3.1 Learning Outcomes:
Describe the triple bottom line of people, planet, and profit.
Identify important stakeholders inside the organization.
Identify important stakeholders outside the organization.
Explain the importance of ethics and values in effective management.
3.2 Action Required:
In India, the 1986 Consumer Protection Act is an important law protecting interests of consumers. It provides for the regulation of all trade and competitive practices, creates national and state level consumer protection councils and lists unfair and uncompetitive trade practices.
3.3 Test your Knowledge (Question):
What do you understand by the term stakeholder?
Why do you think government pass laws to protect consumer rights?