Consideration Essay Example for Free

Consideration Essay An Agreement here is defined as every promise and every set of promises, forming the consideration for each other, is an agreement defined under section 2(e) of Indian Contract Act, 1872. Making a contract is simply a way of facilitating amongst other things, the exchange of goods and services. Under a contract the, parties voluntarily assume their obligations or undertakings. Consideration is the recompense given by the party contracting to the other. 2. Consideration is the price for which the promise of the other is bought, and the promise thus given for value is enforceable. 3. Consideration means something which is of some value in the eyes of the law. 4. A valuable consideration in the sense of the law, may consist either in some right, interest, profit or benefit accruing to the one party or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. If a bargain gives a party a choice of alternative obligations, each alternative on its own must constitute sufficient consideration for the return promise. If a promise is void or voidable – e. g. , due to the incapacity of the promisor – the sufficiency of the consideration is not necessarily negated. The judges, when they exercise this power of interference, are playing an extrinsic test which frustrates the expectation of the parties. It does not follow however, that such a test is necessarily harsh, still less that it is illogical. In some of the cases the law is settled, other are shrouded in controversies; but in all of them the grounds of interference seems to be the same. Consideration made not be adequate and may, on occasion be extremely tenuous, but it must comprise ome element which can be regarded as the price of the defendant promise; and merely to repeat an existing obligation may well seem to offer nothing at all. It may be appreciated that a person, who by his official status or through the operation of the law is under a public duty to act in a certain way, is not regarded as furnishing consideration merely by promising to discharge the duty. For example, no one would expect a policeman to bargain with a citizen for the price of his protection. In the case stated the defendant argued that this meant that they were not obliged to pay for the large number if policemen who attend their ground at home matches because, in present conditions of crowd behaviour, a major police presence at the ground was necessary to preserve law and order. The Court of Appeal thought that there was a fundamental difference on the facts. In the Glassbrook case the threat to law and order was external to the parties since neither could call off the strike. In the present case, the defendant had voluntarily to put on their matches at times, typically Saturday afternoons, when large attendance and therefore large possibilities of disorder where likely, and when a substantial police presence could only be achieved by calling policemen of their rest days and paying large sum of overtime. The police authority were, therefore, entitled to be paid. When the plaintiff is bound by an existing contractual duty to the defendant : There is no consideration if all that the plaintiff does is to perform, or to promise the performance of, an obligation already imposed upon him by previous contract between him and the defendant is illustrated by a group of thesis in the first half of 19th century. In this case the defendant where a firm of building contractors who entered into a contract for the refurbishment of a block of 27 flats. They sub contracted the carpentry work to the plaintiff for 20,000. Although there was no formal arrangement to this effect, the plaintiff was paid money on account. After the contract had been running for some months and the plaintiff had finished the carpentry at 9 of the flats and done some preliminary work in all the rest, for which he had received some 16,200 on account, he found that he was in financial difficulties. This difficulties arose partly because the plaintiff had underestimated the cost of doing the work in the first place and partly because of faulty supervision of his work men. The plaintiff and the defendants had a meeting at which the defendants agreed to pay the plaintiff a further 10,300 at a rate of 575 per flat to be paid as each flat was completed. The plaintiff carried on work and finished some 8 further flats but only 1one further payment of 1,500 was made. The plaintiff stopped work and brought an action for damages. The defendant argued that they were not liable as they had simply promised to pay the plaintiff extra for doing what he has in any case obliged to do, that is to finish to the contract. The Court of Appeal might perhaps have found consideration in what Russell LJ described as the replacement of a haphazard method of payment by a more formalised scheme involving the payment of the specified sum on the completion of each flat since it was clear that the under the original contract there was no express agreement for stage payments. 3. Composition with creditors : It has long been a common practise for the creditors of an impecunious debtor to make an arrangement with him where by each agrees to accept a stated percentage of his debt in full satisfaction. The search for a sufficient consideration to support so reasonable an agreement has caused the courts much embarrassments. It would appear at first sight to fall under the ban in Pinnels case, and such was the view adopted in 1804 by Lord Ellenborough. Two alternatives suggestions have been proffered. The first was the second thought of Lord himself. There was consideration for the composition, he suggested in 1812, in the fact that each individual creditor agreed to forgo part of his debt on the hypothesis that all the other creditors would do the ame. A moments reflection will expose the weakness of this argument. Such a consideration would, no doubt, suffice to support the agreement as between the creditors themselves. But, if the debtor sought to rely upon it, he would be met by the immediate objection that he himself had furnished to return for the creditors promises to him, and, as already observed, it is a cardinal rule of the law that the consideration must move from the prom isee. A second solution is to say that no creditor will be allowed to go behind the composition agreement, to the prejudice either of the other creditors or of the debtor himself, because this would be a fraud upon all the parties concerned. The solution was suggested by Lord Tenterden in 1818 and supported by Willes J in 1863, and it has since won general approbation. But it is frankly an argument ab inconvenienti and evades rather than meets the difficulty. Where the plaintiff is bound by an existing contractual duty to a third party : When the plaintiff performs, or promises to perform, an obligation already imposed upon him by a contract previously made, not between him and the defendant, but himself and the third party. The question whether such a promise or a performance affords suficient consideration has provoked a voluminous literature more generous, indeed, then the practical implications would seem to warrant. In a case mentioned here the defendant agreed to pay money to he plaintiff in return for the plaintiff promise (a) to execute a separation deed and b)to pay his debts to a third party. The promise to execute the separation deed raised questions of public policy but was held good consideration.

