160:
can result in huge financial losses and this same concept applies to daily purchases. Being an informed consumer is advantageous to the economy, market and consumers. An informed consumer is capable of making sensible decisions by gaining an insight about a product prior to its purchase. This insight
327:
In an efficient, integrated EU economy underpinned by EU-wide rules, consumers must be able to trust that their rights will be upheld in the event of any problems when purchasing goods and services in other EU countries. At an annual cost of 5 euro cents per person, the EU's consumer protection
173:
Affordability – Consumers may be misled by aggressive sales tactics, especially by professionals paid by commission, who may entice the consumer to buy expensive products, products with a high mark-up, or expensive options. Information about the potential purchases can help the consumer save money
336:
According to the 2013 Edelman Trust
Barometer, an online survey of 26,000 general population respondents across 26 countries, 35% of those identified as "the informed public" who need to hear company information three times to believe it, while another 29% need to hear it an additional 4–5 times.
340:
The study also looked at how consumers place their trust in corporations of different sizes. In the US, 86% of informed consumers trust small businesses, while just 55% trust big businesses. A similar gap is apparent in the UK (78% vs. 48%), but the opposite is true in China, where 89% trust big
202:
Some businesses may be reluctant to inform their potential consumers, concerned that this might harm the marketability and attractiveness of their products. However, economic analysis indicates that informational asymmetry between the producer and consumer is detrimental to the marketplace and a
169:
Reliability – Information about products facilitates safe purchases. Mass production of bulk consumer goods may result in instances of products bearing manufacturing defects. Recognising these defects can prevent the customer from financial injury or loss. Product and brand reviews and consumer
181:
It is the responsibility of the consumer to get all the information about the potential purchase and associated background before making a decision to buy a product. It is ultimately the consumer, through their market choices, which endorses or rejects a product, thus shaping the marketplace.
344:
Whereas informed publics in developed countries are more trusting of small than big businesses (76% vs. 53%), emerging market respondents placed more trust in big businesses (79% vs. 70%). Overall, small businesses are slightly more trusted than big businesses (70% vs. 62%).
198:
about the terms and conditions associated with the product or service make plain the regulatory requirements to redress any consumer grievances. Informing the consumer can also help set the consumer's expectations of the product, which can be useful to the producer.
290:
This evolution in the market orientation can be a challenge for existing and emerging businesses. Some ways of taking advantage of the new market are to understand the target customers, maintain visibility to these people, and utilize grassroots tactics.
294:
To deal with highly informed consumers, the marketer must understand that the consumer has knowledge about the product and be prepared to manoeuvre this knowledge into a sale, and be well-informed to provide comprehensive knowledge to the consumers.
119:
Consumers also expect to get a communication channel for inquiry and complaints about the product or service. They want effective redressal and remedies to loss, such as implementation of legal regulations and prosecution to law violations
348:
Looking at company types, the study finds that trust in media companies rose from 52% of informed publics globally in 2012 to 57% in 2013. Within the US, trust in media companies crossed into the majority, increasing from 45% to 51%.
302:, it is important for the marketer to enter the sales process at an early stage. The marketer must move ahead of the curve and make sure to bring some value to the customer's purchase beyond just fulfilling his/her need.
761:
Thomas
Wilhelmsson (2007). "The Informed Consumer v the Vulnerable Consumer in European Unfair Commercial Practices Law – A Comment". In Geraint Howells; Christian Twigg-Flesner; Deborah Parry; Annette Nordhausen (eds.).
165:
Appropriate quality – Almost every purchase comes with a variety of options from which to choose. Consumer information enables the customers to select a quality of product which matches their needs for durability or
238:
Consumers derive information from a variety sources, each with its own interest, skills and resources. It is essential for the consumers to recognise their personal interests and make a suitable decision.
207:– with consumers left to make irrational decisions. Unbiased information can help solve market problems by equipping the customers with appropriate information, ensuring healthy market practices.
177:
Ethical considerations – Consumers may not wish to deal with a company which indulges in unethical practices, such as animal testing, labour abuse, environmental pollution, and political corruption.
283:
required teaching the consumer about the product or service, consumers have become knowledge-ridden with strong opinions on how they want to spend their money. This trend is substantiated by
40:. The rationale is that market actors are enabled to make better choices when they are informed and have a greater capacity to understand the importance of their market actions and choices.
170:
forums online can be instrumental in educating the customers about potential problems with the product, and should be considered when making big purchases like appliances and vehicles.
