Stop - 2731 Words

Models of retail competition This chapter examines the effects of competition on a retailer’s performance. As noted in Chapter 1, retailing in the United States was once a growth industry that was able to increase profits solely on the basis of an increasing population base. Today’s slower population growth rates have turned retailing into a business where successful regional and national retailers can grow only by taking sales away from competitors. However, retail competition at the local level is more complex. Depending upon the economic base of the regional economy, it is possible for an area’s population and disposable income to grow even while the country’s is slowing. For example, Phoenix and Las Vegas are like many Sunbelt†¦show more content†¦Further, a new private school in town brought in a number of residents with more sophisticated tastes than those of the typical Wal-Mart customer. By catering to these underserved customer segments, the variety store has thrived . A small retailer competition is not just the large discount stores in the area. This retailer would be wise to check the local drugstore, perhaps a Walgreens, that stocks small appliances; the internet for competitive pricing information and 24/7 shopping convenience; and category killers that might offer a deeper selection and a better level of service than the discounters. For example, Best Buy lured female customers away from traditional discounters and small specialty electronics stores by providing merchandise selections tailored to each local market area and by training its sales associates not to â€Å"talk down† to them, as had often happened in other electronics stores. It is important to remember that no retailer, however clever, can design a strategy that will totally insulate it from competition. This is true even if the retailer has done an excellent job in developing and following its mission statement, setting its goals and objectives, and conducting its SWOT analysis; customer still have shopping choice. The rapid growth of discount department stores, convenience stores, and catalog and internet retails attest to this fact. Some merchandising innovations can be easily copied andShow MoreRelatedStop Motion Animation466 Words   |  2 PagesStop motion animation:    Stop motion animation is when you take a picture of something, move it ever so slightly (depending on how smooth you want the sequence to be) then take another picture and so on and so on. The sequence of pictures will create an illusion of a moving image. When creating a stop motion animation it can either be done traditionally or a computer can be used to generate the background sets.    Examples of stop-motion animation on TV are commonly children’s shows such as MorphRead MoreStop Motion Animation2685 Words   |  11 PagesStop-motion animation requires the shooting of physically manipulated still objects to appear as moving objects. Some use dolls, props or clay (also known as called Claymation) to sequentially move an object in between individually shot frames. Depending on the preference of the director, stop-motion animation may also require either traditional or computer animation to supplement the movies other visual requirements such as the backgrounds, sets, and props. Examples of stop-motion animationRead MoreAnimation : Stop Motion Animation1003 Words   |  5 Pagesminor differences. Animators are artists that specialize in creating animation. Stop motion is an animation technique that results in an object appearing to move on its own, by physically manipulating that object. It is moved in tiny increments between frames photographed individually. This creates the illusion of movement when the series of frames is played as a continuous sequence. Claymation is one of many forms of stop motion animation. With this form, each animated piece is made of a malleableRead MoreThe Machine Stops Essay example1356 Words   |  6 PagesIn The Machine Stops, E.M. Forster projects life years from now where people live underground with extreme technological advances. Also, people live separated in little rooms where they find a variety of buttons they can press in order to perform any task they desire. They do not communicate with people face to face as often as we do now. Without a doubt, their society is very different from ours. All of the inhabitants are used to living along with the Machine and it is hard for them to imagineRead MoreThe Machine Stops, By Jonathan Forster1266 Words   |  6 Pagestheir medium of writing to comment on the dangers of relying on technology too excessively. E.M. Forster’s short story, â€Å"The Machine Stops,† written in 1909, highlights a dilemma that society’s over-reliance on technology created between virtual connectivity and face-to-face interaction. That over-reliance, perfect for the futuristic, dystopian society in â€Å"The Machine Stops,† also serves as a cautionary tale for the technological culture of today. Vashti takes comfort in all the luxuries that the MachineRead MoreStop-and-Frisk Research Paper1050 Words   |  5 PagesStop-and-Frisk: Cleaning up the Streets, or Racial Profiling at its Finest? Taryn Konkler Introduction to Law Enforcement Professor Michael Glendon Imagine innocently walking down the street in a city you’ve lived in your whole life, when all of a sudden you hear the dreaded â€Å"woop woop† and see those flashing red and blue lights. The police. They interrogate you, ask your whereabouts, and finally, they â€Å"frisk† you. Of course, they find nothing; they rarelyRead MoreThe Machine Stops : A Cautionary Vision906 Words   |  4 Pagesâ€Å"The Machine Stops† – A Cautionary Vision Science fiction is a literary genre that explores potential consequences related to scientific innovations. It is largely based on the idea of writing rationally about alternative worlds or futures. Provided adequate knowledge of the past and present world, science fiction tales provide realistic speculations of possible future events (ReadWriteThink). E.M. Forster’s story The Machine Stops can be regarded as a work of apocalyptic science fiction in thatRead MoreThe Machine Stops, By Em Forster1951 Words   |  8 Pages In this essay I will discuss EM Forster’s short story The Machine Stops, which is a cautionary tale about