The Home Depot Essay -- GCSE Business Marketing Coursework

The Home Depot Introduction Retailing building supply stores have become a popular retail industry sector due to increased public awareness and the need of many homeowners for the home improvement products. Back in the 1970s, long before warehouse stores ruled home improvement land, do-it-yourselfers shopped at â€Å"home centers.† These 30,000 square foot stores offered cheaper prices and wider selection of products, about 25,000 more than local hardware stores and eliminated the extra trip to the lumberyard. The dependence of many of these retailers upon the homebuilding industry for much of their business has also been reduced and the warehouse superstores, such as Home Depot, have become more important. The smaller companies in the retail building supply industry are facing economic difficulties as the industry leaders continue to dominate and warehouse super centers are becoming more evident. Company Overview Founded in 1978, The Home Depot is the world largest home improvement retailer and the third largest retailer in the United States followed by Lowe’s Companies, Inc. At the end of fiscal year 1999, the company was operating 930 stores, including 854 Home Depot stores, 15 Expo Design Center stores and 2 Villager’s Hardware stores in the United States; 53 Homes Depot in Canada; 4 Home Depot stores in Chile; and 2 Home Depot stores in Puerto Rico. In addition, they operated wholly owned subsidiaries Apex Supply Company, Georgia Lighting, Maintenance Warehouse and National Blinds and Wallpaper. They approximately employed 201,000 associates at the end of the year. The company has been publicly held since 1981. In 1978 when Bernard Marcus and Arthur Blank, executives with Handy Dan Home Improvement Centers, found themselves out of work after a corporate takeover at Handy Dan. Joined by Ronald Brill another Handy Dan employee; and Pat Farrah, former owner of Homeco, the world’s first home improvement warehouse, they mapped out plan for a bigger and better store catering to the needs of do-it-yourselfers. These Warehouse type stores, each averaging about 130,000 square feet, stock 40,000 to 50,000 home improvement products and are aimed mainly at the do-it-yourself trade. The stores however also attract many professional-building contractors. Products include lumber, floor and wall covering, hardware, paint, plumbing supplies, and tools. Home... ...eferences Lowe’s Companies, Inc. Declares Cash Dividend, PR Newswire, June 12, 2000 In an Expansion Mode, Lowe’s Sharpens its Customer Focus, The Weekly Newspaper for the Home Furnishing Network, June 5, 2000 p19 Lowe’s Companies Inc., The wall Street Journal, June 1, 2000 Lowe’s Outlines Focus on Customers at Annual Meeting, Pr Newswire, May 26, 2000 Lowe’s Eyes Markets for Growth, Corporate Financing Week, April 17, 2000, p3 Retailing building supply industry, The value Line Investment Survey, April 14,2000, p881 Lowe’s Annual Report, Fiscal Year 1999, Available at: http://www.Lowes.com/ Home Depot Annual Report, Fiscal Year 1999, Available at: http://homedepot.com/ Customer Service that is above and beyond, Philadelphia Business Journal, April 7, 2000 p42 We’re No.1 The Market Loves Top Dogs. Should you?, Fortune, March 6,2000 p446 The Home Depot reports 29% Increase in First Quarter Net Earning; Comparable Store Sales up 7%, PR Newswire, May 16, 2000 The Home Depot Looks to Floor Industry; Test Store Opens in Dallas this Summer, The weekly Newspaper for the Home Furnishing Network, March 27, 2000 p1 Carving a New Niche, Do It Yourself Retailing, September 1999, p49

Ethnic Foodways or Ethnic Globalization Essay

Globalization has indeed been a global osmosis of culture that includes dress habits, language and food habits. The melting pot that is often used as an analogy for globalization best describes what happens when several different cultures meet. Each adds its own flavor to local culture and what results is an amalgam that includes elements from all contributing cultures. Globalization results in the movement of factors of production through capital transfers and labor migration. Migration gives rise to a transfer of cultural elements. What has been seen in the recent past is the fast paced globalization through the multi national firm. In the cultural context, this global mix has been seen in the migration of culture through large clothing chains, retail supermarkets and food products. Phillips (2006) talks of how the increase in labor mobility has helped cuisine and food transfer across borders. In the nineteenth century itself, the movement of indentured labor for work in plantations in the West Indies and the Pacific enabled the movement of food habits from Asia to North America. Even earlier it was African cuisine that had gained a foothold in the US. The multinational food chain now ensures that similar food is available in each of its outlets across the world. MacDonald’s USP is indeed that the Big Mac would taste the same in each of its 25000 locations across the world. However, with this standardization is also the need to cater to local markets and take advantage of the local raw material to satisfy local tastes. Sometimes large multinational food chains have to localize to be able to gain larger market shares and that is the reason. In other cases, local tradition dictates nutrients that restaurants may choose and may avoid. Hence the MacDonald outlet in the Middle East does not serve ham while it avoids beef in India. Therefore one can see that globalization results in a two way exchange of cultures by way of food habits and tastes.