90:
The information should be written in plain and understandable language, which is self-explanatory. Also, the text should be readable in terms of the size and type of font.
1004:
732:
402:
113:
of product or service (with no exorbitant mark-up cost). Information about the related costs of the product must be brought to the knowledge of the consumer.
831:
Stephen
Weatherill (1996). "The Evolution of European Consumer Law and Policy: From Well Informed Consumer to Confident Consumer". In H. W. Micklitz (ed.).
651:
794:
Cristina Poncibò & Rossella
Incardona (March 2007). "The Average Consumer, the Unfair Commercial Practices Directive, and the Cognitive Revolution".
215:
Consumers derive their information from multiple sources. The following are the sources from which consumers gather desired knowledge about the product:
1058:
79:
The consumer must be provided with complete, unambiguous and explicit knowledge about the products. The information must contain details regarding the
156:, loss of privacy and other problems. A consumer should treat every purchase as an important investment. Making an uninformed investment in the
328:
programme for 2014–2020 is designed to enforce consumer laws throughout the single market, giving consumers a high level of legal protection.
323:
ensure consumers' rights keep pace with economic and social change – especially in the food, energy, financial, transport and digital markets.
880:
116:
The consumers also have the right to indiscriminate prices, that is paying the same price as other customers, without any discrimination.
72:
and avoid unscrupulous business dealings. They envisage a fair market environment that facilitates and supports several consumer rights:
559:
522:
459:
279:
The abundance of available information via electronic media has created a transformation of the market orientation. While traditional
161:
equips the consumer with the data to arrive at an evidence based conclusion. This can be made clear through in a few common aspects:
849:
771:
386:
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which found "buyers are often between 70 and 90 percent of the way through the sales process before they ever engage a vendor".
706:
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365:
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Providing complete information levels the information asymmetries between the producer and consumer and improves consumer
737:
marketingcharts.com/traditional/8-in-10-informed-consumers-need-to-hear-company-info-more-than-twice-to-believe-it-26518/
625:
1094:
377:
Guido Alpa (2002). "Trading On-line and
Consumer Protection". In Guido Ferrarini; Klaus J. Hopt; E. Wymeersch (eds.).
410:
76:
The consumer must get a fair chance of choosing from the range of goods and services available in the market place.
999:
948:
873:
659:
21:
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195:
1063:
222:
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Becoming educated about the consequences of a purchase makes the consumer both informed and responsible.
1046:
840:
Norbert Reich (2005). "Autonomy: The concept of the "Informed
Consumer" and the standard of deception".
153:
320:
safeguard consumer rights, enabling consumers to resolve disputes with traders quickly and efficiently
866:
433:
953:
943:
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149:
80:
57:
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According to the
European Union, "Information is a deciding factor for consumers when making their
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984:
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Know who they are dealing with, and to not do business with any company that cannot be contacted.
53:
29:
994:
974:
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382:
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and policy decisions. It is the solution to issues ranging from online transactional threats,
570:
533:
470:
933:
923:
803:
129:
125:
25:
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191:
49:
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Get all promises in writing and review all documents before paying or signing a contract.
314:
protect consumers against serious risks and threats that they cannot tackle on their own
1030:
204:
33:
1088:
1020:
815:
781:
Stephen
Weatherill (1994). "The Role of the Informed Consumer in EC Law and Policy".
110:
102:
84:
733:"8 in 10 Informed Consumers Need to Hear Company Info More Than Twice to Believe It"
317:
enable consumers to make choices based on clear, accurate and consistent information
157:
69:
1068:
913:
889:
98:
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Resist high-pressure sales techniques, and take time to consider a purchase.
137:
918:
681:
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huffingtonpost.com/daniel-newman/how-to-sell-to-the-inform_b_5309839.html
37:
258:
Protect personal information, and share it only with a trusted company.
136:
of information. The consumers want to be able to cast off the invasive
133:
94:
128:
in marketing, and the mass information storage capacity of computers,
656:
mckinsey.com/insights/marketing_sales/the_consumer_decision_journey
140:
methods, and threat of entry into the private system of consumers.
28:
Resolution of 14 April 1975, one of the primary objectives of the
106:
52:
and affects both consumer interests and their confidence in the
862:
496:
858:
132:
has become a great concern. Hence, consumers want to ensure
228:
Social networks (friends, family, fellow consumers, etc.)