technological progress and its impact on various aspects of human behavior, including isolation and solitude, risk-avoidance and contact-avoidance, communication and social connections, and the nature of the residents of the Machine’s relationship with knowledge. I will specifically touch on all of these ideas and how they connect with one another in that they are all products of our desireRead MoreThe Time Machine, And The Machine Stops By. Forster1526 Words   |  7 Pagessee how our the current state of culture and society reflect the projections made by people in previous years, decades, and centuries. In looking at the visions of the future presented by both novelas, The Time Machine by H.G. Wells, and The Machine Stops by E.M. Forster, each story presents aspects of society that prominently appear today. Written during the Industrial Revolution, a time where technology and human innovation was at one of its highest points in recent history, both stories explore theRead MoreEssay about Technology in Forsters The Machine Stops739 Words   |  3 Pagesmemory would be placed back in photo albums and diaries. All changes would be temporary until necessity, and personal desire would lead the way to new technology. In the end, one truth stands; with technology comes great responsibility. The Machine Stops (Forster, 1909), contrasts in two main characters approach technology y. Vashti impatient with her son, Kuno, at the slightest delay as indicated when he dawdled for 15 seconds, Be quick! She called, her irritation returning. (Forster 1) Kuno finds

The Concept Of Gender Identity - 2760 Words

Introduction: The concept of gender identity can only be formed within society because it reflects social expectations and beliefs regarding gender roles in certain historical period. Several centuries ago women were expected to get married early and concentrate totally on housekeeping, family, and religion. Women were regarded as opposite to men, less intelligent and incapable to be in charge of themselves. They were not allowed to own property, vote on elections, and hold leading positions. Fortunately, the development of civilization and democratization of society resulted in women becoming more equal and free from many humiliating stereotypes. After a famous quote of Simona de Beauvoir â€Å"one is not born a woman, but rather becomes, a woman† feminists directed their critique to traditional women`s subordination to men which was built upon structuralists` theories and biological determinism (Beauvoir, 2011). Since then the discussions about sex as of cultural construct do not cease. It seems that it is impossible to argue with a nature which divided men and women with the help of different chromosomes: XX for female and XY for male. Scientific proof that female and male genders are conditioned and not as opposite as it seemed came with the research data from hormones study: it was revealed that both male and female contain hormones of both sexes Judith Butler, another important feminist writer, gave a new impact to feminism studies with her book â€Å"Gender Trouble: FeminismShow MoreRelatedThe Concept of Gender and Gender Identity1223 Words   |  5 Pages I am interested in the concept of gender and the deeper meaning of being considered a transgendered person. I feel that a lot of people do not know or care to know about these topics on a more in depth level. People who close their eyes to the idea that a person could be born with the physical aspects of a male yet have the psychological aspects of a female and vice versa, tend to be the ones who say that those people are going against nature or god. Discriminating against people on the principlesRead MoreSociological Concepts Of Family, Gender, And Identity Essay1362 Words   |  6 PagesThis essay discusses the way in which I understand the sociological concepts of family, gender and race - nuclear family, doing gender, and identity, in particular. Arguably, these three concepts can relate to each individuals life, through different personal experiences. To demonstrate my argument, I highlight relevant situations in my own life that further explain my chosen sociological concepts. The first concept I chose to focus on is family. In particular, the idea of the ‘nuclear family’.Read MoreGender Identity : An Unfamiliar And Confusing Concept956 Words   |  4 PagesGender identity is an unfamiliar and confusing concept to many people. Until recently, Americans have been taught and conditioned to believe that one’s anatomy and genetics are what determines one’s gender. Acting or dressing like the other gender was considered disgusting and taboo, and people who claimed to be transgender were thought of as severely mentally ill. Some would even confuse gender identity with sexual orientation; like believing that all transgender people are gay. However, now thatRead MoreThe concept of social identity, social class,gender and ethnicity.1635 Words   |  7 PagesSocial Identity is the understanding of who we are, and reciprocally, other peoples understanding of themselves. Richard Jenkins believed that this social identity is achieved throug h socialization within social groups. He argued that by placing themselves in the role of others, people, particularly children, gain a greater understanding of the role that they should play. For example, a six-year-old girl playing mommy with her dolls will, as she gets into the role, begin to understand what a motherRead MoreGender And Gender Identity1648 Words   |  7 PagesIn light of performativity, political transformation via hegemonic cultural practices continues to advocate for gender parody. Overall, the recent exploration of alterity ethics complements performativity politics by exploiting the subversive potential of gender identity as well as female identity. For the oppressed individuals, power should be subverted via political strategy guided by the consequences and punishment with the objective of maximizing the good in the society. In other words, performativityRead MoreSocialisation, Personal Identity, Gender Identity And Gender Roles1313 Words   |  6 PagesSo cialisation, Personal identity, Gender Identity and Gender Roles: Boundless.com defines ‘Socialisation’ as â€Å"a term used to refer to the lifelong process of inheriting