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Exam Revision (Consumer Laws (Door to door people (9am-6pm on weekdays,…
Exam Revision
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SAP Extension
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More employment in certain sectors of industry and decreased employment opportunities in other sectors of industry
More service-oriented roles; more focus on case work that follows a customer from start to finish, multi-skilling of the workforce, to enable the same employee to assist a customer throughout their entire customer experience
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Consumer Rights
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Repair, Replace and Refund
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Business Opportunities
Target Market
A group of customers with similar characteristics towards which a business has decided to aim its marketing efforts and products at
Gender
Males and Females demand different products such as hygiene and clothing. Woman make majority of the buying decisions
Age
Product will usually appeal to a certain age group. There's more demand for healthcare service and further education as population is ageing
Income
Product will appeal to certain income groups. Premium products will usually appeal to higher income groups while lower income groups tend to purchase discounted items
Demographics
Characteristics relating to population. Age, gender, ethnicity, employments, income and education
Process of a complaint
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If the business still does not resolve the problem, the organisation may take legal action on behalf of the consumer
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If the legal action is successful, the business may be forced to compensate the consumer, and they may also be fined for breaching consumer laws
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Function of Money
Measure of Value
We use money to put a price on the goods and services we exchange. The price is a measure of what we believe the goods or services are worth compared to other goods and services
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Medium of Exchange
Money allows us to exchange goods and services using a means of exchange we all accept. Employees exchange their labour for money and all businesses accept money in exchange for goods and services the supply
Producers and Consumers
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Producer: A person, company or country that makes, grows, or supplies goods or commodities for sale
Goods and Services
Services: A system supplying a public need such as transport, communications or utilities such as electricity or water
Goods are the material items that customers purchase for a price and Services are the facilities provided by others
Goods: Merchandise, products or possessions
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Price Fixing
Illegal for two businesses in competition with each other to agree on setting identical prices for products
Businesses will probably have similar prices for similar products but can't work together to raise or lower prices
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Fair Competition
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Businesses base their competitive practices on price, quality and customer service
Financial Intermediary
Any organisation that takes deposit from those with surplus funds and makes those funds available to borrowers
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