Business Ethics and Corporate Governance, Second Edition

CONSUMER—AN IMPORTANT STAKEHOLDER

Consumers are often given a raw deal by way of substandard products, increased prices through market manipulation, failed warranties, poor after-sale services and a host of other unfair trade practices. This is in spite of the fact that the consumer is regarded as the king who through the market forces dictates the quality and quantity of goods, and leaders like Mahatma Gandhi consider him as the sole purpose for which an enterprise exists. Good business ethics should place the customer as one of the important stakeholders and should give the customer his or her due share.

Companies across the world have realized that there is a need for broader accounting of their performance towards stakeholders as against ...