George Whashington Essay Example | Topics and Well Written Essays - 1000 words

George Whashington - Essay Example He was brought into the world the second offspring of Augustine and Mary Ball Washington in Westmoreland County Virginia in February 22, 1732 (The White House 4). Like any youngster in his day, he was taught at home under the tenacious tutelage of his dad and more seasoned sibling. Being conceived in the group of ranchers, his first advantages are additionally on planting and agribusiness. His habits, good, and training epitomize that of an eighteenth century Virginia honorable man. Along with this energy, he likewise has two interlaced interests (The White House 6)- military expressions and military development. He has been recently utilized as an assessor which equipped him with the information on the landscape in his country. During 1749, he was delegated as assessor of then as of late settled Culpeper County where he got inspired by Ohio Company which wanted to abuse Western Land. From these modest occupations, he was appointed a lieutenant colonel in 1754 and battled in the early arrangement of French and Indian war. These exposures furnished him with the fundamental abilities of fighting and fearlessness. During the next year, Washington got away from injury albeit four slugs tore his jacket and two ponies were shot from under him (The White House 7). After his sibling's passing, he acquired part his domain along with his obligation as the assistant in the state. At 20 years old, he became Major Washington and was accused of preparing the state army in the quarter allocated him (George Washington 7). He turned into a Master Mason in Freemasons, a congenial association which had a deep rooted impact in him. Washington served in the military during the seven years of French and Indian war. Between the war, he got to know a widow named Martha Dandridge Custis who in the long run turned into his better half. They got hitched on January 6, 1759 and moved to Mount Vernon where Washington started his vocation as a rancher and a political figure. Being hitched to a well off widow, Washington has been charged of plowing and overseeing a great many sections of land of land. After his marriage, he has been committed to an occupied at this point satisfying life. In any case, he additionally shared the developing worries of his kindred grower. Having been under British guidelines, he additionally felt abused by the British traders in light of the uncalled for practices and strategies. In his mission of liberating himself and different grower of these limitations, he played a functioning job in voicing out their interests (The White House 10). He turned into an innovator in the frontier obstruction by acquainting the proposition which called with blacklist imported English products. He was perceived by being a lot of enthusiastic in pushing for his kindred grower's inclinations. At the point when the battling in the American Revolution broke out in 1775, Washington flagged his readiness for war by showing up at the Second Continental Congress in his military uniform. Having the glory, the military experience, the mystique and military bearing, and the notoriety of a solid loyalist (George Washington 15) he was selected Major General and chose by the congress as Commander-in-Chief. Subsequently, along with his soldiers, he set out on war which went on for a long time. His endeavors paid off in light of the fact that in 1781, he

