There are many ways to make a perfect bait for bear hunting. Bears will really eat just about anything and can be drawn in by many different smells. The strong odor is the key to making a good bait and sometimes the more putrid the smell, the better.
One way to simplify what you put into baiting is by just hanging beaver carcasses in trees, where it is legal to do so. For a bulk combination, you can use cream filled cookies, a pale of rotting fish guts- the perfect stink bait, and finally a bucket of grease (the kind discarded by restaurants that use deep fryers) poured around the base of the bait barrel.
For setting up your bait, you can simply use a 50-gallon drum chained to a tree. You can position logs and branched to ensure that the bear approaches at just the right angle. Cut a small six-inch in diameter hole at the base to ensure that a bear can dig out food a little at a time. Most likely you will position yourself in a tree stand no more than 20 yards away (more likely for archers), for this creates a lot more shot opportunities.