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According to me, Consumer protection law is necessary in our society to protect consumer rights & interests. protection-act-a-real-positive-for-the-motor-industry.html, online visited on 11th March,2012. 2023 Chair 10 Marketing, Inc. Mini-trials, like mediations and arbitrations, constitute unique forms of "alternative dispute resolution" (ADR) favored by courts and litigants alike. Source: N=45 states' Unemployment prepaid cards. One problem, such as unauthorized charges on a card, can create a cascade of problems when customer service isnt available or responsive in a timely manner. There are many advantages to performing online research with quality consumer panels: The cost of performing this type of research and gathering constructive feedback is very low. You may find more calls to customer service with questions about the product and how to use it. From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors, 14 Product Trial Advantages and Disadvantages, How Does Zoom Make Money: Business Model Explained, The 5 P's of Marketing Explained with Examples, 10 Proven Psychological Pricing Strategies with Examples, "From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors. These challenges ultimately undermine the financial well-being of cash assistance recipients by siphoning government funds from eligible individuals and redirecting government dollars to financial institutions. Randomization prevents the deliberate manipulation of results. You may get a new treatment for a disease before it is available to everyone. The customers have to be provided with sufficient and exact information concerning class, amount, transparency, standard and the cost of the commodities and services. Sign up to receive updates and resources delivered to your inbox. Safe and efficient delivery of these benefits is essential, as it allows individuals to effectively manage their financial lives. The CFPB is sharing this Issue Spotlight with federal and state agencies that administer public benefits programs to support efforts to increase competition or otherwise address the issues raised in this Spotlight. We cannot permit these practices to go on. When people are using your products and investing time into your company, theyre building a relationship with you. This practice ought to be avoided. Each time my benefits were debited to the account they were immediately credited back under a 'Transaction Type ' called 'RETURN UNPINNED DEPOSIT '. Being part of a clinical trial may have risks, but it may also have benefits. For example, it is the accountability of a customer to keep trying on getting all information about the quality of the goods or services. The obligation of adopting procedures to defend the attention of consumers arises mostly due to the helpless situation of the customers. Admin., Fast Facts & Figures About Social Security, 2021. These product trial advantages and disadvantages show that, as with any marketing effort, there is some risk involved. It has been noticed that through agreement period, people tend to irresponsible utilize of the manufactured goods, belief that it will be replaced throughout the warranty period. You can communicate clearly to each prospective customer, letting them know what to expect from the product and how to use it properly. Provides a sense of urgency as the . By learning about bugs in a new software product, for example, you have time to correct the bugs and fine tune the product before full launch. The CPA has suitably provides for a fair arrangement of actual grievances of the clients.[9]. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Specifically, the CFPB will monitor and, when appropriate, take action against entities that violate the federal consumer financial laws with respect to the delivery of cash assistance. Less time consuming: Because it is secondary data it is usually cheap and is less time consuming because someone else has compiled it. the-salient-features-of-consumer-protection-act.html, online visited on 12th March, 2012. From a marketing perspective, time with your products and brand message is more valuable than cash in-hand. In addition to detecting basic flaws, product trialing may protect your business from major mistakes that ruin the brand. Our review of prepaid cards issued by Unemployment programs indicates that the fees for the same service vary across states, even among states that contract with the same financial institution. Kline meant to type "login" but he managed only "lo' because his computer crashed. It's cheap, it's fast, and it's incredibly flexible. Additionally, relatively few vendors participate in the market for government-administered prepaid cards. So, consumer self satisfaction is ensured by the consumer defense law. A randomized controlled trial works to prevent skewing or the deliberate manipulation of results by researchers or participants. Write. There are relatively few vendors in the marketplace for government-administered prepaid cards, and the consumer is the end-user of the benefits but has little-to-no input on product selection. On the other hand, it refers to the actions adopted for the defense of customers from unprincipled and immoral malpractices by the industry and to offer them immediate redressal of their complaints.[6]. 'Groupthink' Famously coined by George Orwell in his dystopian novel 1984, ' groupthink ' describes a phenomenon where people feel a pressure to conform to the ideals or standards of a group - regardless of whether they actually share those views or not! Technical and Non-Technical Glitches 6. In fact, some consumers describe a complete inability to reach customer service representatives.54 These challenges are illustrated by another complaint submitted to the CFPB: I was informed there was a total of $ XXXX dollars taken from this account by someone other than myself. EFTA, where it applies, prohibits financial institutions or other persons from requiring consumers to receive payments on a specific prepaid card with no alternative options.57 In October 2021, the Bureau took action against prison financial services company JPay for, among other things, violating EFTA and Regulation E when consumers in certain states were required to receive a government benefit owed to them at the time of their release from prison or jail on a JPay