Ethical Hacking - 8365 Words

Chapter-1 1.0 Introduction With the tremendous advancement of Internet, different aspects of it are achieving the highest peak of growth. An example of it is e-commerce. More and more computers get connected to the Internet, wireless devices and networks are booming and sooner or later, nearly every electronic device may have its own IP address. The complexity of networks is increasing, the software on devices gets more sophisticated and user friendly – interacting with other devices and people are a main issues. At the same time, the complexity of the involved software grows, life cycles are getting shorter and maintaining high quality is difficult. Most users want (or need) to have access to information from all over the†¦show more content†¦An ethical hacker is therefore a good hacker, somebody who uses the methods and tools of the blackhat [4] community to test the security of networks and servers. The goal of an ethical hack is neither to do damage nor to download any valuable information –it’s more a service for a client to test his environment on how it would withstand a hacker attack. The final output from an ethical hack is mostly a detailed report about the detected problems and vulnerabilities. Many times, the report does even have instructions on how to remove certain abilities. Ethical hacking does perfectly fit into the security life cycle (see figure 1.1). Ethical hacking is a way of doing a security assessment a current situation (from a technical point of view) can be checked. Like all other assessments (or audits), an ethical hack is a random sample and passing an ethical hack doesn’t mean there are no security issues. An ethical hack’s results is a detailed report of the findings as well as a testimony that a hacker with a certain amount of time and skills is or isn’t able to successfully attack a system or get access to certain information.Show MoreRelatedEssay on Ethical Computer Hacking972 Words   |  4 Pagesdele te certain file extensions. But maybe theyre the people sitting hours on end to deploy a fix for that certain virus someone else is writing, or safeguarding a local banks network to make sure that virus cannot access the banks database. Hacking can be ethical by providing the Internet world with a tightened sense of security by detecting and preventing security flaws before it is too late. There are a many types of hacks, and hackers in the cyber world. A hack can be any modification done toRead MoreThe Ethical Hacking Program On Pluralsight.com1488 Words   |  6 Pagesthe class had begun. After looking at a few possible projects and subjects for a thirty page thesis I decided on going through the Certified Ethical Hacking program on Pluralsight.com. Over the past fourteen weeks I watched the lectures on Pluralsight.com, took quizzes on skillset.com, read chapters and took chapter review tests in the Certified Ethical Hacker version 9 book by Sean-Philip Oriyano. I watched approximately sixty-one hours of lectures, spent several hours taking assesments andRead MoreEthical Hacking2871 Words   |  12 Pagespornography, read their e-mail, steal their credit card number from an on-line shopping site, or implant software that will secretly transmit their organizations secrets to the open Internet. With these concerns and others, the ethical hacker can help. ETHICAL HACKING: Information security is the fastest growing area in the Information Technology (IT) sector. Security would be an easy process if all that had to be done is to install a fire wall and anti - virus software, but the reality is thatRead MoreEthical Hacking1028 Words   |  5 Pagesinformation systems; it seems that the Ethical Hacking is a better way. Therefore, whether to teach or not teach the Ethical Hacking as a course in Tertiary education has become an interesting argument. In this article will analysis the ethical, legal, and ethical implications of this issue. In order to discuss the ethical, legal, and social implications of this issue, one has to understand the definition of Ethical Hacking. The Word Spy states that Ethical hacking is a computer hacker who attemptsRead MoreHacking Is Not Ethical?2090 Words   |  9 PagesHacking is not Ethical If you are a good hacker everybody knows you, But if you are a great hacker nobody knows you (Rishabh Surya). Hacking is known in the community as a way of stealing information from people and it can be but it can also be a lot more. Hacking is a dangerous tool that can lead to a life of crime. When people hack it is to mostly gain information that would benefit them in some way. Hackers can obtain information from a lot of places they usually put their focus into one placeRead MoreEthical Ethics Of Ethical Hacking2141 Words   |  9 Pagesof hackers. Ethical or White Hat Hackers intent is to discover vulnerabilities from a malicious attacker’s viewpoint. Ethical hacking involves the same tools, tricks, and techniques that malicious hackers utilize. White Hat Hackers use penetration testing in order to test the security of an organizations communications infrastructure. The one difference is White Hat hackers have the organizations permission to test the vulnerability of the organizations systems. Ethical hacking is one part ofRead MoreEthical Ethics And Ethical Hacking968 Words   |  4 Pagesdevelopment and issue is ethical hacking. To understand ethical hacking one must be able to define what it means to be a hacker. â€Å"A hacker is an individual who intends to gain unauthorized access to a computer system† (Laudon Traver, 2015). Oxford Dictionaries defines an ethical hacker as â€Å"a person who hacks into a computer network in order to test or evaluate its security, rather than with malicious or criminal intent† (Ethical Hacker, n.d.). In other words, an ethical hacker aims to discover ifRead MoreEthical Hacking Essay849 Words   |  4 PagesEthical hacking, in my opinion, is just as much as an oxymoron as ‘constructive criticism’. Before I go on to show that ‘ethical hacking’ is but an oxymoron only in the literal sense, it is essential for one to understand the words ’ethical’ and â €˜hacking’ - origin, meaning and the misconception. ‘Ethical’ can be defined as ‘working with high professional morals and principles’. The original hacker was a person who liked to tinker with software and hardware alike, enjoying and exploring the way theRead MoreHacking Can Not Be Ethical1681 Words   |  7 PagesHacking cannot be considered ethical due to the fact that it damages a company s reputation. Hackers have no care in the world about the negatives that happen to you. They may not have anything against you but what you stand for. Erickson was the owner of a website known for political debates was hacked and his page on which he spent thousands of dollars on was hacked by Anonymous and became malicious. â€Å"Erickson spent $1,500 to rebuild his site with enhanced security measures. He also spent a considerableRead MoreThe Ethics Of Ethical Hacking1801 Words   |  8 PagesETHICAL HACKING It is a computer based term in which data access by the white hat hacker and give the security to its user and help to improve the cyber system with white hat hacker who love to work for their user with some security products and give the surety from some extent, after that gray hat hacker also work for the nation without any personal gaining motive as compare to other its work high ranking system or done by judiciary of every nation. On the other hand black hat hacker (cyber criminals)

Customer Service Services And The Service Sector - 2162 Words

Since+ the global economy embraced customer service, issues regarding levels of customer service have become more prominent in service organisations. Even now there are organisational managers with no training or knowledge of how organisations in the service sector require a high level of customer service. This is ignorance of the fact good customer service can create a competitive advantage; increase profit; efficiency; and increase staff and customer retention and satisfaction. Based on comprehensive reading and research, this essay looks at examples of three service organisations and shows how many of the difficulties faced by the service sector are caused by a lack of awareness of, and training in the importance of excellent customer service. Gilmore (2003) describes a service organisation as one where the perceived value of the offering to the buyer is determined more by the service rendered than the product offered. Gilmore goes on to say customer service used within the service organisation is an act, process or performance. The service can be intangible, such as legal services, health care and cleaning services. Or it can be an element of a tangible product, like restaurants and retail outlets. The customer service used in service organisations are a series of customer experiences designed individually by the organisation to create customer satisfaction and retention. It is important to be customer focused in the way service experiences are delivered becauseShow MoreRelatedCustomer Service Quality and Customer Service Expectations in Banking Sector3705 Words   |  15 PagesCustomer service quality and customer service expectations in banking sector. Abstract This research explores the relationships between service quality, customer involvement and customer satisfaction in the highly competitive banking sector. The study sought to identify the most important attributes in bank settings, which may be used to review characteristics of the banks as experienced by customers. The main aim is to find out customer service quality performed by banks at present and expectationsRead MoreReserach Proposal on a Delivery Process of Customer Service in Banking Sector Customer Satisfaction2175 Words   |  9 Pages.05 8. Population and sampling†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...05 9. Timing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...06 10. Budgeting†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..06 11. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 1.0 Introduction Banking services remain one of the largest and fastest growing industries sectors in Bangladesh. This sector and this industry plays an important role to stimulates the development of new infrastructure that creates new income-earning opportunities. (Economic Report, various years). The Bangladeshi economy hasRead MoreThe Financial Service Sector Essay1290 Words   |  6 Pagesorganizations that deal in the management of money fall in the financial service sector. They deal in many different ways through institutions like banks, insurance company, debit cards, credit cards and tools like these that offer the customers power to buy. In Oman financial service sector is controlled by the Central Bank of Oman. This is the head institution for regulating the money matters in the country. Financial service sector in Oman has grown leap and bounds over the years. With the emergenceRead MoreEssay On Customer Service1066 Words   |  5 PagesSector Wise Customer Service provided Customer Customer Service Total Yes No Internal 22 78 100 22% 78% 100% External 38 62 100 38% 62% 100% Total 60 140 200 30% 70% 100% Fig. 5.17: Sector Wise Customer Service Provided It is evident from the table that the external customers, the majority of the respondents (78%) say that the public sector companies have not inclined towards the customer service in all aspects. 