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Consumer exploitation refers to the act of taking advantage of buyers. This occurs because of limited information about the product, such as guarantees and terms of purchase. Non-informed consumers are especially vulnerable; consequently, they are likely to be cheated into paying more and even purchasing a counterfeit product. When few manufacturers produce an item, competition is limited, leading producers to determine the price and availability of the product and thereby exploiting the buyer. Limited supplies of a product lead to hoarding and a subsequent boost in prices.
Forms of Consumer Exploitation:
1. Over Pricing
2. Invoice Penetration
3. Illiterate consumer advantage
4. False Promises
5. Availability of Duplicate good in the market.