and disseminating norms, customs and ideologies providing the individual with the skills and habits necessary for precipitating within one’s society, thus the means by which social and cultural continuity are attained† (Boundless.com, 2015). The process of socialisation involves an individual such as an adolescent to have interactionsRead MoreGender, Gender And Race, By Christine Overall And Cressida Heyes1702 Words   |  7 Pagesacceptable. Their arguments are opposing to each other. Overall insists that both surgeries should be acceptable while Heyes does not agree with Overall. They both agree with that race and sex-gender are socially constructed. Thus, Overall has no problem with the concept of identity changes—for both sex-gender and race—however, Heyes argues that they are not constructed in the same way. Christine Overall is advocating the claim that transracial surgery is not problematic if transsexual surgery is acceptableRead MoreGender Inequality And Racial Inequality Essay924 Words   |  4 PagesFor centuries and even today, gender inequality and racial prejudice continue to exist. Throughout time these concepts have overlapped and intertwined, each other creating complex interactions and a negative influence upon society. In the 1980s, Kimberle Williams Crenshaw through her article, named Mapping the Margins: Intersectionality, Identity Politics, and Violence Against Women of Color, introduced the term â€Å"Intersectionality.† Intersectionality, is the theory of how different types of discriminationsRead MoreDifferences Between Girls And Boys893 Words   |  4 Pagesrelevant heuristic that correlated students’ gender identity to what students thought as perceived fit and social accurate behaviors. The article highlights that the male stereotyping of math and s ciences implies greater misfit between girl’s gender identities. Similarly, the stereotype that effort and engagement at school is feminine leads boys to a misfit between their gender identities. The idea that a school subject being more strongly associated with one gender rather than the other confuses childrenRead MoreWhat I Call The Social Constructionist1259 Words   |  6 PagesWhen I reflect on chapter 5, what I call the social constructionist chapter, there are numerous concepts that I remember. Michael Kimmel says in the book that gender identity is socially constructed, our identities are a fluid assemblage of the meanings and behaviors that we construct from the values, images, and prescriptions we find in the world around us. In my opinion, Kimmel means that people behave in a way that they chose to, influenced by what they see in their surroundings, or the communities

Managerial Accounting Report of Commonwealth bank †Free Samples

Question: Discuss about the Managerial Accounting of Commonwealth Bank. Answer: Introduction In the financial annual reports of the business organizations, one of the major aspects is the Remuneration Report of the Executive Directors. It is the responsibility of the executive directors of the business organizations to run the business in the proper way so that the business can earn significant revenues and profits. Regarding the executive directors remuneration report, a major allegation is that the executive directors are being paid with higher amount of remuneration and this is a major concern to the shareholders of the organizations (Ben Shlomo, Eggert and Nguyen, 2013). For this reason, it is necessary to analyze and evaluate the remuneration report of the executive directors of the companies. With the help of executive directors remuneration report, business organizations discloses all the strategies, methods and motives used in the remuneration structure of the directors (Weygandt, Kimmel and Kieso, 2015). Thus, it can be understood that there is a great significance of this report. This report starts with a brief introduction. After that, the literatures related to this topic are discussed. In the next steps, the remuneration structure and methods are discussed and compared. After that, based on the whole analysis, some recommendations are provided that is followed by suitable conclusion. The main aim of this report is to conduct an in-depth analysis on the executive remuneration report of two of the Australian banks. With the help of this report, one has the scope to know the various methods and strategies used to measure the performance of the executive directors of the business organizations. Review of Topic and Literature The regular and purposeful evaluation of the performance of the executive directors is an important objective of the business organizations. The process of effective evaluation of the executive directors performance is highly related to the corporate governance in the business organizations. Most of the companies measure the performance of the executive directors on the annual basis and this is a difficult process (Warren, Reeve and Duchac, 2013). This is called the Evaluation Cycle. The evaluation cycle is totally depends on the members of the board. The increasing expectations of the shareholders and the stakeholders force the companies to conduct a detailed scrutiny of the performance of the executive directors. In addition, it is the responsibility of the executive directors to assess their self-performance to achieve the ultimate objective of the organizations. The performance evaluation methodology of the organizations depends on the various requirements of that organization (2 012books.lardbucket.org, 2017). However, it can be seen that there is not any universal format for the evaluation of the performance of the executive directors. There are different outcomes of the performance evaluation of the executive directors. It leads to minor amendments in the functions of the board and it also leads to the replacement of the whole body of board of directors. These outcomes need to be transformed into the actionable plans (S?omka-Gobiowska and Urbanek, 2014). Two kinds of performance evaluation processes are there; they are internal evaluation and external evaluation. Most of the companies use to conduct the process of internal evaluation; but in some certain cases, companies opt for the adoption of external evaluation by some external independent parties. Most of the