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He points to the economicRead MoreCustomer Service Level 2, Unit 2 Section11154 Words   |  5 Pagesaffect an organisation and the customer service role 1. Complete the table below with a description of the products and services for at least two commercial organisations, public organisations and third sector organisations. Please ensure you provide a description for each organisation, rather than a list. Organisation type | Name of organisation | Description of products and services | Commercial organisation | McDonalds | McDonald’s is a food service retailer and aimed at making profitRead MoreThe Growth And Development Of The Banking Sector1280 Words   |  6 Pagescontributed to the increased growth and development of the banking sector. The finance industries implement a distributed information center. The client’s data and information regarding the transactions get replicated in different terminals to enhance the easy transactions between the bank customers and the corporate firms. The bankers think about the customers in different perspective regarding security and providing quality services. What is Big Data? The big data refer to the collection of data andRead MoreKey Success Factors For Global Telecommunications And Internet Services Markets1748 Words   |  7 Pagestelecommunications and internet services markets. Economies of scale: Providers that can spread their fixed costs across a large subscriber base hold a competitive advantage. Providers should exploit opportunities to expand market share through penetration or geographic expansion for market development. Ensuring pricing policy is appropriate: Price is a major basis of competition given that the most basic providers are now commoditized. Intense competition puts customers at the advantage. Niche companies

The Ageing Population And Developments Within Canada Is...

Introduction The Ageing population in comparison to labor productivity and developments within Canada is reaching crisis level. Population analysts have explained that Canada needs an immediate overhaul of its migration policy to be able to contain the looming crisis caused by the ageing generations (Gazer, 2016). Currently it is estimated by 2021; approximately more than 17% of the total Canadian population will be over 65 years of age. Gazer (2016) explains that this represents an approximate 7 million people with the number projected to increases to almost 20 million representing 22.6% of the entire Canadian population. Government departments, state corporations, institutions and private organization require adequate professional†¦show more content†¦The population control ideology led to the introduction of birth control methods within the child bearing populations with the models focusing on budget cutting measures and future plans determinations. The focus of government and states changed to the acquisition of wealth and economic stability with the reasoning that a stable country is one that meets its moral and statutory obligation of the provision of quality services to the citizenry (Keynes, 2016). The states and nations embarked in the provision and delivery of quality service to the population. The period witnessed the emergence of organized social security services to the citizenry. Health insurance, social and economic support to the citizens considered as poor. Keynes, (2016) asserts that working population who also happened to belong to the child bearing ages shifted concentration to economic stability and improved livelihood practices through manageable family sizes with more focus directed towards education and skills building. An average family size was no more than 4 in size on the maximum with majority of couples siring only a single child. The population control models and practices led to generational gaps existing within the society (Khan, 2015). Common to find are the complete absence of a generation within the society. The hospital maternity departments experienced cuts with very low delivery levels experienced. Coale, Hoover (2015) explains that even though theseShow MoreRelatedWine Consumption Essay examples6888 Words   |  28 Pages A brief overview of the current global business environment. a-1. Figure 12 wine consumption a-2. Top 10 wine consumers a-3. Changing in total wine consumption b. Discuss any market trends or developments that are relevant or may impact on the organisation 1-a. 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Revenue Management System or Strategy

Question: Discuss about the Revenue Management System or Strategy. Answer: Introduction This report is based on the subject of revenue management. This report is prepared to present a proper revenue management strategy to the General Manager of Novotel Sydney on Darling Harbour for the financial year July 2016 to June 2017. The report has emphasized mainly on four key areas of the business and that areas are market segmentation, competitors analysis, demand forecasting and channel analysis. All of these four areas are related to the revenue earning capacity of the company. At the end of the report, conclusion is derived by considering the overall findings of the study and after that, recommendations are provided for the future revenue management of the company. Revenue management Revenue management refers to the business activity that helps to apply different techniques that predict the behavior of the customers and the future market trend at micro level. Revenue management system helps to maximize the growth of the revenue by optimizing the availability of product or services and price for the same. Novotel Sydney Darling Harbour is one of the well-known hotels that is operating its business successfully in Australia. However, recently, due to the increased competition in the market, the company is trying to improve its business performance by improving its revenue management system in a better manner. The revenue of a business organization is dependent on the market segments in which the organization operates the business. At the same time, revenue is also dependent on the demand and price of the product and services (Novoteldarlingharbour.com.au 2016). Therefore, it order to derive the best strategy for revenue management of Novotel Sydney Darling Harbour, it is important to analyze the market segment, competitor