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JSS1 Business Studies Third Term: Consumer, Market and Society

Meaning of 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…

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