companies form a performance evaluation committee to measure the performance of the executive directors. Based on the performance evaluation, the amount of remuneration of the executive directors are provided (deloitte.com, 2017 ). Company Review: Commonwealth Bank Commonwealth bank is one of the topmost banks of Australia. As per the directors report of Commonwealth bank, the major objective of the remuneration framework of this bank is to create sustainable value for the people, customers, community and shareholders of the company. As per the remuneration framework of Commonwealth bank, there are three major elements of the executive remuneration structure of the bank; they are Fixed remuneration, Short-Term Incentive (STI) at risk and Long-Term Incentive (LTI) at risk. The risk factor in the remuneration framework implies that the remuneration depends on the performance of the executive directors in the financial years against key performance metrics (Melis, Gaia and Carta, 2015). Fixed remuneration refers to base remuneration and superannuation that is cash salary. STI is equal to 100% of fixed remuneration but it is based on the performance of the executive directors. The rules of LTI is same as STI. It can be seen that the performance of the executive directors are measured based on the Balanced Scorecard method. Ian Narev, the Managing Director and CEO of Commonwealth Bank received $4,081,000 as overall remuneration in 2016 (commbank.com.au, 2017). Remuneration Framework and Approach As per the 2016 annual report of Commonwealth Bank, there are two major components of the remuneration structure of the CEO and executive directors of the company; they are fixed remuneration and risk remuneration. Three major components of the executive remuneration structure of Commonwealth Bank are there; they are Fixed remuneration, Short-Term Incentive (STI) at risk and Long-Term Incentive (LTI) at risk. The equal portions of these three elements form the remuneration structure of the company. The main objective of the remuneration structure of Commonwealth Bank is to attract highly qualified and highly experienced executives (commbank.com.au 2017). Changes of Remuneration In the year of 2016, the remuneration committee of Commonwealth Bank reviewed the remuneration structure of the executive directors of the bank. The major focus of this review was to ensure that all the objectives of the remuneration structure have been achieved. At the time of the review, certain changes have been brought in the remuneration structure of the executive directors that will be applicable for the year 2017 (commbank.com.au 2017). The changes are discussed below: The method of balance scorecard for the determination of the short-term incentives of the executive directors will include an exemplary leadership assessment and exceptional personal demonstration of the vision and mission of the group (commbank.com.au 2017). There will be a new focus of 2016 GLRP on the people and community weighted at 25%. The main aim of this change is to measure the long-term progress and achievements in the areas of diversity, culture, customers satisfaction, performance components and others (commbank.com.au 2017). Remuneration Structure There are three main components of the remuneration structure of Commonwealth Bank are Fixed remuneration, Short-Term Incentive (STI) at risk and Long-Term Incentive (LTI) at risk. They are discussed below: Fixed Remuneration: Two major parts of fixed remuneration are base remuneration and superannuation. Base remuneration refers to cash salary and any salary specific items. The board of directors of the company uses to review the fixed remuneration structure on the yearly basis. The remuneration committee has the responsibility to determine the fixed remuneration of the executive directors (commbank.com.au 2017). Short-Term Incentive: The short-term incentive target for the executive directors of Commonwealth Bank is equal to 100% of their fixed remuneration. The short-term incentive of the executives is determined based on their measured performance against the process of balanced scorecard. The range of short-term incentive for the executives ranges from zero to 150% based on the performance of them. Out of the 100% short-term incentive, the executives get 50% of them in cash. The other 50% is deferred in the next year (commbank.com.au 2017). Long-Term Incentive: The long-term incentive target for the executive directors is 100%. The long-term incentive also depends on the performance of the executive directors at the end of the year. The vending period of long-term incentive is four years and the performance of the directors for the long-term incentive is measured against total shareholders return and the satisfaction of the customers. The main objectives behind the long-term incentive are to provide greater focus on the customers and to create long-term value of the shareholders. At the time of investing the long-term incentive, Commonwealth Bank does not provide any dividends to the executive directors (commbank.com.au 2017). Summary of Performance The performance of the executives is measured based on short-term and long-term basis. Both the aspects are discussed below: Short-term Performance: There is a 3% increase in the NPAT of the bank amounting to $9,450 million. It can be seen that the financial performance of the company was on target in the year of 2016. The performance in the aspect of customers satisfaction is above target in the year of 2016. In the market of retail banking, Commonwealth bank stood first as per the maximum number of Main Financial Institutions. The execution of the strategy was on target. Commonwealth bank has been a leader in the aspects of technological development in the banking operations. The performance in terms of people and productivity was on target (commbank.com.au 2017). Long-term Performance: In the year of 2016, The NPAT of the company is $9450 million as compared to $9137 million in the year 2015. In the year of 2016, there is a decrease in the cash earnings per share to 555.1 cents from 557.5 cents in the year 2015. Share prices also decreased in 2016 to $3.50 from $4.00 in the year 2015. Dividend per share remains the same in 2016 as compared to 2015 that is $4.20. Hence, it can be seen that the long term performance in the year 2016 is not as good as it needs to be (commbank.com.au 2017). The above discussion sheds lights on the executive directors remunerations structure of Commonwealth bank. For the purpose of comparison, ANX bank and Westpac bank are taken into consideration. In case of Commonwealth bank, the company has provided a solid performance as the net profit after tax increased by 3% amounted to $9,450 million. The company enhanced the Common Equity Tier1 capital ratio to 10.6%. In the sector of retail banking, the company achieved customer satisfaction above target. It indicates the effectiveness of executive directors remuneration structure of the company. In case of ANZ bank, the scenario is different. Total revenue of the bank in 2016 was 0.2% lower than the year 2015. In addition, the portion of economic profit was down by 56% amounting to $1,278 million. Return on equity was also down to 10.35 from 14% in 2016. Cash earnings per share were decreased to 202.6 cents in 2016 as compared to 260.3 cents in 2015. In case of Westpac bank, the situation is same as ANZ bank. The economic profit was down by 10% in 2016 as compared to 2015. Return on equity was also decreased in the year of 2016 as compared to 2015. Earnings per share in the year 2016 decreased to 235.5 as compared to 248.2 in the year 2015. However, the dividend per share increased in the year 2016 to 188 cents from 187 cents in 2015. The prices of the Westpac shares decreased in the year 2016 as compared to 2015 (Braun, Tietz, and Harrison, 2013). Hence, from the above analysis, it can be seen that the executive directors remuneration structure has paid dividends in case of Commonwealth Bank as the bank performed significantly wee in the year of 2016. However, in case of ANZ and Westpac banks, it can be seen that the performance of these two banks in the year 2016 was poor as compared to 2015. Hence, it can be understood that the executive directors remuneration structure for these two banks are not so effective as Commonwealth bank. Recommendations Based on the above analysis, some recommendations are provide below: It is recommended to these banks to take into considerations all the necessary financial aspects at the time of preparing the remuneration structure for the executive directors. It is recommended that all these banks need to disclose all the details about the remuneration structure of the executive directors to the stakeholders of the company. This process helps to build a relationship of trust between the company and the stakeholders. It is recommended that the companies need to follow all the rules, regulations and guidelines at the time of developing the executive directors remuneration structure. The inclusion of these aspects will increase the accuracy of the remuneration report. Conclusion The main objective of this report is to analyze and evaluate the various aspects of the executive directors remuneration structure for Commonwealth bank, ANZ bank and Westpac bank. As per the above discussion, it can be seen both Commonwealth bank and Westpac bank have same remuneration components that are fixed remuneration, Short-Term Incentive (STI) at risk and Long-Term Incentive (LTI) at risk. However, ANZ bank has different structure that are Fixed Remuneration, Variable Remuneration and Other Remuneration Elements. All the three banks use the technique of balanced scorecard to measure the performance of the executive directors. Based on the whole discussion, it can be said that among these three banks, Commonwealth bank is the most efficient as the company has performed well in the year of 2016. Hence, it can be said that the remuneration strategy of the executive directors is effective. On the other hand, both ANZ bank and Westpac bank have performed poorly in the year of 201 6 as compared to 2015. It indicates the ineffectiveness of the remuneration strategy of these two banks in the year 2016 References 2012books.lardbucket.org. 2017, 2017.CEO Performance Evaluation and Executive Compensation. [online] 2012books.lardbucket.org. Available at: https://2012books.lardbucket.org/books/governing-corporations/s10-ceo-performance-evaluation-and.html [Accessed 9 May 2017]. Ben Shlomo, J., Eggert, W. and Nguyen, T., 2013. Regulation of remuneration policy in the financial sector: Evaluation of recent reforms in Europe.Qualitative Research in Financial Markets,5(3), pp.256-269. Braun, K.W., Tietz, W.M. and Harrison, W.T., 2013.Managerial accounting. Pearson. Guinea, F.A., 2016. The Need For ManagerialAccounting Systems.SEA-Practical Application of Science, (12), pp.465-470. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Kent, P., Kercher, K. and Routledge, J., 2016. Remuneration committees, shareholder dissent on CEO pay and the CEO payperformance link.Accounting Finance. Melis, A., Gaia, S. and Carta, S., 2015. Directors' remuneration: A comparison of Italian and UK non-financial listed firms' disclosure.The British Accounting Review,47(1), pp.66-84. news.iguana2.com, 2017.Cite a Website - Cite This For Me. [online] News.iguana2.com. Available at: https://news.iguana2.com/anz/ASX/ANZ/459865 [Accessed 9 May 2017]. S?omka-Gobiowska, A. and Urbanek, P., 2014. Executive Remuneration Policy at Banks in Poland After the Financial Crisis-Evolution or Revolution?.Comparative Economic Research,17(2), pp.25-44. Warren, C.S., Reeve, J.M. and Duchac, J., 2013.Financial managerial accounting. Cengage Learning. Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons. www.commbank.com.au, 2017.ANNUAL REPORT 2016. [online] commbank.com.au. Available at: https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/annual-reports/2016_Annual_Report_to_Shareholders_15_August_2016.pdf [Accessed 9 May 2017]. www.westpac.com.au, 2017.Cite a Website - Cite This For Me. [online] Westpac.com.au. Available at: https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/2016_Westpac_Annual_Report [Accessed 9 May 2017]. www2.deloitte.com. 2017, 2017.Performance Evaluation of Boards and Directors. [online] deloitte.com. Available at: https://www2.deloitte.com/content/dam/Deloitte/in/Documents/risk/Corporate%20Governance/in-cg-performance-evaluation-of-boards-and-directors-noexp.pdf [Accessed 9 May 2017].