set, future demand and business channels. The analysis of each of these segments is stated below: Analyzing the market segmentation Novotel Sydney Darling Harbour provides its services at 4.5 star level. Presently, the hotel is providing all the possible comfort to its customers. The services of the hotel include car parking, car rental, dry cleaning, laundry service, hotel to airport transport, wireless internet connection, 24-hours room service and others. The management of the organization has segmented the market by three strategies psychographic segmentation, demographic segmentation and geographic segmentation (Novoteldarlingharbour.com.au 2016). Psychographic segmentation: The organization that is Novotel Sydney Darling Harbour has done the psychographic segmentation as per the life style of the people. The company has divided the market into two categories people who prefer to live advanced life-style and people who want to live general life style. The company has segmented the market as per the life style because the hotel business is dependent on the life style of the people. The people, who come under the first group, prefer to avail the services at 5 star, 4 start or 3 star level. However, the second group prefers to choose the hotels that provide the service at 2 star and 1 star level. Between two segments the company has targeted the first segment, means the people, who prefer to live advanced life-style (Novoteldarlingharbour.com.au, 2016). Demographic segmentation: Novotel Sydney Darling Harbour has segmented the market as per the demographic characteristics also. Mainly two factors the company has considered and that are income level of the people and age group of the people. As per the income level, the organization has divided the market into three categories high-level income group, upper middle-level income group and middle-level income group. The management of the company has targeted the first two level income group because the services that the hotel provides to the guests are of high quality and advanced (Masiero, Pan Heo, 2016). Therefore, the management needs to charge high price for the service, which can be availed by high-level income group and upper middle-level income group. On the other side, as per the age, the company has divided the market in to two segments people below 18 years age group and people above 18 years age group. The company has targeted the second age group because that age group i s able to take their own decision regarding the choice of hotels (Aha.org.au, 2016). Geographic segmentation: As per the geographic segmentation, the management of the hotel has segmented the market into three categories Asian market, European market and African market (Solnet, Boztug Dolnicar, 2016). Among all of these three segments, the hotel has given the first priority to the European market because each year maximum number of tourists or guests comes to Sydney from the European country. However, the organization has not ignored the other two segments of the market. In order to manage the revenue of the organization in a better manner, the management has can launch package system (Patiar, 2016). This package system will include different packages for the hotel guests. In order to create different packages, the management needs to consider the needs of each of its target segment. At the same time, the management can set the pricing as per the services available under each package. The possible packages are shown below: Market segments Available services Price European, Asian and African high income group Luxury accommodation, Wilson parking, dry cleaning, hotel to airport or city transport, laundry service, high speed wireless internet service for 24 hours, 24 hours room service, free breakfast, lunch, dinner, Yoga room, current Sydney and international channels, in balance gym, special accessible rooms, 24 hours telephone service, separate smoking zone and outdoor swimming pool. $1200 per night European, Asian and African upper middle-class income group Luxury accommodation, Harris street parking, 24 hours room and telephone service, laundry and dry cleaning service, free breakfast and dinner, 24 hours internet and TV channels, separate smoking zone and transport service to airport. $800 per night European, Asian and African middle-class income group Luxury accommodation, street parking, 24 hours room, telephone and internet service, laundry service, TV channels, free breakfast and different smoking zone. $400 per night Table 1: Proposed packages (Source: Created by author) Analyzing the competitor set There are four hotels, which are considered as the major competitors of Novotel Sydney Darling Harbour. The names of these competitors are Four Seasons Sydney, ADGE Apartment Hotel, The Langham Sydney and The Westin Sydney. All of these competitors are large hotels in Sydney, which are having the service facility at 4 to 5 star level. If the comparison is done between the performance of Novotel Sydney Darling Harbour and its competitors, then it can be said that Novotel Sydney Darling Harbour can improve its pricing strategy to improve its revenue management system. As price is the most important element of revenue management system of the organization, therefore, in order to analyze the revenue management of the competitors, it is very important to analyze their pricing strategy. As per the current pricing strategy at Four Seasons Sydney, the guests or tourists can enjoy the price discount offer for the time span between October to November in each year. At the same time, Four Seasons also provides offers in different packages. The pricing at Four Seasons Sydney is divided in to five packages Sydney Gateway, Advance Purchase, Bed and Breakfast, Romance package and New Years Eve. These five packages are available at different price ranges. In case of Sydney Gateway, the hotel offers 15% off on overall price; in Advance Purchase, 