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 Explain the importance of consumer protection from the point of view of a business.

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 From the point of view of business 

(i) Long term interest of business: it is in the long term interest of business to satisfy their customers. Satisfied customers not only lead to repeat sales but also provide good feedback to prospective customers and thus, help in increasing the customer base of business. Thus, business firms should aim at long term profit maximization through customer satisfaction. 

(ii) Business uses society’s resource: Business organizations should supply such product and render such services which are in public interest and would not impair public confidence in them 

(iii) Social Responsibility: A business' has social responsibilities towards various stakeholders like investors, consumers, employees. Since businesses make money by selling goods and providing services, consumers form an important among the many stake holders of business. 

(iv) Moral justification: A business has the moral duty to take care of consumer's interest and avoid any form of their exploitation.

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