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Assess the Advantages and Disadvantages of Official Statistics Official statistics are quantitative data produced by local and national government bodies, and can cover a wide range of behaviour including births, deaths, marriages and divorce, income, crime, and work and leisure. I called and reported it immediately and had the card shut off and claims put in for the transactions. These programs provide cash funds to cover individuals essential needs, making it all the more critical that beneficiaries have full and timely access to their cash benefits. This report focuses on assistance provided on prepaid cards because of specific recurring issues we have seen arising with the provision of benefits by that method. Sign up to receive updates and resources delivered to your inbox. Expansion of Production 3. [4] See, Van Eeden E (2009) A Guide to the Consumer Protection Act, Durban: LexisNexis. Even if the trial participants find flaws, they may feel loyal based on the fact that they were invited to share their opinions. During a product trial, test market users experience your product and share input. primary research. The study of consumer behaviour has proved that following are the main factors which influence the behaviour: 1. Free feedback seems awesome, and it certainly can be, but if it comes at the cost of a customer who now has a subpar impression of your brand, the resulting consumer alienation (not to mention negative worth of mouth) could be more damage than the feedback itself is worth. Traditionally applied to the composite PROMs score of multi-item instruments, some recent research suggests that multiple imputation (MI) at the item level may be . Decisions get made based on the family history of the patient and any specific symptoms they might experience. Setting and participants We searched relevant databases up to March 2015 and included data from . In turn, this state-based discretion has resulted in essentially 53 different program implementations, though with some commonalities across programs.10. You may get a new treatment for a disease before it is available to everyone. This is when a consumer sells a good or services to another consumer. [1] The Act chairs immense weight oncandid and fair transactionsas well asliable mannerof service providers within the Republic of South Africa. It is cheaper than an external pilot, you save cost and work . Advantages of C2C eCommerce for Sellers The C2C eCommerce business model is especially preferred among smaller, individual sellers without an established brand or business entity. Because each subject gets assigned to a specific group randomly, the removal of choice works to . There are pros and cons to free trials, and getting to know both sides of the coin is your key to understanding whether a gimme is the right choice for you, your brand, and your customers. You'll need to really commit to building a great website and a strong online presence. Casper, which offers mattresses that are shipped directly to you, offers a product trial of 100 days of in-home use. Help to Understand the Competition in the Market. Admin., Fast Facts & Figures About Social Security, 2021. 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-salient-features-of-consumer-protection-act.html, online visited on 12th March, 2012. Tests and simulations will only provide you with a limited amount of data. It is one of the top-ranked law firm in Bangladesh. You may get a new treatment for a disease before it is available to everyone. 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. Learn. These factors may minimize the competitive forces that can improve financial products or services. It offers a constitutional gratitude to the six rights of clients. Therefore, before making decisions based on the information gathered from a market analysis, you should seek the advice of a professional market analyst. 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. When you have a great product, then it can serve as its own marketing tool. I was told to wait for a questionnaire to fill out The questionnaire never arrived I called in on the morning of the XXXX and was told to type a statement and include my police report of the theft with 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. 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. Example: Transportation departments make use of the observation techniques to conduct traffic counts. Instead, you may be part of the control group, which means you get the standard treatment or a no-treatment placebo. Reviews, video demos, testimonialsall of those factors are unlikely to seal the deal if your client base is skeptical or if your claims are so incredible theyre almost self-defeating (something else to watch out for, by the way). When it goes right, a product trial creates a win/win situation for your company and your future customers. The Consumer Financial Protection Bureau is committed to making sure entities subject to federal consumer financial lawsincluding those involved in the delivery of cash assistancecomply with their obligations. This interferes with the financial . It enables retail stores to attract more customers as well as make more profits. Besides that, we have lawyers from top law schools who have extensive experience in international as well as local legal affairs. The consumer must preserve them till the warrantee/ guarantee period is over. You'll need to be responsive to the needs of your business and your customers. 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. The intersecting nature of customer service obstacles are present in complaints to the CFPB. 