Consumer, Market And Society

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Welcome to class! 

In today’s class, we will be talking about consumer, market and society. Enjoy the class!

Consumer, Market and Society

Who is a consumer?

A consumer is a person or group of people who buys and uses a product or service at a particular time. A consumer is the end-user of a product and this is the one who completes the process of production.

Who is a customer?

A customer is a regular buyer of a product or service who has established a sustainable relationship with the seller or producer of a product.

What is a market?

A Market is a place where buyers and sellers are in contact with one another to buy or sell goods and services. It is a means by which buyers and sellers are brought in contact with one another. It could be face to face, through either letters or any other communication medium.

Meaning of society

Society is a group of people living together in organized, communities with laws and traditions, controlling the way that relates and behaves towards one another.

Need for consumer education

It is of great importance to educate the consumers because they are most vulnerable, sometimes the producer produces less standard products and sells to the consumers, to be enlightened, there is a need for Consumer education.  The following are the needs for consumer Education in Nigeria:

1. To protect consumers from falling victims of fraudulent and bad producers.
2. To create a healthy and cordial relationship.
3. To enable consumers to be aware of products or services that are standard and fit for consumption.
4. To enable the consumers to know their rights and obligations.

Consequences of lack of consumer education

1. It can encourage producers to supply poor quality products.
2. It will lead to a consumer not getting the right satisfaction from the product purchased.
3. It can lead to consumer entering into a false agreement with producers.
4. It makes consumer ignorant

 

In our next class, we will be talking about Need For Monitoring And Control Of Chemical.  We hope you enjoyed the class.

Should you have any further question, feel free to ask in the comment section below and trust us to respond as soon as possible.

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