Business Law Consumer Laws and its Protection

Question: Discuss about theBusiness Lawfor Consumer Laws and its Protection. Answer: Introduction It was during the 20th century, that the need for the protection of consumers had turn out to be progressively more essential as a numerous number of goods and services which were accessible had developed radically. Also, as per the need of the rules of the common law principles which had been there to control the area of agreements and tort laws for about more than a decade. Such laws also have proposed certain laws for the security of the customers. The lawful State and federal regulations in this area has also been approved as a result all the consumers were well confined next to inequitable trade practices and defective products services. Customers also safeguard them by being conscious of their own privileges and they look for a suggestion before making a large dealing. The lawful system grants various organizations which could assist a number of consumers if an issue takes place. Such system also controls the actions of those individuals who supply a variety of products and services in an attempt to avert different kinds of disputes. In regulatory jurisdictions, Consumer protection could be defined as a group of laws and organizations which was designed to guarantee the privileges to the consumers. It also helps in proving fair dealing, and proper data while transacting in a market place (Australian Consumer Law, 2017). So, certain laws have been considered in order to prevent the trades which employ in deception or specific unfair practices from gaining a benefit over different participants. They could also grant extra security for those individuals who were most susceptible in society. There has been not even a single common law meaning of a consumer. Normally, a consumer could be defined as an individual who brings a good or service for confidential utilization. There have been a number of different laws in relation to consumers but they vary in the manner in which they define a consumer. Certain laws such as small trades which obtain goods for their trade, while other laws debar these. The TPA defined a consumer as one of the most commonly utilized word like: he has been an individual who attains goods of such a kind which usually were utilized for private, household purpose ' (Australian Competition Consumer Commission, 2017). Consumer Protection laws as a result was regarded as a form of government rule which has an objective to safeguard the privileges of consumers. And security of the consumers was connected to the belief of privileges of the consumers, and to the establishment of consumer corporations. Formation of such organizations would assist consumers make better preferences in the marketplace and get assistance with the complaints of different consumers (Australian Consumer Law, 2017). Such laws were designed and established to be an area of law which regulates the associations of private laws among the individual consumers and the trades which sells those products and services (Australian Competition Consumer Commission, 2017). Enactment of such laws was basically a way of preventing a fraud and scam from service and sales agreements, and many more which may lead to bankruptcy. In Australia, the consequent organization which was made to protect individuals was the individual State Consumer Affairs agencies or the Australian Competition and Consumer Commission. The Australian Securities and Investments Commission (ASIC) have a liability for protection of consumers rules of monetary services and goods. Though, in observance it does so in the course of a confidentially running EDR scheme like the Financial Ombudsman Service (Australia). As a result of widespread discussions of the government and examination on the part of obtainable lawmaking structure, the Australian Consumer law (ACL) came into being. This appraisal was carried out with an observation among the Australian jurisdictions to develop regularity and steadiness. It was also examined to guarantee that all the consumers were sufficiently secured while entering into a contract of a trade for the supply of a better products or services (Australian Government Solicitor, 2011). Specifically, the primary aims of the ACL were to: Initiate innovative civil financial punishments for violation of some consumer protection sections; Forbid all the unreasonable terms of an agreement in ordinary form of consumer agreements; Initiate for the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) certain fresh enforcement authorities (Australian Government, 2016). So, this essay has been proposed to grant a concise summary of the key modifications and new ideas of the Competition and Consumer Act 2010 (Cth) by substituting the Trade Practices Act 1974 (Cth) ('the TPA'). It includes the history of such substitution with the detail explanation of customer protection and their need in society. It also briefs out the current consumer protection laws in the state with the remedies of the dissatisfied goods and services (Casey, 2011). This law relating to the protection of the rights of consumers was initially recognized by a contract of the Council of Government of Australia. The sections of the ACL generally imitate such sections which were formerly manage to paid off by the TPA, even though certain supplementary safeguards