Business Ethics and Corporate Governance, Second Edition

SUMMARY

Though economic literature dubs the consumer as the sole purpose for which an enterprise exists and as one who should be treated with the respect he or she deserves, in reality, he or she is given a raw deal—sub-standard products, increased prices through market manipulation, failed warranties, poor after-sale services and a host of other unfair trade practices. A consumer patronizes a corporation by paying for its goods, supports it to cover not only the cost of production, but also the margin of profits. The very existence and continuance of a corporate depends on profits. Undoubtedly, a consumer is a very important stakeholder to an organization.

Protecting the consumer from avaricious producers and sellers has become an important ...