What do Fair Business Practices (FBP) mean to a Customer?
It makes Business Sense to be Fair
Action Plan for the Seller
CFBP is ever ready to help
1.1 Genuineness of a Product
The product offered should be genuine, as represented by the seller, who should be accountable if it is found to be otherwise.
1.2 Transparency in the Price of Product:
The maximum retail price plus all the statutory taxes chargeable for a product should be clearly visible on the product, as required by law. If any additional charges are recoverable for delivery of the product to the customer, it should be made known and should be acceptable to the customer at the point of purchase
1.3 Right Information in Advertisements and Promotions
Advertisements and promotional material should give the right information about the product or service. They should not create any misleading impression in the mind of the customer about the product being offered.
1.4 Honouring of Commitment of Warranty and After Sales Service
A warranty is a legal and binding contract between the seller and the customer. The seller is duty bound to honour its commitment, either explicitly or as implied by the terms of the warranty. The seller should extend prompt, efficient and courteous service to the customer at all times.
1.5 Honouring of Delivery Period
The seller should do its utmost to deliver the product to the customer within the agreed delivery period. Where no such delivery period is indicated, the product should be delivered within a reasonable period. In the event of any delay in delivery, the seller should inform the customer immediately.
1.6 Resolution of Consumer Grievance
One of the most sacred obligations of the seller is to be fair, sympathetic and impartial in handling consumer grievances.A clearly laid down policy, rules and regulations and a setup to resolve customer grievances should be in place. The seller should look beyond its legal obligations and walk the extra mile to ensure that the customer always gets a fair deal.
There is a tempting pre-supposition that, if one tries to be fair in business dealings, then an organisation will be uncompetitive. But in fact, being fair in business dealings and practices is the cornerstone to being successful in the long term. It ensures the building of trust and goodwill with the customers and society.This lays the foundation for long term mutually beneficial relationships with customers.
Specific advantages of following Fair Business Practices:
2.1 - It builds the brand value of the seller and positions the product as a premium and respected brand in the market.
2.2 - It creates a reputation of fairness around the seller that builds trust and confidence in the products of the seller and the team.
2.3 - It develops pride of association. Globally sellers are co-creating value with customer participation in the development of products. Customers get the products they need as they are involved in their design and offering.
2.4 - It reduces litigation and customer grievances.
3.1 - Develop a clearly defined Business Policy about Fair Business Practices sought to be adopted.
3.2 - Design and develop a machinery for the effective implementation of the Business Policy mentioned above.
3.3 - Establish a Consumer Grievance Cell guided by a senior management person.
3.4 - Give of the above three actions high visibility to society so as to get extra mileage in terms of goodwill and brand value for products.
3.5 - Become a Member of the Council of Fair Business Practices and display the Membership Certificate in a conspicuous place on the business premises as a very clear signal to society about the seriousness of the Mission to follow Fair Business Practices.
CFBP is committed to spreading awareness about Fair Business Practices and helping in every way towards the achievement of this goal.
CFBP will be glad to partner you at each step in your endeavour to establish Fair Business Practices in your organisation. Please write to us or call us for any further assistance that you may require.