Tourism to the Local Area of Melbourne-Free-Samples for Students

Question: Lead an examination into holding an occasion intended to invigorate the travel industry to the neighborhood Melbourne, Australia and support business development. Answer: Foundation to the exploration issue It is sure that not all voyagers have a similar preference for terms of the area and the nature of administrations. As they could have a place with various areas, they could be of various age gatherings and procure distinctive salary just as have various tastes and inclinations to live their lives in a specific way. As set forward by Jaafar et al., (2011) the visitor have various options with regards to choosing the method of movement, goal just as the exercises at the goal. The division in the travel industry showcase is vital on the grounds that the travel industry part potentially can't fulfill the need of each person. Individuals in Australia will in general keep up a prominent of a way of life because of their developing economy. In any case, the networks in Melbourne lead a bustling work life and they are curious about the arrangements and bundles gave by associations in the travel industry part (Biggs, 2011). On the opposite side, the travel industry underpins the provincial e conomy, builds work openings add to the City of Melbournes social dynamic quality (Weiler, Moyle McLennan, 2012). It has a positive effect on the neighborhood occupants and business. By the by, the part can't pick up the necessary monetary advantages from the network because of absence of consciousness of the travel industry among the individuals. The travel industry Melbourne branch assumes the liability for creating thee the travel industry approach and procedure. The branch works with the area and exchange to create Melbourne as goal of decision for the travel industry. Be that as it may, because of absence of mindfulness, part can't pick up that drawn out advantage. Along these lines, holding an open the travel industry occasion at Melbournes people group could make a solid mindfulness among the individuals. An open occasion containing the social characteristics and ceremonies would assist with catching eye of individuals in the network. A three days in length the travel industry occasion in a bubbly way ought to be held where individuals from various networks and social foundation would visit. By visiting the occasion, the individuals could find out about th e arrangements and bundles of the travel industry and the client esteem related with the bundles. Issue Background It has been distinguished that travel industry is part is one of the quickly evolving areas. As set forward by Amelung and Nicholls (2014), the advertisers in the travel industry the executives, contrasted with other administration part, need to manage an enormous field of complex, reason requiring different plans of activities. Specific necessities of the administration segments are the result of its business eccentricities. Dynamic is another huge test looked by the administration of the associations in the travel industry segment. Henceforth, Mahadevan (2014) referenced that understanding shopper dynamic stays as the foundation of promoting system. Client conduct in the travel industry is supported by the general supposition in regards to how the choices are made. The procedures associated with shopper dynamic in the travel industry segment requires the utilization of models rather than a solitary definition to comprehend their multifaceted nature. In this manner, because of such hindrances in the outside condition, the administrations are frequently stayed with vital administrative issues. In spite of the fact that travel industry is universes biggest industry, just 5% of by and large statistical surveying turnover is in the movement part, which suggests relative underuse of research in the area. In this unique situation, Dredge and Jamal (2013) the impalpable idea of the travel industry and nonappearance of genuinely free market could be a boundary to statistical surveying. In any case, Yap and Allen (2011) referenced that the huge obstructions to the travel industry statistical surveying are administrative demeanor just as absence of valuation for how suitably the examination can prompt expanded gainfulness. In any case, it is additionally seen that in the travel industry segment, there is no absence of statistical surveying information however there is an uncontrolled advancement of various information sources. Writing Review As set forward by Shiue and Matzarakis (2011) each traveler has diverse taste and inclination and the associations in the area probably won't be equipped for addressing their requirements. This remaining parts as the establishment of portioning the general the travel industry advertise. Based on the previously mentioned actuality, the advertising power of a travel industry business orders the voyagers into various portions that sort the comparable and particular part (Seetaram, 2012). So as to lead the occasion at Melbournes people group for expanding mindfulness among the individuals, the network is separated into the accompanying classes: Geographic-Geographic market division is generally done considering the elements, for example, the spot of root of the traveler. Melbourne is a huge city with the individuals of various social