25% price off is available; in case of the Romance Package 2% surcharge is applicable and the rates change as per the availed services. Therefore, the revenue management system of the hotel becomes easier for the managers (Fourseasons.com, 2016). At ADGE Apartment Hotel, the price range varies as per the seasons. In the season between August to November, the hotel offer the services at 50% off. There are no such different packages available at ADGE Apartment Hotel. However, this hotel charge extra price for the reservation service (Adgehotel.com.au, 2016). On the other side, the price at The Langham Sydney varies as per the types of rooms. They offers different types of rooms like, Grand Langham room, Terrace room, Junior suite, Langham suite, The Residence and The Observatory suite. The price range differs as per the choice of rooms. At the same time, The Langham Sydney offers different packages also (Langhamhotels.com, 2016). Apart from these three, the price range at The Westin Sydney also has a specific structure. The price range at The Westin Sydney differs as per the availed service and booking system. If the guests book the hotel room through direct hotel channel, then they do not have to pay for the Wi-Fi facility and water. However, if the people book the hotel room through some different agencies, then they have to pay extra money for Wi-Fi and water (Westinsydney.com, 2016). Therefore, in the above discussion, it can be identified that the major competitors of Novotel Sydney Darling Harbour has applied different pricing strategies in order to manage their revenue in better way. The competitors have managed their revenue by providing different offers and packages, so that the guests or customers feel value for their money. Moreover, maximum competitors of Novotel Sydney Darling Harbour have applied the offer strategy for better revenue management. This particular strategy helps the hotels to attract more customers during the pick seasons like, July to November. Demand forecasting Hotel or Hospitality industry in Australia is the most important sector of the country. Due to the beautiful natural view and wildlife, the country is always at the top choice to the tourists in different countries. Among all of the tourist places in Australia, Sydney is the most popular and currently it is occupying 74.4% of hotel accommodation. However, as per the comment of Baker Magnini (2016), the overall revenue of the industry is declining because of decrease in the demand from tourists and corporate segments. On the contrary, Yang Cai (2016) mentioned that the hospitality industry in Australia has achieved 3.1% annual growth during 2015-2016, which denote the sector is having demand at a satisfactory level. Therefore, from the above information, it can be clearly understood that overall demand in the hotel industry is still at positive point and the revenue growth of the industry is going on. This is good for the organizations, which are operating their business in the Australian Hospitality industry (Ortega Ortega, 2016). The industry data has also disclosed that the hospitality industry in Australia is providing service to 1 million visitors or tourists in each year since 2010 (Tan, 2015). However, Kandampully Zhang Bilgihan (2015) stated that before the financial year 2010, the industry provided service to one and half million people. This is clearly disclosing the fact that the demand has declined. According to Tang, King Kulendran (2015), the main reason behind the declined demand in Australian hotel industry is the global financial crisis. The number of visitors from the corporate segment has declined in last five years. Therefore, the above discussion is indicating that Novotel Sydney Darling Harbour needs to take careful steps to maintain its financial performance. As the demand is declining due to the global financial crisis, the organization needs to take better pricing strategy so that it can attract the corporate segment again. Cox (2015) noted that currently the people in the corporate segment think to save their money for better future. This type of mentality of the people may create barrier for the company in enhancing the number of customers. At the same time, Tan (2015) added that the continuous rise in food price, energy cost and interest rates is de-motivating the people to avail the service of luxurious hotels. Therefore, it can be said that in coming financial years, the company needs to revise its pricing strategy to manage its revenue in better manner. It is expected that in the next financial year, the demand will not decline if Novotel Sydney Darling Harbour start the package system. It can also be expected that the hotel will be able to attract at least 20% of the total visitors in the industry. The demand is expected to be similar like this year. However, the management of the organization needs to take appropriate steps in order to face any uncertain situation. Channel analysis Tourists and the other visitors are the most important element for the better revenue management of a hotel (Weatherford, 2016). Better revenue management denotes better improvement in the revenue volume. The revenue of the organization that is Novotel Sydney Darling Harbour can be improved by using proper channels. The revenue growth of the organization is highly dependent on the channels that it uses for creating awareness among the people regarding its services. Nieves Diaz-Meneses (2016) suggested that in order to increase the revenue, the hotels in Australia must focus on the technological advancement. The use of better technology will help the managements to provide the service within minimum possible time. The adoption of digital marketing is the better way to improve the revenue. Presently, Novotel Sydney Darling Harbour uses the social media and personal websites to promote their new offers and services. The use of social media is very effective in the