prepaid debit card.58. The paper contains both previous research and new empirical studies, therefore the study comprises from primary and secondary sources. Barriers to accessing that assistance, such as numerous or costly fees or inadequate customer service, can create substantial financial harm. One such restriction that applies to the delivery of certain public benefits is the Electronic Funds Transfer Act (EFTA), implemented through Regulation E.12 EFTA generally provides, among other things, that recipients cannot be required to establish an account with a particular financial institution as a condition of receipt of a government benefit without an alternative.13 EFTA applies to both federally-administered benefits, (including Federal needs-tested programs) as well as state and local government benefits that are not needs-tested programs.14 Accordingly, distribution of federal cash assistancesuch as Social Security, Social Security Disability Insurance, Supplemental Security Income, and federal tax credits like the Earned Income Tax Credit or the Child Tax Creditare subject to EFTA; recipients of cash assistance provided by these programs cannot be required to receive their funds with a specific financial institution, whether on a prepaid card or to a deposit account. Would you buy a car without taking it for a test drive? These safeguards are an essential part of the research. Companies that engage in segmentation incur additional costs since the process of developing separate marketing mixes for each segment involves a lot of effort and additional costs. To ensure that cash assistance recipients get the full benefit of the funds made available to them, program administrators may want to consider changes to their benefits delivery systems to increase safety, minimize fees, improve customer service, and increase choice and competition. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. For example, a business might partner with a university to conduct research on consumer behavior. It also presents some unique challenges. Help to Understand the Competition in the Market. This may seem to be an inefficient system, however, until benefits recipients can access customer support when an issue arises, a single, centralized card may not be ideal for the cash assistance recipient. The informed consent process also helps protect participants. [13] But your claims have to state genuine loss and the recompense claim must be logical.[14]. If there is no law then marketers, manufacturers are become dishonest sometimes & they provide bad quality products towards consumer. Cash assistance recipients are sometimes offeredor assignedcostly or inaccessible financial products on which they receive their benefits. It is better to identify errors or concerns prior to distributing a product to the broad market, rather than finding out about them after the fact. B. Where it applies, EFTA provides specific error resolution rights and dispute procedures.49 Regardless of whether EFTA applies, prepaid card providers50 and financial institutions providing consumer financial products and services, such as government-administered prepaid cards, are subject to the Consumer Financial Protection Act (CFPA)s prohibition on unfair, deceptive, or abusive acts or practices.51 For example, the Bureau has addressed prohibited acts and practices under the CFPA as well as under EFTA and its implementing Regulation E related to the distribution of Unemployment cash assistance in a coordinated enforcement action with the Office of the Comptroller of Currency (OCC), through which the CFPB fined Bank of America $100 million in civil money penalties. On globalization and improved struggle, any business firm which fails to offer better services to their vital customer shall come across it complicated to keep on. The new treatment may not work, or it may not be better than the standard treatment. We often value money higher than we value time. There are also some specific advantages and disadvantages which must be considered with this type of opportunity to determine if it is the right type of marketing outreach to try. Or even in 30? Thats why; they have to in their individual attention, turn into customer leaning. When you have a great product, then it can serve as its own marketing tool. The need for CPA arises due to the defenselessness of customers. Common government-administered prepaid card fees can include ATM, maintenance, balance inquiry, or customer service fees. of the commodities and services. Very Low Barriers to Entry & Exit. If a high percentage of trial users were inspired by certain benefits, it is likely that many consumers in the broader target market feel the same. Large Turnover and Huge Profits 5. Probability of Survey Fatigue 5. Online: Respondents often fail to read instructions Experimentation Able to eliminate extraneous influences and identify causes of choice and/or behavior Expensive; difficult to set up; limited information collected in one setting There is a wide range of adaptive elements of clinical trial design (some old and some new), with differing advantages and disadvantages. In turn, this state-based discretion has resulted in essentially 53 different program implementations, though with some commonalities across programs.10. If we look at the advantages first, consumers benefit because they have more choices and hence, can affect the demand for a particular product by switching to competitors when they find the products as inferior or pricey. That is a good question. Observations may lack depth and qualitative richness. For example, the U.S. Food and Drug Administration requires clinical trials of new food products and medications to prevent negative public health consequences. Producers, distributors or suppliers, will be liable for any damages in the form of death, injury, loss, or damage to property and economic loss, to the consumer or third party. Currently, the vendor marketplace offering governments prepaid cards is limited to a small number of providers. Because each subject gets assigned to a specific group randomly, the removal of choice works to . Cash assistance predominantly flows to low-income families in need or individuals at a precarious time. Plan. These rules are enforced by the Federal Government. Aronstam PJ (1979) Consumer protection, Freedom of Contract, and the law, Cape