Consumer Awareness is a concept of making the consumer aware of information related to products, services, and his rights regarding them Consumer Awareness refers to the act of collecting enough info by a consumer to avoid exploitation in the market by the organizations Consumer Rights and Responsibilities - Let the consumer know his rights regarding the purchase and sale of products. - Explains the options the consumer has if the product does not meet set standards. - Provides information regarding consumer rights if a consumer wants to face an organization in a court of law. Consumer Awareness & Consumer Protection Consumer Protection refers to the practice of keeping the consumers safe from market malpractices. The laws act as a shield for consumers as it prevents the organizations from deceiving and cheating customers. In the USA there are various laws at the state and federal level to regulate consumer affairs In the United Kingdom, the major laws are Consumer Rights Act 2015 and Consumer Protection Act 1987 to protect the consumers Forms of Consumer Exploitation - Incorrect product information - Sub-standard or inferior product quality - High cost - Unoriginal items - Dilution and degradation - Lack of safety devices - False scarcity - Wrongful information - Dissatisfying post-sale service - Aggressive behavior Factors Causing Consumer Exploitation 1. Restricted information 2. Limited supply 3. Restricted competition 4. Low literacy Consumer Awareness Example – Amazon - Brand Registry - Transparency - Project Zero - Intellectual Property Accelerator - Utility Patent Neutral Evaluation Consumer Awareness Example – Amazon “Project Zero” - Automated Protection - Self-Service Counterfeit Removal - Product Serialization Consumer Awareness Example – Nike - Chinese Consumer Protection Show criticized Nike for incorrect advertising. Nike had to apologize for the false claim of 300 Hyerdunk 2008 FTB footwear having airbags sold in China Consumer Awareness Example – Volkswagen Scandal - Volkswagen had to pay 30 billion euros in vehicle buybacks, fines and penalties as the emission software installed by it in diesel cars was emitting 40 times more Nitrogen Oxide than permissible limits. Consumer Awareness Example – Burger King - In August 2020 Burger King was fined 400,000 dollars over expired ingredient usage This video is on Consumer Awareness and it has the following sub-topics. Time Stamps 0:00 Introduction 00:21 What is Consumer Awareness? 00:47 Consumer Rights and Responsibilities 01:06 Consumer Awareness & Consumer Protection 02:08 Forms of Consumer Exploitation 02:36 Factors Causing Consumer Exploitation 02:51 Consumer Awareness Examples 02:53 Consumer Awareness Example – Amazon 04:12 Consumer Awareness Example – Amazon “Project Zero” 05:04 Consumer Awareness Example – Nike 05:36 Consumer Awareness Example – Volkswagen Scandal 06:11 Consumer Awareness Example – Burger King