.

Answer 2

Consumers often get exploited in the markets because of following reasons:

Lack of awareness of consumer rights

Illiteracy and ignorance

Limited competition and supplies in market

Increased supply of duplicate products

Unethical and monopolistic trade practises of businessmen

Deceptive Advertising

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