foundations. In any case, Reisinger (2013) referenced that the individuals who are moved from others countries are very acclimated with the way of life of the networks of Melbourne. In this unique situation, Moutinho (2011) remarked that a huge number of Asians are remaining in Australia for quite a long time and assembled their own locale, which is again a business open door for the travel industry segment in Melbourne. Segment As referenced by Mahadevan (2014) segment division is generally done by concentrating on visitor sexual orientation, age, conjugal status, ethnicity, salary, instruction and relatives. It is sure that Australia is financially evolved and because of the monetary soundness in the country, individuals will in general keep up a prominent in their way of life. In addition, the level of normal training is 82% in Australia; in this manner, a huge level of the populace is included proficient and they have a bustling life (Abs.gov.au. 2017). Along these lines, such experts in Melbourne tend to travel on a regular premise to avoid their occupied work life. On the opposite side, normal full-time income of individuals in Australia is AUD$81,947 per annum including the after some time and reward (Abs.gov.au. 2017). Absolutely, individuals in Melbourne are monetarily equipped for managing a stumble consistently. Another critical reality is that practically 66% of the general populace in Au stralia fall under the age gathering of 15 to 64 years (Abs.gov.au. 2017). Along these lines, the travel industry associations can consider various sorts of bundles for the shoppers, for example, they can build up a companions bundle for youthful undergrads, family bundle for the princely families in Australia and other related bundles. Psychographic-As referenced by Weiler, Moyle and McLennan (2012), because of the developing economy in Australia, way of life of individuals are creating in a fast way. In this specific situation, Yap, and Allen (2011) additionally remarked that each market condition is evolving quickly, as buyers tastes are evolving. Individuals in Australia will in general search for innovation. Therefore, so as to go with such powerful condition, the associations in the travel industry area needs to build up their administration and bundles dependent on the requests or desire for the clients. SWOT examination of the districts Quality Australias goal has uniqueness A more fragile than foreseen Australian dollar AUD supposition for the TFC April figures was US$0.99 for 2013-2015. In like manner, the current gauges foresee US$.01 for 2015-2016 (Dredge Jamal, 2013). It is additionally seen that worldwide financial recuperation is in the advancement, which absolutely underpins the volume development As set forward by Reisinger (2013) huge interest in advanced advertising just as web based booking framework in the ongoing time positively drives a sound rivalry and it unquestionably underpins a residential the travel industry showcase. Shortcomings As set forward by Shiue Matzarakis (2011) numerous European economies and huge numbers of which are among Australias most noteworthy regarding normal outing cost have to a great extent been in profound downturn. An investigation directed by Seetaram (2012), aside from the pattern, Australian monetary development would most likely last more and it could be more articulated than anticipated. As set forward by Quadri-Felitti and Fiore, (2012) the household business head out development is guage to stay powerless for the following coming two years. Opportunity As remarked by Shiue and Matzarakis, (2011). Nearness to Asia and the development of the areas in wording pay and aeronautics limit run by minimal effort bearers and full administrations. Absence of renovation and venture is occurring in the territorial territories, which ought to continue the worldwide dispersal. Outbound interest could prompt lower load production lines temporarily, which further prompts lower issues and guide the improvement of inbound the travel industry seriousness. Dangers As set forward by Weiler, Moyle and McLennan (2012), recuperation in corporate travel doesn't occur in accordance with the financial development. It was likewise seen that respective flight limit tops confining the future development on a few customary just as developing markets prompts diminished rivalry and affecting the value delicate relaxation advertise. Table 1: SWOT investigation (Source: Dredge Jamal, 2013) Research Design Research structured is typically characterized as a general arrangement with respect to what things should be executed or done to finish the examination. Research configuration is isolated into three unique classes, for example, exploratory, logical and illustrative. Be that as it may, the proposed examination will concentrate on the illustrative structure. Initially, the examination would concentrate on the current issues of the travel industry area of Melbourne. In view of the recognizable proof of the issues, three diverse the travel industry segments will be basically broke down and three of the segments of will be picked for the occasion to make mindfulness among the individuals of Melbournes people group. By directing a basic examination of the locale, dangers and business openings identified with the travel industry will be chosen. So as to direct the examination, t

