1. Consumers are the driving force behind the market. They make purchases and create demand for goods and services. This demand drives businesses to produce more of what consumers want, which in turn, creates jobs and stimulates the economy.
2. Consumers are also information providers. They provide feedback to businesses about their experiences with products and services, which allows companies to improve their offerings. This feedback also helps new companies enter the market by identifying unmet needs and opportunities.
3. Consumers are regulators of the market. They have the choice of buying or not buying from a company, and they can also choose to support or boycott specific businesses based on their values and beliefs. This power gives consumers a significant role in shaping the marketplace.