Town: Juta, Van Eeden E (2009) A Guide to the Consumer Protection Act, Durban: LexisNexis, Corbett MM Aspects of the role of policy in the evolution of our common law (1987) 104 SALJ 52, Consumer Affairs (Unfair Business Practices) Act 7 of 1996, Consumer Protection Act, 1987, retrieved from http://www.iol.co.za/news/south-africa/consumer-. Marketing research plays an important role in studying consumer behaviour and making adjustments according to the change in the various elements of marketing mix viz . Consumers pleasure is the key to achievement of business. Consumers can be encouraged by programs to receive their cash assistance through a prepaid card provided by a particular financial institution rather than through direct deposit to an account and financial institution of their choice. A. [10] They are expected to impart information and knowledge about (i) the relevant laws which are aimed at preventing unfair trade practices, (ii) the ways and means which dishonest traders and producers may adopt to deceive the consumers, (iii) insistence on a bill or receipt at the time of purchase, and (iv) the procedure to be followed by consumers while making complaints. Loss of privacy or information is another reason why this model is not reliable. The clients are flattering extra mature and aware of their privileges against the malpractices by the company. Goods may be like milk, salt, sugar etc. TANFs block grant structure leaves broad discretion to states to determine eligibility criteria and benefit amount.8 Unemployment is an umbrella term referring to several programs involving cash assistance payments to individuals who have lost their job.9 Federal laws and regulations provide broad guidelines on Unemployment coverage and eligibility. Up-to-date feedback: Gather current customer feedback on various aspects of your company. Surface Studio vs iMac - Which Should You Pick? Organic products contain numerous marketing claims and terms, only some of which are standardized and regulated.In terms of health advantages, organic diets have been . Presence of Survey Biases Effective Use of Customer Feedback Make Customer Feedback Surveys Your Best Ally For example, medical appointments could take a lot of time. The US market for organic foods has grown from $3.5 billion in 1996 to $28.6 billion in 2010, according to the Organic Trade Association. The Four Stages of the Deming Cycle are Plan, Do, Study or Check, and Act. Offering your product would then shift expectations within the targeted demographics, giving you a chance to expose your product to interested consumers. There are many customer organizations that are making hard work to construct customer consciousness. State agencies that offer prepaid cards execute contracts with vendors, which can represent a cost saving opportunity to states over processing paper checks repeatedly.28 The prepaid card vendors that states select earn income on cardholder29 and sometimes, interchange30 fees. It promotes Addiction: The tendency of being addicted and distracted by contents uploaded on the internet is almost unavoidable. . Markets experiencing perfect competition have very low barriers to entry. It meets the needs of a particular situation. If the ethics are not handled well, legal action can be taken. 2023 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. You may have the chance to help others get a better treatment for their health problems in the future. Making the modification may contribute to better success when you release the final version to the market. Despite the numerous advantages of local marketing, international marketing has the potential to open even more doors for your company, resulting in larger and better prospects for business expansion while also widening your consumer base. If a high percentage of trial users were inspired by certain benefits, it is likely that many consumers in the broader target market feel the same. Thats where free trials come in. To avoid having others get an inside scoop on what youre doing, you may need to limit who has access to your product trials. Summer_Vates. The Real and true. [4] See, Van Eeden E (2009) A Guide to the Consumer Protection Act, Durban: LexisNexis. Referral discounts are another way to help you close a deal and find new prospects that might be interested in what youre offering. Customers also may identify certain attributes or features of a product that they would like you to modify. Research shows that even minor differences in application forms and sign-up processes can have dramatic effects on people's behavior.64. Customers are become helpless without this Act. When cash assistance is provided through a government-administered prepaid card, recipients do not get to choose the specific card and are locked into a relationship with the provider selected by program administrators. 1. Response rates tend to be high as respondents have opted in to . People want to know what theyre getting in return for their hard-earned dough, and its hard to get consumers to buy a product or enter into a service contract without giving them some idea what to expect. Because there may be a poor quality of product, higher charging by the seller, minor amount of contents, deceptive commercial etc. Benefit payments provided through EBT16 allow individuals to get their cash assistance through a network of ATMs and selected merchants that accept EBT cards, whereas EPC cards are branded as Visa or MasterCard, allowing recipients to use these cards to access cash or purchase items through any merchant that accepts those cards.17 As of July 2020, 40 states issued TANF payments via EBT, while 10 states issued TANF payments via EPC.18 To offer government-administered prepaid cards that participants can then use to make purchases and withdraw cash, program administrators contract with service providers; this market will be discussed further in Section 2. Instead of having a direct sales transaction, a product trial lengthens your sales and marketing funnels. The right to choose means that the customer ought to be guaranteed, at any time possible, right of entry to a diversity of merchandise and services at aggressive prices. So, marketers should also keep the purchase documents of their customers & also monitor their activities. There will always be people who try to game the system. Avoid Major Errors It is