Rice in Philippine Myths and Legends Essay

Rice in Philippine Myths and Legends Essay Philippine Myths, Legends, Epics History Essay Philippine Myths, Legends, Epics History Essay Legends and fantasies are not just fundamental stories; they contain exercises and morals that went on from time to period. These accounts may moreover join noteworthy recorded data about the lifestyle of specific people or the entire race. The Philippine tales are the wellsprings of the various issues of nearby life. At first told and retold by the ancestors of long earlier, these accounts have gushed down to the present through the lips of narrators and have transformed into a key a part of the nation’s social inheritance (Fullmer, 2013). Rice in Philippine Myths and Legends Philippine folklore and old stories consolidate a social event of stories and odd notions about charmed creatures and substances. A few Filipinos, regardless of the reality of being seriously westernized, still believe in such issues. Philippine folklore and odd notions fluctuate contingent upon the locale. This is on the grounds that the country has various islands and they are controlled by different ethnic social events. Of course, certain similarities exist among these social affairs, for instance, the foundation of rice (Acabado, 2009). Starting point of Rice There was a period, various years sooner, when rice was not known by any stretch of the imagination. Around then, the ancestors lived on such items as vegetables, wild creatures and feathered creatures, which they chased in the mountains or the timberlands. Working the soil was as yet dark. Similarly, poultry and pig was not yet a bit of their strategy for living. Since people depended upon the sustenance the nature gave, and not what they themselves created or raised, their stay in one spot was constantly brief. Right when there was nothing more to chase or assemble in a specific spot, they would go to another area where there was a great deal of food. Along these lines, they streamed beginning with one spot then onto the following (Juanillo 2011). In the start of the day, the men set off to the mountains or woods to chase, while the ladies and little children were occupied with angling and assembling nourishments developed from the beginning. Following all day work, each and every wild animal that had been killed in the pursuit, and all nourishments developed starting from the earliest stage had been amassed would be isolated similarly among all the families, which kept up the equalization (Juanillo 2011). At some point, a gathering of trackers went out to pursue a deer. In their longing to have a not too bad prey, the men strolled all over until they went to the Cordillera Mountains. Having a long excursion, and feeling dead depleted, they decided to take a rest under a significant tree. It was approaching twelve and all of them were ravenous (Patriarca, 2015). While resting in the shade of the tree, they saw, not a long way from them, a gathering of people who didn't look equivalent to average citizens. The trackers comprehended that they were divine creatures and goddesses who lived in that partof the mountain. Simultaneously the men stood up and gave the divine beings due appreciation. The celestial creatures were glad of this sign. Thus, they welcomed the trackers to have a supper with them (Juanillo 2011). The men assisted with preparing the supper. They butchered the deer and a wild pig, and a while later set them over the hot coals. In a short time, a laborer of the celestial creatures got a couple of bamboos and set them over the fire. The bamboos contained minimal white pieces shaped like touches. In a little while, the cooked bits were set in saucer-formed banana leaves (Juanillo 2011). The table burdened with stewed meat, cooked vegetables, and new common items. Various bamboos were gotten and these contained what resembled flawless water (Patriarca, 2015). The trackers before long found that the valuable substance was not water, yet rather, the wine of the bathalas (Fullmer, 2013). In the first place, the men were reluctant to join the affair as they saw the little white parts. We dont eat worms, the manager tracker said. The bathalas smiled. These white spot formed bits are not worms, addressed one of the perfect creatures. They are cooked rice. They started from an exceptional kind of plant, which we ourselves create. Come and eat with us. After the god had talked, the searchers didn't avoid any more. They ate with the heavenly creatures. They were fulfilled and happy, on the grounds that they had been supported just as considering the imperativeness: they felt in the wake of eating cooked rice. Their weak bodies became strong again (Fullmer, 2013). After the victory, the trackers offered thanks to the heavenly creatures. Prior to leaving, every tracker got a sack of palay from divine beings. This is palay, explained one a greater amount of the heavenly creatures. Pound the palay, winnow and clean it outstandingly well. Wash the rice with water and spot the washed rice between the bits of the bamboo with enough water to be devoured by the rice. By then, put the bamboo over the fire until it is cooked. The god postponed for quite a while. By then he continued talking. The cleared out will get the opportunity to be strong and all of you will be satisfied in the wake of eating. Protect a part of the palay for your seedbed. The awesome creatures urged the trackers to start planting in the midst of the swirling season. In the midst of the dry season, they could gather the palay. The divine beings at that point prompted the men to introduce the palay in their town and tell everybody the best way to till the soil. You will find headway , and this will keep you from wandering from spot to spot(Fullmer, 2013). The trackers offered thanks to the perfect creatures once more. By then, they set off for their town. They followed the direction of divine beings. They showed their own family how to till the earth and plant rice. They additionally showed their related locals how to cook rice. Clearly, they introduced the eating of cooked rice to everyone. After various years, the demonstration of eating rice and the art of its planting must be sweeping. Various diverse barangays before long grasped the training and expertise. From that time forward, rice has transformed into a basic food of our kinfolk. In like manner, close by the working of the soil, our kinfolk have made sense of how to raise animals and to manufacture immutable houses (Fullmer, 2013). Rice Farming and Rituals In the long time past days, starvation was conspicuous in the Philistines. The unhinged people implored their goddess to save them. Moved by sympathy, the goddess slid to the earth. The region was gotten dry with drought, with only two or three in number weeds on the ground. The goddess revealed her chest and emptied milk into each ruined ear of the weeds. At the point when her milk ran out and she saw that there were as yet empty ears, she mentioned that the sky gave her more channel. Then again, when she pressed her chest again, simply blood turned out. At the point when she was done, she at that point wound low over the plants and implored them to succeed and energize her again (Haban, 2009). Among the World Heritage goals in the Philippines, the Rice Terraces of the Philippine Cordilleras have such a successful region, to the point that makes them a champion among the most exceptional spots in the country. Lying high in the Cordillera Mountain, their setting can't be copied anyplace in the marsh tropical scene or even anyplace on the planet. Weeks passed and the weeds created and ended up being brimming with grain. Exactly when everybody gathered the stalks and beat them open, a couple of grains were as white as the goddess milk while some were as red as her blood. Everyone cooked the grains and found them sustaining. Cheering, for at long last they have food, the individuals offered appreciation to the goddess as they re-planted and gathered this weed, which is what is by and by known as rice (Russel, 1920). Origin legends propose this was basically found through understanding to oversee sustenance sources, especially considering fiascoes, for instance, drought and maladies and cholera. The general standard and technique of terracing was displayed in custom fantasies, anyway the systems were made through time and by the association of the ideal intervention of Ifugao forebears. In their ancestor instigated dreams a couple of aptitudes, have been made by the Ifugaos for their rice terracing custom. A couple of functions have been delivered by the Ifugaos that exalt their forerunners in their rice terracing show. It is believed that the custom fantasies introduced in rice functions outline its foundation (Acabado, 2009). Scientists accept, slants have been terraced and planted with rice as far back as 2,000 years. Mountains terraced into paddies that despite everything make due in moving states of insurances are spread over zone territory (7 percent of the total zone areas of the Philippine archipelago) that is in the northern Luzon districts of Kalinga-Apayao, Abra, Benguet and Ifugao. The unrealistic site is found at statures varying from 700 to 1,500 meters above sea level, where patios are cut into mountain slants with structures that rising steeply (Madigan, 1964). Nearness in the Cordillera joins man with nature, and the unrivaled point of view shows how man has framed the scene to allow him create rice. The sheer magnificence of the porches gives uniqueness and quality. Other than wind and blending leaves, there is also the steady stable of water spilling downhill on the conduits that flood the porches. There is nobleness in the public arena and condition conveyed by the imperishable tranquility of the yards. Most Filipinos see the patios as their most important national picture (Russel, 1920). The beginning stages and age of the Ifugao rice porches in the Philippine Cordillera continue instigating interest and innovative capacity in educational and noticeable common contentions. For Southeast Asian analysts, dating these porches