148:
Consumer information is the most important element for
595:
219:
Governments issue public information for the consumers
1039:
1013:
967:
906:
225:, review and testing services and comparison sites
68:The consumers expect to get fair treatment in the
1005:United Nations Guidelines for Consumer Protection
497:"Why Is it Important to Be an Informed Consumer?"
341:businesses compared to 65% for small businesses.
298:With the increase in the variety of sources for
567:ivir.nl/publications/helberger/Form_matters.pdf
560:"Form matters: informing consumers effectively"
523:"Form matters: informing consumers effectively"
467:ivir.nl/publications/helberger/Form_matters.pdf
460:"Form matters: informing consumers effectively"
366:Consumer protection in the EU / Policy overview
267:Discard any offer that asks payment for a gift.
874:
8:
833:Rechtseinheit oder Rechtsvielfalt in Europa?
707:"Global Deck: 2013 Edelman Trust Barometer"
270:Know the risks when it comes to investment.
36:, has been the provision of information to
881:
867:
859:
619:
617:
381:. Kluwer Law International. p. 133.
658:. McKinsey & company. Archived from
93:The consumers expect just and equitable
682:"EU Legislation on consumer protection"
358:
626:"How to Sell to the Informed Consumer"
379:Capital Markets in the Age of the Euro
231:Suppliers of the products or services.
101:. Fair price is equal to a reasonable
7:
844:. Intersentia nv. pp. 297–298.
898:the philosophy of and activism for
310:EU consumer policy is designed to:
14:
764:The Yearbook of Consumer Law 2007
835:. Baden–Baden. pp. 424–440.
796:Journal of Consumer Policy Issue
596:"How to be an Informed Consumer"
60:circulating within the market."
652:"The consumer decision journey"
174:and ensure a smarter purchase.
87:and product care instructions.
1:
766:. Ashgate Publishing, Ltd.
251:recommends that consumers:
1116:
602:. Federal Trade Commission
1000:Collaborative consumption
949:Consumer welfare standard
896:
808:10.1007/s10603-006-9027-9
713:. edelman trust barometer
22:law of the European Union
249:Federal Trade Commission
1100:Consumer protection law
980:Consumer Bill of Rights
196:Transparent information
81:contents of the product
1064:Ellen Swallow Richards
1059:Consumers' Association
1047:Consumer organizations
403:"Consumer Information"
223:Regulatory authorities
211:Sources of information
186:Effects on marketplace
20:is fundamental in the
434:"Consumer Protection"
154:behavioural targeting
842:Understanding Eu Law
783:Consumer Law Journal
432:Hurme, Sally Balch.
64:Consumer expectation
954:Ethical consumerism
944:Consumer revolution
939:Consumer protection
929:Consumer capitalism
900:consumer protection
558:Helberger, Natali.
521:Helberger, Natali.
458:Helberger, Natali.
413:on 26 December 2014
281:customer engagement
150:consumer protection
124:With the advent of
16:The concept of the
1095:European Union law
990:Consumer education
985:Consumer complaint
300:consumer education
285:Forrester Research
105:added to the real
30:European Community
1082:
1081:
995:Consumer movement
975:Consumer activism
959:Informed consumer
243:Customer know-how
203:major ground for
18:informed consumer
1107:
934:Consumer privacy
924:Anti-consumerism
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569:. Archived from
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532:. Archived from
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501:consumer.ftc.gov
495:Nelson, Lauren.
492:
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469:. Archived from
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449:
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438:encyclopedia.com
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409:. Archived from
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130:consumer privacy
126:electronic media
26:European Council
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32:, and then the
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1069:Ralph Nader
1040:Key players
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890:Consumerism
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1089:Categories
742:29 October
717:29 October
691:27 October
666:27 October
635:29 October
606:28 October
580:27 October
543:27 October
506:27 October
480:27 October
443:27 October
417:27 October
353:References
332:Statistics
144:Importance
44:Definition
1026:Euthenics
816:155044543
686:europa.eu
234:the media
138:marketing
38:consumers
968:Activism
919:Consumer
907:Concepts
789:: 49–69.
58:services
54:products
824:1084038
600:ftc.gov
530:ivir.nl
407:EUR-Lex
247:The US
134:privacy
97:of the
95:pricing
50:choices
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812:S2CID
574:(PDF)
563:(PDF)
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1052:list
846:ISBN
820:SSRN
768:ISBN
744:2014
719:2014
693:2014
668:2014
637:2014
608:2014
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383:ISBN
107:cost
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