A consumer is said to be the ‘king’ of free market. The earlier principle of CAVEAT EMPTOR, which meant ‘let the buyer beware’ has now changed to CAVEAT VENDITOR, which means ‘let the seller beware’. This transformation was made possible due to initiatives taken by many business firms who realized the importance of consumer protection.

The need for consumer protection arises due to the following reasons:-

• Ignorance on part of the costumers, and
• Exploitation and unfair practices on part of the sellers.

The business must protect the interests and satisfy the need of their customers. Many enterprises have now realized that it is in their long term interest to satisfy their customers as satisfied customers not only help in repeat sales, but also provide good feedback to other potential customers. Businesses also have a social obligation towards various ethnic groups as they use resources which belong to the society.

Thus, it is the moral duty of every enterprise to protect the interests of their customers. They must stop unfair trade practices such as under-weighing and under-measurement. They must discontinue the sale of unsafe and hazardous goods that can cause damage to health and property of a person. Hence, a business must avoid unscrupulous and exploitative trade practices and protects consumers from any sort of exploitation.