Classwork Series and Exercises {Business Studies – JSS1}: Consumer, Market and Society

Business Studies, JSS 1 Week 8
Topic: Consumer, Market and Society
Contents:

1. Meaning of a consumer
2. Meaning of a customer
3. Meaning of market
4. Meaning of Society
5. Need for Consumer Education
6. Importance of consumer Education
7. Consequences of lack of Consumer Education
   Who Is A Consumer?
   A consumer is a person or group of people who buys and uses a product or service at a particular time. A consumer is the end user of a product and this is the one who completes the process of production.
   A Customer
   A customer is a regular buyer of a product or service who has established a sustainable relationship with the seller or producer of a product.
    Meaning of Market
   A Market is a place where buyers and sellers are in contact with one another to buy or sell goods and services.
   It is a means by which buyers and sellers are brought in contact with one another. It could either be face to face, through letters or any other communication medium.
   Meaning of Society
   Society is a group of people living together in organized, communities with laws and traditions, controlling the way that relates and behaves towards one another.
   Need for Consumer Education
   It is of great importance to educate the consumers because they are most vulnerable, sometimes the producer produces less standard products and sells to the consumers, so as to be enlightened, there is a need for Consumer education.
   The following are the needs for consumer Education in Nigeria
   • To protect consumers from falling victims of fraudulent and bad producers
   • To encourage consumers to report to the appropriate government agency when necessary
   • To create a healthy and cordial relationship
   • To enable consumers to be aware of products or services that are standard and fit for consumption
   • To enable the consumers know their rights and obligations
   Consequences of Lack of Consumer Education
   • It can encourage producers to supply poor quality products
   • It will lead to consumer not getting the right satisfaction from the product purchased
   • It can lead to consumer entering into false agreement with producers
   • It makes consumer ignorant
   Test and Exercise
   1. The end users of products is (a) consumer (b) retailer (c) wholesalers (d) manufacturers
   2. ———— is a regular buyer of a product or service who has established a sustainable relationship with the seller or producer of a product. (a) consumer (b) customer (c) retailer (d) producer
   3. The means by which buyers and sellers are brought in contact with one is (a) church (b) market (c) office (d) communication
   4. One of the following is the consequences of consumer Education (a) It makes consumer ignorant (b) it makes goods cheaper (c) there is an opportunity for produce to produce less standard goods (d) Its does not make consumer enter into false agreement with producer
   5. The following are the needs for consumer education except (a) To create a healthy and cordial relationship (b) to enable consumers to be aware of products or services that are standard and fit for consumption (c) To enable the consumers know their rights and obligations (d) to encourage the consumers to fight with sellers at all times  https://passnownow.com/classwork-support/