Characteristics of a vulnerable consumer.
Define the characteristics of a vulnerable consumer. Considering ethics, should there be greater government regulation with respect to selling to vulnerable consumers? Within the context of a Christian worldview, why should businesses consider the methods of marketing to vulnerable consumers?
- Economic Disadvantage: Individuals with limited financial resources may be more vulnerable to predatory marketing practices.
- Language Barriers: Individuals who do not speak the language of the marketplace may be at a disadvantage.
- Social Isolation: Individuals who are socially isolated or lack support networks may be more vulnerable to exploitation.
- Prohibiting deceptive or misleading marketing practices: This can include regulations related to advertising, labeling, and pricing.
- Requiring clear and understandable disclosures: Businesses should be required to provide clear and understandable information about their products or services, including any potential risks or limitations.
- Establishing consumer protection agencies: These agencies can investigate complaints from vulnerable consumers and take action against businesses that engage in unfair or deceptive practices.
Characteristics of Vulnerable Consumers
Vulnerable consumers are individuals who may have limited ability to make informed decisions due to factors such as:
- Age: Children, adolescents, and the elderly may be more susceptible to manipulation or exploitation.
- Cognitive Impairment: Individuals with cognitive disabilities, such as dementia or intellectual impairment, may have difficulty understanding and evaluating information.
- Physical Disability: Individuals with physical disabilities may face barriers to accessing information or making informed choices.