anticipated from the clients that they utilize and grip the manufactured goods/services accurately. Disadvantages Marketing can be expensive and drain profits, especially for smaller businesses It's difficult to accurately assess the cost benefit of a marketing campaign Not all campaigns are. You'll need to really commit to building a great website and a strong online presence. Based on many years of experience and learning, Congress has passed laws to protect study participants. For instance, Unemployment prepaid card users in some states pay up to $2 for out-of-network ATM withdrawals or up to $14 for replacements cards, while recipients in other states pay nothing for those same services.34 This is also in contrast to many credit or debit card holders who pay nothing to replace a lost or stolen card.35 Figure 1 shows the variation in out-of-network fees across states. State laws and regulations determine specific eligibility requirements, payment amounts, and duration. It has a great reputation in the legal sector. CON: A free month might not be enough time Free trials can't go on forever. The two main types of government-administered prepaid cards are the electronic benefit transfer (EBT) system and the electronic payment card (EPC) system. When I completed my initial unemployment application, I requested direct deposit. It is designed to answer particular questions about biomedical or behavioral therapies. made with the approval of the buyer. Offering a product trial means youre fronting the production costs in the hopes that youll get a paying customer after the trial period ends. Creates Employment 7. When it goes right, a product trial creates a win/win situation for your company and your future customers. Describe the positive and negative side on the Consumer Protection Act. Advantages of Mobile Marketing Easy access Let's face it our phones are by our sides most of the day. Disadvantages of Advertising - 1. [] I contacted the customer service phone number for [the card] at XXXX ten times through XX/XX/XXXX- they even charged me for each phone call. Cost - access to these specialized respondents is not going to come at a general random sample price. Researchers must also have good interviewing skills, have the courage to ask follow-up questions, and be able to form professional bonds with participants to ensure the accuracy of the data. Although there are always a few people who will take a product trial without any intention of making a purchase, most people will try products when theyre interested in the results that can be achieve. List of the Advantages of a Product Trial 1. Additionally, public benefits recipients may have little-to-no ability to avoid these fees due to their limited ability to choose or change their card provider; they are often locked into relationships with providers chosen by the program administrator. Federal government websites often end in .gov or .mil. You play a more active role in your own health care. There are a number of disadvantages to having a trial by jury. The risk posed by new competitors, the risk of substitutes, supplier bargaining power, and consumer bargaining power are all measured by Porter's five forces. This Issue Spotlight analyzes the structure of the delivery systems for certain public benefits programs, focusing on TANF, Unemployment programs, and various Social Security payments. You might need to travel to the study site several times or stay in the hospital. It gives a product the chance to sell itself. If they find that the experimental treatment is not working or is harming participants, they will stop the trial right away. Although there are times in history when this system has failed, having a jury listen to a case typically creates a fair result since a majority or unanimity is necessary to have a verdict, penalty, or judgment. Similarly, state and locally administered programs subject to EFTA include Unemployment, child support, certain prison and jail gate money benefits, and pension plan payments. Enhances Goodwill 4. You have the ability to adjust the study based on an empirical estimate from real data and the real subjects rather than pre-specified estimate for a nuisance parameter. While there are potential convenience and economic advantages for recipients to using government-administered prepaid cards, those benefits may be blunted by large service fees. advantage : access to many respondents each respondent can prove large amounts of information . Although recipients may sometimes choose the method by which their cash assistance is delivered, in the programs the CFPB examined, recipients do not have a say in the specific prepaid card program administrators use to distribute cash assistance. ", 100 Best Side Hustles for Teens to Make Money, 100 Office Etiquette Rules You Need to Know, 50 Best Business Letter Closings of All-Time. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist. This interferes with the financial . The services of doctors, engineers, lawyers etc are integrated beneath the requirements of CPA. Government-administered prepaid cards can have numerous or costly fees associated with their use that may exceed that of other financial products or services.26 Consumers have complained to the CFPB about service fees on their government benefits cards.27 That said, the alternatives to government-administered prepaid cardsdirect deposit and paper checkscan also be a source of fees. The bottom line for any business is that profits must be made eventually. Doctors aren't going to start screening for every potential health issue that might exist. 1. List of the Advantages of Randomized Controlled Trials. Trialing can prevent the need for such a recall. Public cash assistance is provided by direct deposit, government-administered prepaid cards, or paper checks.11 The administrator of each program decides which of these three options to offer to recipients, subject to any relevant restrictions. These concerns are not limited to cash assistance provided by prepaid card, but the provision of benefits by prepaid card presents specific recurring issues. So, there is a little bit risk on CPA, otherwise, in general CPA brings overall satisfaction both marketers & clients in a society. Consumer Protection Act, 1987, retrieved from. 5. 2. They should seem for the better quality guarantee symbols while making the purchases.[11].