Consumerism
This article covers meaning, importance & example of Consumerism from marketing perspective.
What is Consumerism?
Consumerism is a social phenomenon that empowers the buyers and consumers as compared to the manufacturers. The effects of consumerism are visible in the laws, regulations and also the marketing practices which companies have to follow. Consumerism instructs companies & manufacturers to safeguard the interest of consumers.
Importance of Consumerism
Between manufacturers & consumers, a company is often more powerful owing to the resources & financial strength of the company. A company with unrestricted power can harm consumers. This is where concept of consumerism is essential for protecting & safeguarding the consumer. It keeps a check on the companies and ensures that the consumers get quality products which are safe for them at the correct price. It also ensures that the consumers are provided with the correct information about the products. Also consumerism forces the companies to operate and produce goods and services according to the consumer’s needs. It plays a very important role in every stage of marketing starting from new product design to communication through advertisements.
Advantages of Consumerism
A few benefits of consumerism for customers are as follows:
1. It prevents unfair trade practices & discourages malpractices.
2. It urges companies to provide all details and information about products.
3. Consumerism protects consumers from exploitation.
Example of Consumerism
A very simple example of consumerism is where all food & beverage companies have to include details like ingredients, manufacturing date, expiry date, customer feedback contact details etc. This information is essential for a consumer to take an informed decision while buying a product. It also gives access to consumers to raise complaints or queries to the manufacturer.
Hence, this concludes the definition of Consumerism along with its overview.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.
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