Nature of Tesco
The market nature of this business is to sell products to its customers. Tesco has gained a lot of its customers because of their affordable products they showcase in their shops. This business has survived many economic disasters from the past year and the competition of the business like the fellow shops like Sainsbury’s etc.
Consumer Laws
Usually the customer is always right, whereas the customer is usually has the law on his side. The consumer is protected by the criminal and the civil law. Protection under the civil law is based on the complaints personal right to compensation for carelessness or dishonesty
Some of the consumer laws of Tesco are as follows:
1. The Sale of Goods Act 1979 And 1995 (protects the consumer against faulty or poor quality goods)
2. Supply of Goods and Services Act 1982(Services standard are protected by this act)
3. The Consumer Protection Act 1987 (Relates to price and safety)
These three laws are the most important to tesco because they’re main objective is to maximize sales. Therefore these three laws are crucial if they are to sell goods. They cant be ripping off customers and selling them unqualified products.
TIME LIMITS
Usually, you cannot put your criminal past behind you, because prosecution can be brought years after an offence was committed, provided, of course, that is if the evidence is still available. Most trading offences are created by statue and prosecutions; they must be brought within the time specified by the relevant act, usually within six months of the offence. Once the six months time has elapsed, the trader is safe from prosecution (all information was from text books and people who work in the business) source data.
The advantages of the location of the business Tesco
EDMONTON
The area is well developed, so there would be no problem with the area which is well served by transport links such as train and bus routes. This is vital because the customers need this to carry their shopping from tesco’s back home. This is also good for the company because it means that customers, employees and suppliers can get to the business easily. The business has a parking lot where the customer can be able to park their cars to prevent accidents or theft associated with their customer’s possessions. It is also the only shopping market located in that area this allows the competition of product reduced in the market. The business is also close to a large residential area, which means that the firm would be able to find more customers and employees easily. The biggest advantage of this location to the business is its closeness to transport links and customers. This is good because it means that if business is not near good transport links, the workers would not be able to get to work quickly and easily. It would also take long to get supplies and would cost a lot of money. If the business is not near customers it would mean the business would get no customers and would be in a huge loss.
The disadvantage of the location of the business Tesco
EDMONTON
The tesco branch is located in the high street; therefore the process of traffic make the customer really frustrated about shopping in that centre as it can result in delays etc. The location of the business is where most business people are living so mostly in the day time there are no customers but during the evening that’s when the customer does most of their shopping, this disturbs the business because they do not make much profit as they expect.
This is stock exchange chart; this is why it is called a Plc. Share prices can go up and down. Prices over a period of one year. You can see how the shares changed. At points the prices were expensive and vice versa. All in all I believe that over this period of time the prices have increase which implies that Tesco’s have been doing well.
The advantages of the location of the business Medina Cash & Carry
WHITECHAPELThere are many factors which affect business location. Location can affect how successful a business can be.
Aspect such as: Transport links for supply and distribution. Skills of the local people. Labour costs.
Cost of premises.
Advantage of the business location Medina Cash & Carry
WHITECHAPEL
There’s an easy transport link, there’s a London underground station ‘Whitechapel’ which is near the store, this is an advantage because some people may come and buy their products and leave without taking time. It’s located on a high street with a lot of stalls where there are a lot of customers walking about so surely it’s a good location. & its Easy to find staff as it is a residential area with lots of students looking for work.
Disadvantage of the business location Medina Cash & Carry
WHITECHAPEL
Lots of competitors which could mean my business would have to make sacrifices to prosper and this could bring the profit down. The roads are too busy which disappoints customers who have to travel by car or by bus because the traffic is slow moving and the customers may have important matters and don’t want to be delayed. Some customers may also be put off by the noise and exhaust fumes caused by the congested roads and traffic. An example of this is when Medina Cash & Carry had to close down one of their car parks because there were complaints by drivers using the road that there was too much congestion and traffic jams. The busy roads also mean that deliveries to Medina Cash & Carry are not on time, which results in less availability of goods to the consumers who will end up buying fewer goods.
CONCLUSION: From what I see, the market nature of the business is really important to the business it helps the business to meet it aims and objectives. The consumer laws also help the business to know their right towards their customers in that part of the business. Most of the success depends on the location and most of Tesco’s shops are located in the right place. And with the minor business it has to make sure they treat their customer’s right because there a saying that “customers are always right” and they must abide with the consumer laws of the business or they might go out of business.
