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Corporate Responsibility - Essay Example

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Today, most of the marketing tricks adopted by all leading companies aim at luring the gullible consumer towards their newly launched product at any cost. Most of the times, the marketing techniques are so strong that one starts to feel incomplete without that product at home or in their pockets…
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Corporate Responsibility Essay
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Corporate Responsibility

So, when the product falls short of the specifications or expectations, they approach a forum called Consumer Court to resolve their grievances, both genuine and perceived. When the consumer approaches a redressing agency, all the efforts expended by the product manufacturer towards marketing have either failed or fallen well short of specifications or expectations, making the investment in marketing segment less effective, or at least not as profitable as expected. Most good companies would avoid such a situation and try to provide a product as per the specifications. Thus it would be wise to study both sides of the aspect and neutrally evaluate the outcome in best interests of society and individuals as well as reasonably for companies providing a service or a product, albeit with a rider that profitability than service is their prime concern.
The history of consumer protection is not as old as that of the consumers. In 1962, President John F Kennedy introduced 'The Consumer Bill of Rights.' However, before 1965, there was no effective legal protection available for consumers across the world. The idea was first conceived by Garland Dempsey. In December 1965, probably the first refund of $ 787 was provided by a finance company to Mr. and Mrs. Henry Outlaw, the lucky neighbors of Garland Dempsey in North Philadelphia. Mr. Dempsey filed the complaint on their behalf in regard to a swindle of refinance of a loan. Another such case, the Gallman case got nationwide approval and led to passage of Consumer Credit Protection Act of 1968 by the Congress. This act was later aptly called "The Truth in Lending Act", the first in the series of consumer protection legislation. (Retrieved from: consumercrediteducation@ worldnet.att.net )
Today, across the world, consumer protection laws have evolved protecting consumers from all kinds of manufacturing and retailing defects, protection from fraudulent advertisements, invasion of privacy, deceptive marketing techniques and many such issues. Sections of population defend both sides of the arguments which lead to millions of litigations across the world with sometimes heavy penalties for defaulting companies in the event of intentional deception or even unintentional action leading to loss or damage to a consumer in financial/personal manner.

The Corporate Responsibility
With passage of time, certain conventions have emerged for the corporate sector to strictly adhere to, failing which they can be held guilty of consumer rights violation. The corporate responsibility towards individual consumers as well as society as a whole has been redefined, and consumer protection laws have assumed gigantic proportions across the world covering the entire spectrum from an individual to the society as a whole. Since the penalties in the event of conviction are prohibitive, not many market conscious companies today are willing to trade their reputations at any costs, and ... Read More
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