What Should I Write? - How to Write an Article Review

What Should I Write? - How to Write an Article ReviewThe first question that most people ask when they are thinking about writing an article review is, 'What should I write?' The answer is simple. You can't write a review without some critical thinking and background information on the product or service you are reviewing.If you want to succeed at this writing challenge, you need to be knowledgeable about the product that you are reviewing. You need to have a general idea of what it is. Most writers spend a large portion of their time trying to 'think like' the product and promote it to consumers. While this is a good practice, it is usually unnecessary and pointless.Writing an article review for the purpose of advertising can lead to disastrous results. Many consumers look up reviews about companies and products online. You want your review to be found through the search engines and linked in the right places.A writer can get caught up in all the information they have and forget to focus on the quality product or service. When you get stuck on facts about the product, remember that you are writing for consumers. These consumers need to be informed. Their information will decide whether they are going to choose the product or service or not.Some writers focus so much on researching the product that they neglect their content. After all, if you had a product that was 100% accurate and no one ever got hurt, wouldn't you want to write about it? The truth is, people are happier when they receive helpful and informative information.The next question that most readers ask is, 'Can I do the same thing with my article review?' Absolutely! You can use the same formula of research and testing for the product you are reviewing.In essence, you are essentially developing a little article to promote the brand of the product that you are reviewing. By doing this, you can make a strong point or convey a unique message that other writers could not. Writing an article review is not a rocket science.

Thomas Descartes s Dream Argument And The Dream...

