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WEEK 1
TOPIC: CONSUMER PROTECTION AGENCIES
CONTENT:
- (a) Meaning of Consumer Protection
- (b) Need for Consumer Protection
- (c) Regulators (Agencies):
- (d) Roles and Responsibilities of Consumer Protection Agencies.
Sub topic 1:
(A) MEANING OF CONSUMER PROTECTION
Consumer protection is the government regulation made to protect the interests of consumers against exploitation by producers or manufacturers and ensuring maximum satisfaction. Hike in price, substandard goods, varying prices and inconsistent weight are some of the actions of producers that consumers are protected against.
(B) NEED FOR CONSUMER PROTECTION
These are the needs/reasons for consumer protection:
- Lack of concern: – Producers generally does not have concern about consumer welfare. They are only interested in their profit or gain
- Illiteracy and Ignorance: – Many consumers are ignorance of their right.
- Protection against harmful, counterfeit and dangerous goods
- To ensure production of quality and durable goods.
- To educate the Public: – many consumers are not aware of the side effect of consuming certain goods, and the knowledge about the goods.
- Maximum satisfaction: – To ensure consumer derive optimum utility
- To check deceptive weight, and measurement.
- To guarantee or give warranty to goods not earlier inspected.
- To reduce or prevent hoarding.
- To ensure advert that disclose deceptive immoral, exaggerated, or misleading information are curtail
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