current situation because most of the people use social media for different purposes (Ng Lien, 2014). Therefore, by using social media, it becomes easier to attract the people. At the same time, the use of social media is less costly for the organization. However, as social media is a very common platform, most of the hotels in Australia and other countries are using this channel for promoting their services. There are many hotels in Sydney, which are using the email strategy for providing personal touch to their existing and prospective customers (Melissen, 2013). However, this type of strategy has not been taken by Novotel Sydney Darling Harbour. On the other side, the use of personal website as the channel of promotion is not effective to attract the customers, who have no idea about the hotel (McManus, 2013). If a person does not know anything about the services of the hotel or the name of the hotel, then it is very difficult to attract the person through websites. Therefore, using the website, Novotel Sydney Darling Harbour cannot attract more customers or in the other words, the hotel cannot increase its revenue more. Therefore, in order to improve the revenue management of Novotel Sydney Darling Harbour, it is very important to use new channels for promotion (Mok, Sparks Kadampully, 2013). As the current market is very competitive and the demand in the industry is declining, it is very essential to use advanced channels for promoting the services. However, at the same time the management of the organization also needs use such a channel that can represent the company to a wide range of customers. In that case, Novotel Sydney Darling Harbour can use television advertisement and sales promotion. With the help of television advertisement, the management of the hotel can reach to a large number of prospective customers. Television advertisement not only helps to attract the young people, but also helps to attract the old people, who are not much accustomed with the use of social media and visiting the companys website. Apart from the television advertisement, the organization that is Novotel Sydney Darling Harbour, can also apply the sales promotion strategy. Sales promotion is such a channel that attracts not only the new customers, but can attract the old customers or guests also. Different offers and discounts help the management to compete in the market and attract the customers of other hotels. However, the offers and discounts must be competitive enough. Conclusion In this report, it has been identified that presently, the demand in the Australian hospitality is in declining trend. After the financial year 2010, the number of visitor in the Australian hospitality industry decreased from one and half million to one million. One of the main reasons behind this declining situation is the global financial crisis. Due to the global financial crisis, the people became more conscious about savings. They are more interested to save their money for future. The number of visitors from corporate segment has decreased tremendously. In case of Novotel Sydney Darling Harbour, the management has segmented the market as per psychographic, demographic and geographic segments. As per the segmentation done by the management of Novotel Sydney Darling Harbour, the hotel has prioritized the European segment than the Asian and African segment. The organization has focused on the age group that is above 18 years and at the same time, the organization has also focused on the higher-class and upper middle-class income group. Apart from that, the report has also identified that there are four major competitors of Novotel Sydney Darling Harbour. The competitors of the organization have applied different pricing strategies to improve their financial performance. However, in order to improve the revenue management, Novotel Sydney Darling Harbour needs to use better channels for promoting its services. Recommendations As per the analysis and discussion done in the report, the following recommendations are made for better revenue management of Novotel Sydney Darling Harbour: Adopt the package pricing system: This is one of the best strategy for better revenue management at Novotel Sydney Darling Harbour. The package pricing system will help the management to control their cost because the company will provide specific services in specific package. Apply new and advanced technology: Novotel Sydney Darling Harbour can apply advanced technology to provide its services within a short time span. This will help the organization to satisfy its customers in better manner, which will ultimately help to enhance the customer base. Use television advertisement and sales promotion: The hotel can use the television advertisement and sales promotion as the channels for promoting the services. These two channels are very effective to attract a large number of customers. Reasonable price range: The management of the hotel needs to keep the price at a reasonable range because due to the global financial crisis, the spending capacity of the people has dropped down and the people are interested to save money. Therefore, to attract the customers Novotel Sydney Darling Harbour needs to keep the price range reasonable. Reference list: Adgehotel.com.au. (2016). Adgehotel.com.au. Retrieved 7 August 2016, from https://adgehotel.com.au/ Aha.org.au. (2016). Australian Hotels Association. Retrieved 7 August 2016, from https://aha.org.au/ Baker, M., Magnini, V. P. (2016). The evolution of services marketing, hospitality marketing and building the constituency model for hospitality marketing.International Journal of Contemporary Hospitality Management,28(8). Cox, C. (2015). Consumer experiences of accommodation deals purchased via social coupon promotions: An Australian perspective.Journal of Hospitality Marketing Management,24(6), 609-632. Fourseasons.com. (2016). 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