Consumer is a broad label that refers to any individuals or households The household is "the basic residential unit in which economic production, consumption, inheritance, child rearing, and shelter are organized and carried out"; [the household] "may or may not be synonymous with family" that use goods and services A good is an object whose consumption increases the utility of the consumer, for which the quantity demanded exceeds the quantity supplied at zero price. Goods are usually modeled as having diminishing marginal utility. The first individual purchase has high utility; the second has less. Thus, in these and other goods, the marginal utility of generated within the economy An economic system is the system of production, distribution and consumption of goods and services of an economy. Alternatively, it is the set of principles and techniques by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. The economic system is composed of. The concept of a consumer is used in different contexts, so that the usage and significance of the term may vary.
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In economics and marketing
Typically when business people and economists talk of consumers they are talking about person as consumer, an aggregated commodity A commodity is some good for which there is demand, but which is supplied without qualitative differentiation across a market. It is a product that is the same no matter who produces it, such as petroleum, notebook paper, or milk. In other words, copper is copper. The price of copper is universal, and fluctuates daily based on global supply and item with little individuality As commonly used, individual refers to a person or to any specific object in a collection. In the 15th century and earlier, and also today within the fields of statistics and metaphysics, individual means "indivisible", typically describing any numerically singular thing, but sometimes meaning "a person." . From the seventeenth other than that expressed in the buy/not-buy decision. However there is a trend in marketing Marketing is used to create the customer, to keep the customer and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management - the other being Operations. Other services and management activities such as Human Resources, Accounting, Law and to individualize the concept. Instead of generating broad demographic profile A demographic or demographic profile is a term used in marketing and broadcasting, to describe a demographic grouping or a market segment. This typically involves age bands , social class bands (as the rich may want different products than middle and lower classes and may be willing to pay more) and gender (partially because different physical and psycho graphic profiles of market segments A market segment is a group of people or organizations sharing one or more characteristics that cause them to have similar product and/or service needs. A true market segment meets all of the following criteria: it is distinct from other segments , it is homogeneous within the segment (exhibits common needs); it responds similarly to a market, marketers are engaging in personalized marketing Personalized marketing is an extreme form of product differentiation. Whereas product differentiation tries to differentiate a product from competing ones, personalization tries to make a unique product offering for each customer, permission marketing Permission marketing is a term coined by Seth Godin used in marketing in general and e-marketing specifically. The undesirable opposite of permission marketing is interruption marketing. Marketers obtain permission before advancing to the next step in the purchasing process. For example, they ask permission to send email newsletters to prospective, and mass customization Mass customization, in marketing, manufacturing, call centres and management, is the use of flexible computer-aided manufacturing systems to produce custom output. Those systems combine the low unit costs of mass production processes with the flexibility of individual customization.[1]
There is increasing backlash from the public over use of the label "consumer" rather than "customer", with many finding it offensive and derogatory.[2] cunsumer means to use goode and services.
In law and politics
Within law, the notion of consumer is primarily used in relation to consumer protection Consumer protection laws are designed to ensure fair competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional protection for the weak and those unable to take care of laws, and the definition of consumer is often restricted to living persons (i.e. not corporations or businesses) and excludes commercial users.[3] A typical legal rationale for protecting the consumer is based on the notion of policing market failures and inefficiencies, such as inequalities of bargaining power between a consumer and a business.[4] As of all potential voters are also consumers, consumer protection takes on a clear political significance.
Concern over the interests of consumers has also spawned much activism, as well as incorporation of consumer education into school curricula. There are also various non-profit publications, such as Consumer Reports Consumer Reports is an American magazine published monthly by Consumers Union. It publishes reviews and comparisons of consumer products and services based on reporting and results from its in-house testing laboratory. It also publishes cleaning and general buying guides. It has approximately 4 million subscribers and an annual testing budget of and Choice Magazine Categories: Australian magazines | Monthly magazines | Consumer organizations , dedicated to assist in consumer education and decision making, and Consumer Direct in the UK.
In intelligence studies
Within intelligence studies, it refers to the political staff consuming and requesting intelligence.
References
- ^ Cross, Robert G. (1997). Revenue management: hard-core tactics for market domination. Broadway Books. pp. 66–71. ISBN 0-553-06734-6.
- ^ http://mistinthegarden.com/2009/02/04/dont-call-me-a-consumer/
- ^ Krohn, Lauren (1995). Consumer protection and the law: a dictionary. ABC-CLIO. ISBN 0-87436-749-2.
- ^ "An Institutional Analysis of Consumer Law". Vanderbilt Journal of Transnational Law. http://law.vanderbilt.edu/journals/journal/35-01/overby.htm. Retrieved 2007-01-29.
