Consumer Behavior - Consumerism
Consumerism is the organized form of efforts from different individuals, groups, governments and various related organizations which helps to protect the consumer from unfair practices and to safeguard their rights. The growth of consumerism has led to many organizations improving their services to the customer.
What is Consumerism?
Consumer is regarded as the king in modern marketing. In a market economy, the concept of consumer is given the highest priority, and every effort is made to encourage consumer satisfaction.
However, there might be instances where consumers are generally ignored and sometimes they are being exploited as well. Therefore, consumers come together for protecting their individual interests. It is a peaceful and democratic movement for self-protection against their exploitation. Consumer movement is also referred as consumerism.
Features of Consumerism
Highlighted here are some of the notable features of consumerism −
Protection of Rights − Consumerism helps in building business communities and institutions to protect their rights from unfair practices.
Prevention of Malpractices − Consumerism prevents unfair practices within the business community, such as hoarding, adulteration, black marketing, profiteering, etc.
Unity among Consumers − Consumerism aims at creating knowledge and harmony among consumers and to take group measures on issues like consumer laws, supply of information about marketing malpractices, misleading and restrictive trade practices.
Enforcing Consumer Rights − Consumerism aims at applying the four basic rights of consumers which are Right to Safety, Right to be Informed, Right to Choose, and Right to Redress.
Advertising and technology are the two driving forces of consumerism
The first driving force of consumerism is advertising. Here, it is connected with the ideas and thoughts through which the product is made and the consumer buys the product. Through advertising, we get the necessary information about the product we have to buy.
Technology is upgrading very fast. It is necessary to check the environment on a daily basis as the environment is dynamic in nature. Product should be manufactured using new technology to satisfy the consumers. Old and outdated technology won’t help product manufacturers to sustain their business in the long run.