Consumerism - Meaning & Definition

Published by MBA Skool Team in Marketing and Strategy Terms Last Updated: January 26, 2024Read time:

What is Consumerism?

It is a social phenomenon that empowers the buyers and consumers. Its effects are visible in the laws, regulations and also the marketing practices.  

It keeps a check on the companies and ensures that the consumers get quality products which are safe for them at the correct price. It also ensures that the consumers are provided with the correct information about the products. Also Consumerism forces the companies to operate and produce goods and services according to the consumer’s needs. It plays a very important role in every stage of marketing starting from new product design to communication through advertisements.

consumerism

Example: of this is the detailed composition/ingredient description available on all products etc.

 

 

This article has been researched & authored by the Business Concepts Team which comprises of MBA students, management professionals, and industry experts. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.

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