Every parent should try to teach their children how to respect others and how to gain respect for themselves. Children will only realise its importance when you show them respect, this way they will know how it feels to be respected and will realise its importance once they experience it.
As the saying, goes "Do unto others as you would have them do unto you."
Child can gain a lot in life if he/she has a respectful attitude towards others. They will never succeed in life unless they learn to respect their peers and authorities. Realising the importance will make the child responsible and careful of the things and people around them. Those who have no respect for their own selves can never be success in life.
Although, children are taught the importance of respect in schools but it is also the responsibility of the parents to make their children realise this important attitude of human beings. They will have the same attitude everywhere else as they have at home. Parents are the ultimate teachers and they have the most effecting influence on children.
Here is how you can teach your child the importance of respect. If you make a mistake, admit it and apologise. Never insult your child or embarrass them this will take away their self-respect. Instead of making fun of them and damaging their self-esteem, compliment them on their work and encourage them to take decisions and accept responsibilities. Respect them and ask for their opinion before reaching to a conclusion regarding any issue that concerns them. Use polite language and respect their privacy. Instead of ordering, they ask them politely to do things you want them to. Try not to disappoint them by breaking your promises.
This way, your child will learn to respect itself and have a respectful attitude towards others. If they do not have any respect for themselves, they will never learn to respect others. Teach them that respect cannot be bought or taken it has to be earned. How you behave outside the house as a citizen and your behaviour with others sets an example for the young ones around you especially your own children.
Make them feel loved and praise them as much as you can but also make them realise if they are doing anything wrong and help them, rather than using a harsh tone or disrespectful words. Lift their spirits when they make mistakes by telling them it's just a process of learning and becoming better. 

Show Children Respect and They'll Learn How to Respect OthersCredit: http://www.flickr.com/photos/familymwr/4903625620/sizes/o/in/photostream/Credit: http://www.flickr.com/photos/familymwr/4903625620/sizes/o/in/photostream/

How to Teach Children Respect