Consumer Protection and Behavioral Economics through Protecting Competition – An Analysis | Original Article

ABSTRACT:

The process of development coupled with increasing liberalization and globalization across the country has enabled consumers to realize their increasingly important role in society and governance. Customer protection and behavior study is based on government policies and consumer buying behavior. Customer behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalization, customization and one-to-one marketing. Social functions can be categorized into social choice and welfare functions. In this paper, I am going to consider the impact of competition over consumer protection. The theme of this paper is that, competition may sometimes and sometimes not overcome the problems associated with consumer Behavior but generally more competition does not make matters worse. The solution of the consumer problems is to reduce information gaps and educate consumers by protecting competition. The study focused on the effect of consumer Protection and Behavioral Economics by protecting competition in India. The research objectives include, establishing the relationship between consumer rights and level of consumer awareness; to establish the relationship between consumers and consumerism. The study made significant contributions on consumer behavior and consumer protection.