were being added. As a result it could be stated that the ACL also usually imitates a variety of the sections in relation to the consumer safety of the consumers of the fair trading regulation which prevails in all of the states and territories of the nation. The Trade Practices Amendment, 2010 (Cth) was then passed by the stated as a consequence of which it was regarded as the first of two Acts which assisted in implementing the new Australian Consumer Law. On 17 March 2010, this Act then got a formal approval for the implementation by the Commonwealth Parliament. The Trade Practices Amendment 2010 (Cth) Bill No. 2 was followed after this act on 24 June 2010. Similarly, on 1 January 2011 when the above mentioned amendments came into being then the Act of Trade Practices finally modified and substituted its forename to the Competition and Consumer Act 2010 (Cth). As a result, the new Australian Consumer Law came into being for providing better protection to the consumers against any deceptive act (Hobart Community Legal Serviced Inc, 2017). By the enactment of the two amended laws along with the passageway of State and Territory laws which were applicable to the ACL. The novel Trade Practices Regulations transformed the formerly conflicting Commonwealth, State and Territory consumer laws which were prevailing in Australia from a long time (Australian Competition Consumer Commission, 2014). The ACL sets out some privileges of consumers, standards for goods services and grants punishments for any contravention. Safeguards which were granted to the consumers under the law include: Guarantee that goods sold out would communicate with the explanation of those products and be fit for their revealed aim; Entailing that products sold were of satisfactory quality, protected and free of flaws; and Guarantees that services provided were with due care and skill. The statutory liability for goods was mainly beard by producers, though suppliers along the supply chain could also be accountable in some situations. So, the meaning of "manufacturer" under ACL was rather wide, including those who apply their brand name to the products. There has been a well known precedent case in the growth of the common law, which renowned the principle that manufacturers of products have an obligation towards their consumers to offer them goods of a good quality. The above mentioned principle was established in the case of Donoghue v Stephenson which emphasized and had a huge impact by making a very substantial change in the law of negligence. It has in reality might be said to be the foundation of the modem act of negligence. One of the most important sections in the ACL was section18 which includes prevention against an individual, in trade, engaging in behavior that was deceptive or illusory or was likely to deceive or misinform. This could be violated without any evidence of aim to deceive. So, in Australian Competition and Consumer Commission v TPG Internet Pty Ltd [2013] HCA 54, the significance of s 18 was confirmed in securing the interests of consumer by holding that so-called headline ad may be deceptive despite the subsistence of a fine print proviso succeeding the depiction in the title declaration (Robertson Berry, 2014). The consumer law regime which prevails currently in Australian has been observed to be governed both at the federal and state levels. At the federal level, consumer law was administrated by the Competition and Consumer Act 2010 (Cth) (CCA). Consumer protection sections were incorporated in schedule 2 of the CCA, which was also defined as ACL. This regime was synchronized by the ACCC (Consumer Action Law Centre, 2015). The state and territory regime on the other hand, has been modified from the ACL and was usually defined as the Fair Trading regulations of each state and country. The state rules were synchronized by the pertinent agencies for the safety of customers in each state and territory (Fletcher Law, 2013). An individual could be assisted in understanding his or her privileges and responsibilities under the ACL, including with respect to: Misleading or deceptive conduct: the ACL includes a stringent prevention against any form of confusing or illusory behavior, whether by a constructive act or abstaining from doing a work, which was measured to arise in the course of business. For the prevention to be pertinent an individual must have been appealing in a business at the time the behavior was protested of (Australian Competition Consumer Commission, 2017). Unconscionable conduct: Trades have been forbidden from engaging in unconscionable act which was conducted against consumers and other trades. The ACL recognizes a list of factors that the tribunals may believe when shaping whether a trade has affianced in unconscionable behavior or not. In the recent well known case of Australian Competition and Consumer Commission v Lux Distributors Pty Ltd [2013] FCAFC 90 provided the definition of what constitutes a unconscionable conduct briefly (Black Harrison, 2016). fake or deceptive declarations: Trades must guarantee that declarations made by an individual who represent the trade, such as declarations was made to publicize or endorse the trade to clientele, were not in any manner be fake or ambiguous (Consumer and Business Services, 2017). Similarly, if a consumer was seen to be dissatisfied with a product or service then