In the First Meditation Descartes famously presented his ‘dream argument’ or ‘dream paradox’ in which he questions how we can distinguish between dreams and waking life. In this essay, I will explore various responses to the argument such as Hobbes and Locke and how I think Descartes would dismiss these arguments. I will finally present my own criticism alongside the work of Austin, Simpson and Ryle in order to illustrate the inconsistency of Descartes claims. In order to deconstruct the dream paradox I will appeal to one of the three common methods of solving paradoxes; denying a premise, particularly the first premise as this results in the collapse of the remaining conditional premises. I will ultimately show that the dream argument is a paradox and how this causes the dream argument to fail. Descartes aim throughout the first segment of his Meditations to overthrow existing foundations of knowledge and encourages readers to remove prior knowledge and prejudices in order to fully accept the new foundations which he aims to establish. The method of doubt is used to find beliefs that can serve as a new foundation for knowledge. Only beliefs that are certain, immune from doubt, can perform this function. Descartes argued that what we believe on the basis of the senses cannot meet the standard. Consequently, he concluded, we do not know anything on the basis of our senses and the dream argument is formed. The ‘dream argument’ results from a realization by Descartes that heShow MoreRelatedLanguage and the Destiny of Man12402 Words   |  50 PagesÅžtefan Afloroaei / Descartes and the â€Å"metaphysical dualism† Descartes and the â€Å"metaphysical dualism†: Excesses in interpreting a classic* Al.I. Cuza University of Iasi Abstract The article focuses on one of the most serious accusations brought against Descartes and modern philosophy, namely â€Å"the dualism of substance†. The accusers claim that the human body and soul were viewed as completely separate; consequently, their relationship as such and the united being of man become incomprehensible. AsRead MoreChristian Ethics in a Postmodern World Essay example6531 Words   |  27 Pages(worldviews) in the world (Anthropologist’s participant observation teaches us this somber reality) (Wagner 1981: 4) and that their own religion (worldview) is not always correct (The Galileo’s telescope is an epoch making incident). After Renà © Descartes’ (1596-1650) famous cogito ergo sum (I think, therefore I am) which is closely connected with dubito ergo sum, autonomous rationality is being uphold as the final authority to arbitrate the truthfulness of all worldviews (Anderson 1990: 32-33). Read MoreMetz Film Language a Semiotics of the Cinema PDF100902 Words   |  316 PagesOxford University Press, 1974. Includes bibliographical references. ISBN 0-226-52130-3 (pbk.) 1. Motion pictures—Semiotics. 2. Motion pictures— Philosophy. I. Title. PN1995.M4513 1991 791.43 014—dc20 90-46965 C1P The French edition of Christian Metz s Essais sur la signification au cinema, volume 1, was published by Editions Klincksieck in 1971,  © Editions Klincksieck, 1968. ÃŽËœThe paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-PermanenceRead MoreLogical Reasoning189930 Words   |  760 Pagesstructure of arguments. David M. Adams, California State Polytechnic University These examples work quite well. Their diversity, literacy, ethnic sensitivity, and relevancy should attract readers. Stanley Baronett. Jr., University of Nevada Las Vegas Far too many authors of contemporary texts in informal logic – keeping an eye on the sorts of arguments found in books on formal logic – forget, or underplay, how much of our daily reasoning is concerned not with arguments leading to truth-valued Read MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesand permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. To obtain permission(s) to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, One Lake Street, Upper Saddle River, New Jersey 07458, or you may fax your request to 201-236-3290. Many of the designations by manufacturers

Ford Essay - 1041 Words

Microeconomics of the Ford Motor Company Final Paper – ECO201 14EW1 Karen J. Cassady Southern New Hampshire University Abstract: (Brief Summary of paper aprox 150 words) to be added for final draft. Introduction The purpose of this paper will be to explain how the supply and demand as well as the elasticity of demand exists for the automobiles produced by the Ford Motor Company. The early history of the company through the present will be highlighted in an effort to show how the firm became a global leaders in the production of automobiles. Ford Motor Company The firm that I have chosen for this paper is the Ford Motor Company. The Ford Motor Company has become one of today’s largest most profitable†¦show more content†¦The roaring twenties saw many improvements and additions at Ford. By 1919 the Model T held 40% of the domestic market (â€Å"Ford Crises of 1920-1921,† 2007). Throughout the 30s and 40s, Ford continued to set the standard for the automotive industry. 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A SWOT analysis will provide the decision makers of the company with information about the positive and negative aspects of both the external and internal environments currently facing Ford. The internal analysis will provide better

