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Advance strategic management. Consumerism

1. What is consumerism? DEFINITION Consumerism can be defined in two different ways; 1. Consumerism is a theory which states that buying and consuming goods and services in a large amount are more beneficial to the economy. Thus this theory appreciates gradually increased consumption of goods and services. 2. Consumerism means ‘consumer protection’. It is a movement or policy that protects the interests of consumers via truthful packaging, honest advertisement, improved safety standards and product guarantees. Consumerism involves policies that regulate methods, products and services, standards, selling and advertising in the interests of the consumers. These protect buyers from defective products, misleading advertising, unfair practices etc. Such policies can be mandatory, legislative, institutional or voluntarily accepted by the industry. e.g.,…