there has been a way in which he could get a relief through the system of court or outside court settlement. Section 18 has been regarded as a catchy section which recognizes that a norm of conduct as it grants that an organization shall not employ in a behavior that was ambiguous or illusory or likely to deceive or misinform. It does not create a liability (Burrows, 2014). Whether a particular conduct of an individual was misleading or not was ultimately a matter for the court to decided and the test was a objective one. In Taco Company of Australia Inc v Taco Bell Pty Ltd (1982) it was specifically concluded that the conduct of an individual in certain situations could be regarded as deception and unconscionable but it: Must guide, or Be capable of leading an individual into an erroneous situation. So it could be concluded as per the above mentioned data that the Australian Consumer Law be regarded as a symbol of a chance for a new approach which was adopted like the consumer policy. And it helps in depicting on the widest variety of consumer policy, enforcement experience and knowledge. It has been observed and reviewed that people and governments both could bring in a dependable approach in regard to consumer law and policy. As such policy or laws would then enable all consumers of the state to get pleasure from the profits of reliable privileges anywhere they may be. And also it would permit all the trades of the state to get hold of a better competence through a single and simplified state law. In this manner, it would improve the interests of all residents of the state. And the upcoming appraisal of ACL would be a chance to close the cracks in the laws for the security of the clients that permit these unjust trade forms to flourish. The opening of an innovative set of unreasonable business would be an important step. A universal unreasonable practice section would help customers and the world at large by humanizing customer safety, escalating customer assurance and expounding the existing laws. References Australian Competition Consumer Commission. (2014). Consumer product safety online. Retrieved on 31st January 2017 from: https://www.accc.gov.au/system/files/Consumer%20product%20safety%20online.pdf Australian Competition Consumer Commission. (2017). Advertising and selling guide. Retrieved on 31st January 2017 from: https://www.accc.gov.au/accc-book/printer-friendly/29527 Australian Competition Consumer Commission. (2017). Consumer rights guarantees. Retrieved on 31st January 2017 from: https://www.accc.gov.au/consumers/consumer-rights-guarantees Australian Competition Consumer Commission. (2017). The Australian Competition and Consumer Commissions accountability framework for investigations. Retrieved on 31st January 2017 from: https://www.accc.gov.au/system/files/ACCC's%20accountablility%20framework%20for%20investigations.pdf Australian Consumer Law. (2017). An Introduction to the Australian Consumer Law. Retrieved on 31st January 2017 from: https://consumerlaw.gov.au/consumer-policy-in-australia/resources/an-introduction-to-the-australian-consumer-law/ Australian Consumer Law. (2017). Consumer law. Retrieved on 31st January 2017 from: https://consumerlaw.gov.au/ Australian Government Solicitor. (2011). Australian Consumer Law. Retrieved on 31st January 2017 from: https://www.ags.gov.au/publications/fact-sheets/fact_sheet_no_12.pdf Australian Government. (2016). Australian Consumer Law and your business. Retrieved on 31st January 2017 from: https://www.business.gov.au/info/run/fair-trading/australian-consumer-law-and-your-business Black, S. Harrison, J. (2016). Australia: Australian Consumer Law and the Volkswagen diesel episode. Retrieved on 31st January 2017 from: https://www.mondaq.com/australia/x/472984/Product+Liability+Safety/Australian+Consumer+Law+and+the+Volkswagen+diesel+episode Burrows, M. (2014). Misleading and deceptive conduct in business dealings. Retrieved on 31st January 2017 from: https://www.dundaslawyers.com.au/misleading-and-deceptive-conduct-in-business-dealings/ Casey, L. (2011). Australia: Australian Consumer Law changes Competition and Consumer Act 2010. Retrieved on 31st January 2017 from: https://www.mondaq.com/australia/x/126518/Consumer+Law/Australian+Consumer+Law+changes+Competition+and+Consumer+Act+2010 Consumer Action Law Centre. (2015). Discussion Paper: Unfair trading and Australia's consumer protection laws. Retrieved on 31st January 2017 from: https://consumeraction.org.au/wp-content/uploads/2015/07/Unfair-Trading-Consumer-Action-2015-Online.pdf Consumer and Business Services. (2017). About Australian Consumer Law. Retrieved on 31st January 2017 from: https://www.cbs.sa.gov.au/consumers/australian-consumer-law/about-australian-consumer-law/ Fletcher Law. (2013). Consumer Law. Retrieved on 31st January 2017 from: https://fletcherlaw.com.au/service/competition-and-consumer-law/ Hobart Community Legal Serviced Inc. (2017). Misleading or Deceptive Conduct under the ACL. Retrieved on 31st January 2017 from: https://www.hobartlegal.org.au/tasmanian-law-handbook/consumers-money-and-debts/australian-consumer-law/misleading-or-deceptive Robertson, I. Berry, S. (2014). Australia: ACCC to pursue companies that breach consumer laws. Retrieved on 31st January 2017 from: https://www.mondaq.com/australia/x/291660/Consumer+Trading+Unfair+Trading/ACCC+to+pursue+companies+that+breach+consumer+laws