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Business studies paper 1 (setting up a buisness (pricing strategies…

- - - - already established customer base
    - - high standars to meet
      - have to pay royalties
  - - - when firms set pricing to directly compete with rivals
    - - gives products a mark up so that a profit is guareented to be made
    - - setting a high price so that customers see the product as desirable
    - - initially price are set very low in order to insure that sales take of and the product penetrates the market
- - - - discrimination of sex race or disability is illegal
      - workers are enititled to minimum wage
    - - sale and supply of goods act
        
        goods must be fir for purpose
        
        goods must be safe
      - trade descriptions act
        
        false of misleading information about a product must not be given
- - - - items are made on a production line
    - - iteams are made on a production line
    - - iteams are individually and tailor made