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. Although some program administrators may prioritize consumer needs in the contracting process, consumer needs are not inherently part of product selection. Or even in 30? In attendance there is no denying information that the customers have the fundamental right to be confined from the defeat or wound caused on report of faulty goods and insufficiency of services, it is essential to offer them corporeal security, defense of financial welfare, right of entry to information, and suitable product standard. In advertising, the company wants to focus on communicating benefits that were most valued by the test subjects. Economic Factors: Price ADVERTISEMENTS: Income Distribution of Income Competition with substitutes Utility ADVERTISEMENTS: Consumer preferences 2. If your product or service is difficult to use, hard to understand, or in any other way not user-friendly, a free trial could hurt you more than it helps you. Given the often-acute needs of the populations who receive and rely on cash assistance, it is critical that beneficiaries have full and timely access to these funds. Probability of Survey Fatigue 5. The customers have been specified the right of redressal of their grievances connecting to the performance, rating, excellence etc. But sometimes we do not sense pleased with the product we buy. At its core, a functioning customer service system ensures consumers can fully utilize their funds. ______________________________________________________________________, [1] See, http://consumerprotectionact.co.za/, See , http://www.iol.co.za/news/south-africa/consumer-protection-act-explained-1.1041008, See, http://en.wikipedia.org/wiki/Consumer_Protection_Act_1987, [2] The Acting Deputy Director General in the Department of Trade and Industry, Ms Nomfundo Maseti, saysthe primary purpose of the CPA Act is to protect consumers from exploitation and unfair practices in the marketplace from unscrupulous businesses, and to empower consumers to make wise purchasing decisions. You can communicate clearly to each prospective customer, letting them know what to expect from the product and how to use it properly. He has been a college marketing professor since 2004. After getting all this information, you can think about whether or not you want to participate. The business has to serve customer wellbeing for their endurance and expansion. Describe the positive and negative side on the Consumer Protection Act. The Advantages And Disadvantages Of The Consumer Decision Process. It is always useful to acquire insight into how your customers are . The CFPB will continue to monitor the practices of entities that facilitate the provision of cash assistance and take action when appropriate to protect consumers from violations of the federal consumer financial laws. Inadequate customer service from prepaid card providers means that a single 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. This practice ought to be avoided. Some of the possible disadvantages faced by consumers concerning mergers and acquisitions are as follows: Monopoly and Higher cost to consumers Reduced corporate performance or inefficiency Diseconomies of sale Potentially decreased industry innovation Suppression of competing businesses Lesser choices for the customer about money. Relationships create loyalty. Even for benefits programs protected by EFTA and Regulation E, consumers that choose to receive their benefits by prepaid card do not have a choice in which company is selected by the government to provide the card. These concerns are not limited to cash assistance provided by prepaid card, but the provision of benefits by prepaid card presents specific recurring issues. 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. 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. (The expression consumer does not include a person who obtains such goods for resale or for any commercial purpose.) Once theyve tried the product and are thinking about a purchase, a simple incentive, like a discount, may be enough to push them over the edge. 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. If we will become a victim so that we can case a file under Consumer Protection Act against those fraud marketers. This combination will typically result in a sale if the consumer feels like your value promises live up to reality. The .gov means its official. There will be new entrants in the market which brings healthy competition to the industry. They make sure that risks (or potential harm) to participants are as low as possible. Cash assistance can be subject to numerous fees that cut into the amount of assistance and can be subject to inaccessible funds due to inadequate customer service. Many consumers sign up for a free trial because there is a one-time use they have for it. These fees average out to $3.60 per month per family; while that is a low dollar amount, it could also represent, for example, a round trip fare on public transportation.46 These fees may also more acutely affect people who live in rural areas where it may be difficult to access in-network ATMs and users may be forced to incur out-of-network ATM fees, which are often substantially higher. It also summarizes CFPB consumer complaints and the results of focus groups with cash assistance recipients. Customer should examine a diversity of commodities before trade. As a result, marketers are also aware to provide best quality product with a competitive price. Further, the average user spends over an hour per day on the top five social media apps and will tap, swipe and click their phone over 2,600 times a day. Further, deregulation also benefits the consumers because they can participate in efficient purchase and efficient consumer . For this reason customers can emphasize the excellence, cost, stability, following sales service etc to enable the top alternative within the perimeter of their own assets. Customers who get to see this fact during their free product trial will see this for themselves. Design In 2020, government-administered prepaid cards were used to distribute $409 billion in public benefits, the bulk of which was cash assistance.19 The Social Security Administration, for example, paid out approximately 4.5 percent of the Administrations benefits on its government-administered prepaid card in 2020.20. With the right level of supervision and structures that encourage profitability, youll find that in most cases, the positives outweigh the negatives with this type of outreach effort. However, some prepaid cards can also present substantial consumer burdens, such as costly fees to access funds, or user experience hurdles, like unresponsive customer service lines, for cash assistance recipients. While four companies were under contract to provide EBT cards to states in 2022, just two companies held more than 95% of the EBT contracts.59 Within this limited marketplace, companies may face limited competitive pressure in the contracting process even if program administrators are aware of and prioritize consumer needs.

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