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Views on legal profiteering?

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Not the best word to use but we're talking about legal methods, nothing naughty. Just wondering what people on this site think about people who buy products that are likely to be in low supply or h… Read More
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7m, 1w agoPosted 7 months, 1 week ago
Not the best word to use but we're talking about legal methods, nothing naughty.

Just wondering what people on this site think about people who buy products that are likely to be in low supply or high demand with the aim of reselling them for a profit.
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7m, 1w agoPosted 7 months, 1 week ago
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9 Likes
Its called Business /thread

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9 Likes #1
Its called Business /thread
#2
A bit of a silly question really.

That is how business works is it not?.

You're gambling that someone is going to purchase those products from you, Supply and demand.
#3
No harm in making a profit.
banned#4
Eh? as said above,that's just business and how the world works.
#5
MrScotchBonnet
Eh? as said above,that's just business and how the world works.

I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.
banned 2 Likes #6
HotEnglishAndWelshDeals
MrScotchBonnet
Eh? as said above,that's just business and how the world works.
I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.

It's morally wrong maybe but at the end of the day it's still just a bit of business.
4 Likes #7
HotEnglishAndWelshDeals
MrScotchBonnet
Eh? as said above,that's just business and how the world works.
I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.
The thing is, the people who buy the products have the option not to. They also had the option to do the same thing if they wanted to.
#8
in a modern way isn't this how marks and Spencer started with a market stall.
#9
In basic human instinct: It is business or commerce
In intermediate human instinct: It is sociology, psychology, corporate governance and sustainability
In higher human instinct: It is morality, compassion, ethics and humanity
In "at the end of life" human instinct: Profit is nothing
banned 2 Likes #10
Think the OP has thrown the towel in for this thread :D
1 Like #11
deeky
HotEnglishAndWelshDeals
MrScotchBonnet
Eh? as said above,that's just business and how the world works.
I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.
The thing is, the people who buy the products have the option not to. They also had the option to do the same thing if they wanted to.

I agree with this completely for most products. Except with my kids and concerts. Annoys the hell out of me when they want something and some scally buys in bulk to sell on ebay. At the end of the day my children are too young to be reasoned with.... :(

With music gigs it does nothing except exclude the young fans who may not be in a position to pay £100 for a £15 ticket. Then you go to a gig which is half empty because all the tickets are unsold on ebay......
1 Like #12
I see no problem with this. People buying in bulk do so at a risk to themselves, they might well make a loss if they predict the wrong trend, or the manufacturer is well prepared with stock.

People who just want one for themselves have the same opportunity to buy the product. If it does go out of stock, they then have the choice to pay a premium, if they decide it's too much they can buy an alternative product. Pretty simple really.

Edited By: paulsalmon77 on Oct 14, 2016 11:19
#13
splender
In basic human instinct: It is business or commerce
In intermediate human instinct: It is sociology, psychology, corporate governance and sustainability
In higher human instinct: It is morality, compassion, ethics and humanity
In "at the end of life" human instinct: Profit is nothing




http://www.threadbombing.com/data/media/2/xgllya.gif
#14
Cant say I have much issue with it, some chap wanted to buy my two tickets for the Stones Roses gig in Heaton Park, However much I like the Roses I would be daft to turn down what was offered. 350% margin isn't shabby.
#15
it's all good they way you are saying it but what about say a huge organisation did this then it wouldn't be as happens in some parts of the world staple foods such as wheat rice and corn plus other crops are brought off the smaller farmers and artificially make a food shortage then they sell the same stuff at double the cost what do you all think of that would you still consider it business say tesco or asda tried to buy all the fuel for sale from suppliers who sold it to the highest price instead of the regualr suppliers and then didn't sell it until there was a shut down in the roads and we had a major panic I think most of the people would change there mind then or would this still be fair game
2 Likes #16
MrScotchBonnet
Think the OP has thrown the towel in for this thread :D


Oh don't say that - I have just got my HEAWD Bingo card and dabber ready. :(
#17
haritori
Its called Business /thread

A business supplies a product to a number of customers where there is a need. This practice simply tries to hijack the supply to falsely inflate the cost.

Edited By: manc80 on Oct 14, 2016 11:30
#18
manc80
deeky
HotEnglishAndWelshDeals
MrScotchBonnet
Eh? as said above,that's just business and how the world works.
I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.
The thing is, the people who buy the products have the option not to. They also had the option to do the same thing if they wanted to.
I agree with this completely for most products. Except with my kids and concerts. Annoys the hell out of me when they want something and some scally buys in bulk to sell on ebay. At the end of the day my children are too young to be reasoned with.... :(
With music gigs it does nothing except exclude the young fans who may not be in a position to pay £100 for a £15 ticket. Then you go to a gig which is half empty because all the tickets are unsold on ebay......

