Explain any four points of importance of consumer protection from the point of view of business.

In addition to profit-making, the business must give due importance to the consumer protection and their satisfaction. This is important because of the following reasons:
(i) Long-term Interest of Business: Giving importance to consumer protection and their satisfaction makes the consumers delighted and thus they become a loyal customer. Customer loyalty is very beneficial for a business as they will repeat their purchase and also lead to mouth to mouth marketing to their friends and relatives which help in increasing the customer-base of business. Thus, business firms should aim at long-term profit maximisation through customer satisfaction.
(ii) Business uses resources of the society: Business uses resources which actually belongs to the society. Thus they have a moral responsibility towards the consumers to provide quality products.
(iii) Moral Justification: It is the moral duty of any business to take care of consumer’s interest and avoid any form of their exploitation. Thus, a business must avoid exploitative and unfair trade practices like defective and unsafe products, adulteration, false and misleading advertising, hoarding, black marketing etc.
(iv) Government Intervention: A business engaging in any form of exploitative trade practices would invite government intervention or action. This can impair and tarnish the image of the company. Thus, it is advisable that business organisations voluntarily resort to such practices where the customers’ needs and interests will well be taken care of.