ⓘ Consumer ..

Consumer

A consumer is one that buys good for consumption and not for resale or commercial purpose. The consumer is an individual who pays some amount of money for the thing required to consume goods and services. As such, consumers play a vital role in the economic system of a nation. Without consumer demand, producers would lack one of the key motivations to produce: to sell to consumers. The consumer also forms part of the chain of distribution. Recently in marketing instead of marketers generating broad demographic profiles and Fisio-graphic profiles of market segments, marketers have started t ...

Collective buying power

Collective buying power is the ability of a group of consumers to use the old rule of thumb that there is power in numbers to leverage the group size in exchange for discounts.

Consumer economy

A consumer economy describes an economy driven by consumer spending as a percent of its gross domestic product, as opposed to the other major components of GDP. In the U.S., it is usually said by economists, including in Henry Hazlitts "Economics in One Lesson" that 70% of spending is consumer-based, but this number is disputed by economists like Businessweek columnist Michael Mandel.

Consumer education

Consumer education is the preparation of an individual to be capable of making informed decisions when it comes to purchasing products in a consumer culture. It generally covers various consumer goods and services, prices, what the consumer can expect, standard trade practices, etc. While consumer education can help consumers to make more informed decisions, some researchers have found that its effects can drop off over time, suggesting the need for continual education. New dimensions of consumer education are also beginning to emerge as people become more aware of the need for ethical con ...

Consumer health laws

Consumer Health Laws are laws that ensure that health products are safe and effective and that health professionals are competent; that government agencies enforce the laws and keep the public informed; professional, voluntary, and business organizations that serve as consumer advocates, monitor government agencies that issue safety regulations, and provide trustworthy information about health products and services; education of the consumer to permit freedom of choice based on an understanding of scientific data rather than misleading information; action by individuals to register complai ...

Consumer innovativeness

Consumer innovativeness is a construct that deals with how receptive consumers are to new products. Consumer innovativeness has been defined as a predisposition or propensity to buy or adopt new products or a preference for new and different experience.

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