Yeah, I understand completely and sympathise with anyone who has to pay out over the odds.
4 Likes #19
muddassarsardar
it's all good they way you are saying it but what about say a huge organisation did this then it wouldn't be as happens in some parts of the world staple foods such as wheat rice and corn plus other crops are brought off the smaller farmers and artificially make a food shortage then they sell the same stuff at double the cost what do you all think of that would you still consider it business say tesco or asda tried to buy all the fuel for sale from suppliers who sold it to the highest price instead of the regualr suppliers and then didn't sell it until there was a shut down in the roads and we had a major panic I think most of the people would change there mind then or would this still be fair game


Could I interest you in some punctuation that I have in storage? I am currently doing a B.O.G.O.F on full stops, and there are some capital letters on a special offer.
1 Like #20
manc80
haritori
Its called Business /thread
A business supplies a product to a number of customers where there is a need. This practice simply tries to hijack the supply to falsely inflate the cost.

Would that be the same as CEX does everytime a game is BC on Xbox or as they are doing with move controllers right now.

Or when Halfords quadruples its de-icer in winter months, or BnQ does the same with grass seed in spring. there are of course hundreds more examples.

you would have to be deluded to think this is just a small section of people who do this..

Edited By: haritori on Oct 14, 2016 11:36
#21
haritori
manc80
haritori
Its called Business /thread
A business supplies a product to a number of customers where there is a need. This practice simply tries to hijack the supply to falsely inflate the cost.
Would that be the same as CEX does everytime a game is BC on Xbox or as they are doing with move controllers right now.
Or when Halfords quadruples its de-icer in winter months, or BnQ does the same with grass seed in spring. there are of course hundreds more examples.
you would have to be deluded to think this is just a small section of people who do this..

These are all products that you can simply change to another supplier/product. I believe the thread is more aimed at products for which there is no alternative. Eg. Stone Roses tickets all gone for £100, you cant just say, Ah well, I will just buy a £5 ticket for another random band.

Edited By: manc80 on Oct 14, 2016 11:43
#22
It is what is is - however, when there is a natural phenomena for example, such as floods, bad storms etc then chancers going in and buying up much needed supplies needed for people to survive etc then selling them to only those who can afford them is bang out of order.
1 Like #23
manc80
haritori
manc80
haritori
Its called Business /thread
A business supplies a product to a number of customers where there is a need. This practice simply tries to hijack the supply to falsely inflate the cost.
Would that be the same as CEX does everytime a game is BC on Xbox or as they are doing with move controllers right now.
Or when Halfords quadruples its de-icer in winter months, or BnQ does the same with grass seed in spring. there are of course hundreds more examples.
you would have to be deluded to think this is just a small section of people who do this..
These are all products that you can simply change to another supplier/product. I believe the thread is more aimed at products for which there is no alternative. Eg. Stone Roses tickets all gone for £100, you cant just say, Ah well, I will just buy a £5 ticket for another random band.

I see what you mean, but I still think isnt the person wanting it the one who is to blame? if there is a demand and someone is willing to pay it then its exactly what it is. supply and demand. I dont think morals and ethics should be called into it,

I would say that pharmaceutical companies are far worse, purposely overpricing medications even holding back cures or stopping research into cures becasue the medication is more profitable.

Edited By: haritori on Oct 14, 2016 13:09: other
#25
manc80
deeky
HotEnglishAndWelshDeals
MrScotchBonnet
Eh? as said above,that's just business and how the world works.
I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.
The thing is, the people who buy the products have the option not to. They also had the option to do the same thing if they wanted to.
I agree with this completely for most products. Except with my kids and concerts. Annoys the hell out of me when they want something and some scally buys in bulk to sell on ebay. At the end of the day my children are too young to be reasoned with.... :(
With music gigs it does nothing except exclude the young fans who may not be in a position to pay £100 for a £15 ticket. Then you go to a gig which is half empty because all the tickets are unsold on ebay......
If someone hadn't bought some of the tickets to resell there wouldn't be any tickets left at all for sale because they would all belong to people who were actually going to attend themselves. If you say you can't resist buying tickets at 300% markup etc then that's not really anyone else's fault.
#26
123thisisme
No harm in making a profit.

I see a big difference between profit & profiteering.
#27
deeky
HotEnglishAndWelshDeals
MrScotchBonnet
Eh? as said above,that's just business and how the world works.
I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.
The thing is, the people who buy the products have the option not to. They also had the option to do the same thing if they wanted to.

Often there is not an "option", then it is a monopoly.
#28
landros1
deeky
HotEnglishAndWelshDeals
MrScotchBonnet
Eh? as said above,that's just business and how the world works.
I'm talking about private individuals seeing a product like the hot Christmas toy or a concert ticket and buying them in bulk purely with the intention to re-sell.
The thing is, the people who buy the products have the option not to. They also had the option to do the same thing if they wanted to.
Often there is not an "option", then it is a monopoly.

