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Is Consumer the King? 6/15/2020 11:26:45 PM Omkar Dattatray Nothing certain can be said about this beautiful postulate and slogan of consumer is the king. Yes consumer described as king in the books on economics, business and commerce but in the actual and practical world consumer is not the king of the business world and does not seem to be dictating the terms in the actual world. However the consumer determines the demand of the goods and services in the business as the demand of the products depends on the desires, needs and choice of the consumer. The businessmen have to tailor their goods and services in accordance with the needs and choices of the consumers in the final analysis. Demand of the goods is dependent on the customer and the businessman should satisfy the consumers to remain in the business and in this respect the consumer seems to be a judge and king to decide the will the business enterprise will remain in the business in the long run. In fact the consumer is the king in theory but in practical world he has to obey the unscrupulous businessman and is forced to fall in the line and in the modern world much is talked about the rights of the consumers and with much fanfare we celebrate the world consumer day on the 15th march every year but the fate of the consumer is not bettered. We are forced to purchase whatever is in the market and therefore consumer is not the king of the business world but in the books only. Much is talked about the consumer rights and duties and consumer awareness is given much importance but all this does not alter the ground reality about the consumer who is exploited by the dishonest businessmen and therefore we have to think twice before calling ourselves the absolute masters of the business. But then this fact should not be ignored that in the final analysis it is the consumer who has to be pleased by the businessmen because it is the consumer on whom depends the business profits as it is only the sales on which depends the profits and growth and development of the business. Sales and profits are required for the survival and growth of the business and thus the business enterprises should satisfy the needs and desires of the consumers it wants to live in the business and produce the profits which are the remuneration of the entrepreneur as the profit belongs to the owner. Some business thinkers say that to produce the consumer is the objective of the business and in this respect peter F Drucker the management expert has said that to create the consumer is the ultimate objective of the business and so the business houses have to create the consumers on whom rests the sales and then the profit objective of the business. So one has to appreciate it that it is the sales in the business world depend on the consumers and the businessman is successful who is able to create and sustain demand and therefore it is the consumer who is considered as the master of the business as it is the consumer demand on which depends the business. Consumption is the very base of the business and the sales depend on the consumption and the consumption depends on the sales and there should be demand for the goods and services and only then we can be successful as the business enterprises. Thus until and unless there will not be sales there is no meaning for the production and the businessmen should strive to create the demand for the goods and services and the demand is fully dependent on the consumer. It is necessary for the businessmen to please the consumer as there is cut throat competition in the market and only that product is saleable which has demand and so we as the businessmen have to create the demand to be successful in the business. All successful businesses have the satisfied consumer at its back and therefore the businessmen should strive to satisfy the consumer and on the consumer the good of the business rests. The consumer needs, wants and aspirations should be met by the business enterprises as it is the satisfaction of the consumer needs on which the survival of the business is dependent. Coming back to the title of this write up on has to contend that the consumer is the king of the business world at least in theory and in practice the consumer should be aware of their rights and obligations to be called as the king of the business.   Share This News with Your Friends on Social Network     Comment on this Story

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