See also
| Wikibooks Wikibooks is a Wiki hosted by the Wikimedia Foundation for the creation of free content textbooks and annotated texts that anyone can edit has a book on the topic of Category:Consumer |
- Alpha consumer Alpha Consumer is someone that plays a key role in connecting with the concept behind a product, then adopting that product, and finally validating it for the rest of society. The term was coined by entertainment economist Michael Wolf in 1999 and published in his book The Entertainment Economy
- Consumer debt Consumer debt is consumer credit which is outstanding. In macroeconomic terms, it is debt which is used to fund consumption rather than investment
- Consumer theory Consumer theory is a theory of microeconomics that relates preferences to consumer demand curves. The link between personal preferences, consumption, and the demand curve is one of the most complex relations in economics. Implicitly, economists assume that anything purchased will be consumed, unless the purchase is for a productive activity
- Consumerism Consumerism is the equation of personal happiness with consumption and the purchase of material possessions. The term is often associated with criticisms of consumption starting with Thorstein Veblen or, more recently by a movement called Enoughism. Veblen's subject of examination, the newly emergent middle class arising at the turn of the
- Consumers' cooperative A consumers' cooperative is a cooperative business owned by its customers for their mutual benefit. It is a form of free enterprise that is oriented toward service rather than pecuniary profit. It is a retail outlet owned and operated by consumer. The customers or consumers of the goods and/or services the business provides are often also the
- ConsumerSearch ConsumerSearch is an English-language search engine for consumer product reviews, plus a database of reports on consumer products and services, published and updated only online. ConsumerSearch does not review products and services directly, nor does the site publish reviews from users. Rather, ConsumerSearch writers review the print and online
- Consumption Consumption . But the precise definition can vary because different schools of economists define production quite differently. According to some economists, only the final purchase of goods and services constitutes consumption, and every other commercial activity is some form of production. Other economists define consumption much more broadly, as
- Coolhunting Coolhunting is a term coined in the early 1990s referring to a new breed of marketing professionals, called coolhunters. It is their job to make observations and predictions in changes of new or existing cultural trends. The word derives from the aesthetic of "cool"
- Mass customization Mass customization, in marketing, manufacturing, call centres and management, is the use of flexible computer-aided manufacturing systems to produce custom output. Those systems combine the low unit costs of mass production processes with the flexibility of individual customization
- Mental health consumer A mental health consumer is a person who is under treatment for a psychiatric illness or disorder. The term was coined in an attempt to empower those with mental health issues, usually considered a marginalized segment of society. The term suggests that those individuals have a choice in their treatment and that without them there could not exist
- Consumer reporting agency An agency which collects and sells information about the creditworthiness of individuals. A credit reporting agency does not make any decisions about whether a specific person should be extended credit or not. Instead, it collects information that it considers relevant to a person's credit habits and history, and uses this information to assign a
- Consumer protection Consumer protection laws are designed to ensure fair competition and the free flow of truthful information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors and may provide additional protection for the weak and those unable to take care of
- Consumer organization Consumer organizations are advocacy groups that seek to protect people from corporate abuse. Unsafe products, predatory lending, false advertising, astroturfing and pollution are all examples of corporate abuse
- Consumer Direct
- National Consumer Agency The CSG presented its report, “Making Consumers Count”, to the then Minister for Enterprise, Trade and Employment , Micheál Martin, in April 2005. Among the report's key recommendations was the establishment of a new agency to champion consumer rights (NCA)
- Informed consumer The concept of the informed consumer is a fundamental one in the law of the European Union. Since the general Resolution of 1975, one of the primary objectives of the European Community, and then the European Union, has been the provision of information to consumers. The rationale is that market actors who are informed have a greater capacity to
- Consumer forum
Categories: Economics terminology | Consumer theory Categories: Household behavior and family economics | Microeconomics | Marketing Categories: Business | Service industries | Business economics
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Be watchful of consumer dangers that abound By learning about them you ll prevent yourself from getting burned or ripped off Always borrow money from a pessimist he doesn t expect to be paid back ~Author Unknown These are only a few of the dangers awaiting the unsuspecting and trusting consumer 1 Beware The
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Fri, 09 Oct 2009 11:28:35 GM
Lenders to benefit following RBS . consumer. credit ACT test case Creditman to utilise the services of an insolvency practitioner and propose an.
Q. When I try to read and understand the labels of green products, I get so confused. When it comes to "recycled paper" what is the difference between "post-consumer waste" and "post-consumer fibers?" They sound like the same thing. Which type of recycled paper is better?
Asked by Stephanie D - Fri Aug 15 16:08:29 2008 - - 2 Answers - 0 Comments
A. Recovered, or recycled, fibers have previously been used in paper products and then been reclaimed to be made into new products. Recovered fibers include two categories: Preconsumer recovered fibers come from paper scraps generated during the paper making, converting, and printing processes paper that has not reached the end user. These are regularly reused to make new paper. Post consumer recovered fibers, on the other hand, come from products that have reached the consumer and then been recycled back into the paper making process. I would question them on what is meant by post consumer waste. It would appear that they are making a distinction between what has not been used (fiber) and what has been actually used (waste). Newsprint… [cont.]
Answered by Jack - Fri Aug 15 16:26:14 2008