The option would be to wait until they came back into stock. Another option would be to buy early, as the profiteers do.
#29
haritori
manc80
haritori
Its called Business /thread
A business supplies a product to a number of customers where there is a need. This practice simply tries to hijack the supply to falsely inflate the cost.
Would that be the same as CEX does everytime a game is BC on Xbox or as they are doing with move controllers right now.

Or when Halfords quadruples its de-icer in winter months, or BnQ does the same with grass seed in spring. there are of course hundreds more examples.

you would have to be deluded to think this is just a small section of people who do this..

I buy most things in bulk when I see the right deal .
I do not wait until I need the product as that is when it gets expensive.
#30
manc80
haritori
manc80
haritori
manc80
[quote=haritori] Its called Business /thread
A business supplies a product to a number of customers where there is a need. This practice simply tries to hijack the supply to falsely inflate the cost.
Would that be the same as CEX does everytime a game is BC on Xbox or as they are doing with move controllers right now.
Or when Halfords quadruples its de-icer in winter months, or BnQ does the same with grass seed in spring. there are of course hundreds more examples.
you would have to be deluded to think this is just a small section of people who do this..
These are all products that you can simply change to another supplier/product. I believe the thread is more aimed at products for which there is no alternative. Eg. Stone Roses tickets all gone for £100, you cant just say, Ah well, I will just buy a £5 ticket for another random band.
I see what you mean, but I still think isnt the person wanting it the one who is to blame? if there is a demand and someone is willing to pay it then its exactly what it is. supply and demand. I dont think morals and ethics should be called into it,
I would say that pharmaceutical companies are far worse, purposely overpricing medications even holding back cures or stopping research into cures because the medication is more profitable.
Definitely a case for your argument on all 'luxury' goods. But I would argue they are not supplying demand. They are cutting supply and therefore falsely creating demand for their own overpriced market place (especially in an area such as events and the dreaded must have kids toys). Do you think there would be no supply without Ebay?
Totally agree that large retailers can also sometimes operate similar tactics.

In the end ethical/unethical , business or not, all this is creating is that awful scenario of getting up at midnight to phone a hotline for 2hrs for a ticket, queuing in the cold for a shop to open to buy a kids toy at Christmas, or pre-ordering what could be a pile of crap just to make sure you get something before the scalpers. I know... first world problems are terrible! :D

Edited By: manc80 on Oct 14, 2016 13:41
#31
landros1
haritori
manc80
haritori
Its called Business /thread
A business supplies a product to a number of customers where there is a need. This practice simply tries to hijack the supply to falsely inflate the cost.
Would that be the same as CEX does everytime a game is BC on Xbox or as they are doing with move controllers right now.
Or when Halfords quadruples its de-icer in winter months, or BnQ does the same with grass seed in spring. there are of course hundreds more examples.
you would have to be deluded to think this is just a small section of people who do this..
I buy most things in bulk when I see the right deal .
I do not wait until I need the product as that is when it gets expensive.

Agree, in fact I posted a deal back months ago for the Move Controllers, I told everyone who planned on buying a PSVR to get a couple at the bargain price of £10.00 before the returned to £30-£40 each.

http://www.hotukdeals.com/deals/playstation-move-controllers-10-pre-owned-cex-get-now-before-prices-spike-for-psvr-2413829?page=2#post28965413

not many people listened, so who is to blame there eh?
#32
Most people are juggling their time to earn enough money to pay for what they need to live.
Buying and selling a product on the open market is as legitimate a way to make some money as any.
Some people seem to think they are more entitled to buy something because they are the end consumer.
As it's an open market I don't feel that way if talking about what generally are consumer electronics etc not essentials such as food.
People who trade in scarce essential commodities in an exploitative way in times of crisis such as food rationing are guilty of profiteering but that has nothing to do with supply and demand over a games console or the like.
#33
Bet none of them pay tax on their profiteering as they should do!

Burn them all I say.
#34
The following is my view - Thread I posted earlier today - http://www.hotukdeals.com/feedback/bulk-buying-morals-2528202

Bulk Buying and Morals

I like the idea of hukd, sharing good deals and bargains with others.

People that are skint benefit, purchasing cheaper goods for their family, children and friends, that was why I registered on the site, to help people whose finances are tight.

Since joining hukd (Which is not very long) I have noticed some excellent deals posted on hukd that are bought in bulk for profit.

(leaving no items for others to purchase)

Profiting at the expense of depriving others who are not so well off, is in my opinion not very moral and contradicts the principle why many post and participate on hukd.

When bulk buyers pocket hundreds & hundreds of pounds profit for less than 30 mins of clicking at a keyboard "that is immoral" whilst they are happy to watch others go without.

