Importance of ‘Consumer Protection’ from the point of view of business:
(i) Long-term interest of business: Long-term interest of a business lies in the satisfaction of its customers that leads to repeat sales and attracts other customers.
(ii) Business uses society’s resources: As a business uses social resources, it is bound to serve the society by using its resources through adoption of fair trade practices which ensures consumer protection.
(iii) Social responsibility: Since consumers are a part of society, consumer protection is the part of its social responsibility to fulfil its social objective.
(iv) Moral justification: Business ethics advocates adoption of moral principles in conducting business affairs. Then a business is required to adopt consumer protection as its moral duty.
(v) Government Intervention: To avoid government intervention in the business activities due to malpractices, a business should take government intervention as the first priority of protection.