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. ...Show more