I personally refuse to make rich people richer, whilst the less wealthy go without.

For that reason I shall no longer post any deals on hukd. "Sorry"

As I was told by a bulk buyer when I explained my feelings to them and the fact that I would no longer post deals on hukd because of bulk buying, I was messaged with:

"You will be solely missed" (Thumbs up icon)
1 Like #35
Many here don't even seem to know what the word actually means:

"Profiteering is a pejorative term for the act of making a profit by methods considered unethical.[1]
Business owners may be accused of profiteering when they raise prices during an emergency (especially a war).[2] The term is also applied to businesses that play on political corruption to obtain government contracts.
Some types of profiteering are illegal, such as price fixing[3] syndicates, for example on fuel subsidies (see British Airways price-fixing allegations), and other anti-competitive behaviour. Some are restricted by industry codes of conduct, e.g. aggressive marketing of products in the Third World such as baby milk (see Nestlé boycott)."

https://en.wikipedia.org/wiki/Profiteering_(business)

"a person who seeks or exacts exorbitant profits, especially through the sale of scarce or rationed goods."
http://www.dictionary.com/browse/profiteering


Most deals listed here aren't of items in short supply and cannot be sold above retail price hence there is no opportunity for profiteering.
An item being available at a bargain price in limited quantities is a separate case.
#36
What happened about the epipen profiteering saga, and I think there was one for hiv drugs too.
I never like working for pharma companies - they paid well though X)
#37
TonyThompson
The following is my view - Thread I posted earlier today - http://www.hotukdeals.com/feedback/bulk-buying-morals-2528202
Bulk Buying and Morals
I like the idea of hukd, sharing good deals and bargains with others.
People that are skint benefit, purchasing cheaper goods for their family, children and friends, that was why I registered on the site, to help people whose finances are tight.
Since joining hukd (Which is not very long) I have noticed some excellent deals posted on hukd that are bought in bulk for profit.
(leaving no items for others to purchase)
Profiting at the expense of depriving others who are not so well off, is in my opinion not very moral and contradicts the principle why many post and participate on hukd.
When bulk buyers pocket hundreds & hundreds of pounds profit for less than 30 mins of clicking at a keyboard "that is immoral" whilst they are happy to watch others go without.
I personally refuse to make rich people richer, whilst the less wealthy go without.
For that reason I shall no longer post any deals on hukd. "Sorry"
As I was told by a bulk buyer when I explained my feelings to them and the fact that I would no longer post deals on hukd because of bulk buying, I was messaged with:
"You will be solely missed" (Thumbs up icon)

Look with all due respect and this isn't meant t o sound arsey but no one will miss your deals, because someone else will post them, if you help one person get a deal then why worry, there are very very few deals on here where someone can actually profiteer and make some decent money from it..

look at the XBOX One S Bundle that went for £178.00 and Fifa could be sold for £30.00 of that, Amazon actually limited those sales to one per household, and a lot of companies do, but to state you wont post a deal you find becuase someone might misuse it is only withholding it from the people you want to help anyway.

Your worrying in reality about something really that doesn't matter.

Keep posting and join in the community, people will always misuse things, people will always be greedy and lets be honest we all are guilty of taking advantage of things that are morally wrong, remember the Amazon 1p Glitch, this site turned into vulture city at the expense of independent traders.
#38
I am torn on this. I don't do this myself as there generally are easier ways of making money by trading.

I can understand the annoyance of wanting an OOS product due to cheap pricing, only to see increasing number of listings of said product on ebay, or people selling to CEX for 1% profit.

I do wonder though how many people who have issue with this were in on the Amazon 1p misprices where family run businesses were taking huge hits because of it. Similar morals in my opinion.
#39
so every business and manufacturer in the world is immoral according to you.
manufacturers make products to sell on for profit.
businesses buy things to sell on for profit.
your sooo dumb,if you want to change the world,go and join greenpeace.
#40
Saturn
muddassarsardar
it's all good they way you are saying it but what about say a huge organisation did this then it wouldn't be as happens in some parts of the world staple foods such as wheat rice and corn plus other crops are brought off the smaller farmers and artificially make a food shortage then they sell the same stuff at double the cost what do you all think of that would you still consider it business say tesco or asda tried to buy all the fuel for sale from suppliers who sold it to the highest price instead of the regualr suppliers and then didn't sell it until there was a shut down in the roads and we had a major panic I think most of the people would change there mind then or would this still be fair game


Could I interest you in some punctuation that I have in storage? I am currently doing a B.O.G.O.F on full stops, and there are some capital letters on a special offer.


sorry gramme police il slow down don't give me any full stops won't do it again, u want take some ,,, .... for ur troubles ????........ and re write it ur welcome

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