Economics for Manager of Banking industry - Myassignmenthelp.Com

Questions: a. Apply your understanding and concepts from micro economics, to investigate and summarise the major features which characterise the economics of firms in this industry.b. Which of the 4 market structures best describes this industry? Explain.c. Describe and analyse the economic and pricing policies that you would expect to find in this industry.d. Choose one of the banks in this industry and write your policy recommendations for the pricing of its retail banking products and services.e. Write a Conclusion including the insights you have gained from this assessment task. Answers: Answer 1 The Australian Retail Banking industry is heavily dependent on four major banks. Known as the Big Four banks, these four dominate the 80% of the market share of Australia. Rest 20% of the market is captured by approximately 20 or so smaller banking or non-banking financial institutions. The four big banks are Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (WBC), Australia and New Zealand Banking Group (ANZ) and National Australia Bank (NAB). These four banks have secured their places among the 50 safest banks of the world (Global Finance Magazine 2016). These banks also gained the sixth position in the world for providing positive consumer experience in 2015. The Retail Banking includes various financial services such as, general banking, net banking, mobile banking, ATM, EFTPOS. The banking industry operates in the financial service center. Hence, through services, it contributes in the GDP of the nation. From the economical point of view, it can be said that, the four banks act like a group. The decision made by one bank influences the decisions of the other banks (Liu, Margaritis and Qiao 2016). The economic theory of firms relates to the economic function and objectives of the firm. The economic objectives of the firms include profit maximization, sales maximization, increased market share or gaining market dominance, profit satisficing, social and environmental concerns and non-profit or cooperative motives. These objectives sometimes overlap. For example, increasing the market share may lead to fall in the profit initially or in short run, but in the long run, the profit level will increase (Zheng and Lin-na 2015). From the above, t he objectives can be explained as below. Profit maximization is the fundamental objective of any business. Higher profit implies higher dividend for the shareholders, reinvestment on research and development, makes the firm less vulnerable for takeover and enables it to provide higher salaries to the employees. Hence, every organization wants to make substantial amount of profit (Stonecash et al. 2015). Sales maximization implies the growth in two stages, firstly, capturing a larger share of the market and secondly, increasing sales by attracting consumers towards the products or services. This sometimes leads smaller firms to go out of the business. Growth maximization or increased market share represents the mergers and takeovers by a firm. Regional or locational expansion is also considered as growth. More market dominance generates monopoly power for the firms (Nellis and Parker 2006). The social and environmental concerns of the firms focus on the corporate social responsibility (CSR) and these policies aim for wellbeing of the society and sustainability of the environment. In the context of the retail banking industry of Australia, the system is headed by the central bank, that is, Reserve Bank of Australia (RBA) and the retail banks follow the guidelines of RBA. The major banks work as per the above objectives, that is, profit maximization, rapid growth and sales maximization, as reflected in the aggregate market share, and designing the CSR policies for the benefit of the societies and environment. Hence, the economics of firms are quite applicable for the retail banks of Australia. Answer 2 Market structures refer to the distinguishing features of the economy that determine the way the economy would flow. It helps in characterizing the economy. There are four basic types of market structures, namely, perfect competition, monopoly, oligopoly and monopolistic competition. Not all of the structures exist in reality, but these help in deciding the nature of the existing market. Hubbard et al. (2015), highlights that under perfect competition, there are numerous sellers and numerous buyers and the products are homogenous. The firms are price taker, as a single firm cannot influence the market, and there is no barrier to entry, that is, firms enjoy freedom of entry and exit. There is no supernormal profit in this market. In monopoly, there is single seller in the market and numerous buyers. The monopolist is a price maker and it sets the price at a level that enables it to maximize profit. There is high barrier to entry and exit and price discrimination exist in monopoly. Oligopolistic market structure is characterized by few large sellers dominating large number of buyers or the entire market. The products are not perfect but close substitutes. The firms act like a group and the actions of one firm affect the others. There are barriers to entry and exit and the profit is maximized as the firms can set the price. Lastly, under monopolistic competition, large number of small firms competes against each other and the firms are price maker, thereby maximizing profit. There is free entry and exit in the market and the firms sell slightly differentiated products. This gives the firms some level of market power to charge higher than the market price. Non-price competition is highly important in this type of market. Going by the characteristics of the retail banking industry of Australia, it is found that, only four banks have captured the lions share of the market, that is, 80%. The banks offer almost similar services to the customers, that is, the banking and financial services. This implies that the services provided by these banks are not perfect but close substitutes. There are high barriers to the entry and exit in the market, which are created by these four banks (Bernanke, Olekalns and Frank 2014). Hence, for a new bank, it is very difficult to enter the banking industry of Australia and make profit. Since, the four banks are operating in the country for a long time, people have more faith in them than on a new bank. These banks have also earned their places among the top 50 safest bank in Australia, which makes it all the more difficult for a new bank to penetrate into the banking industry and make a substantial profit (Grubel 2014). The banks behave like a group and the decision or act ion of one firm influences the others to make changes in their policy to retain the market share. Thus, it can be said that the oligopolistic market structure best describes the retail banking industry of Australia. Answer 3 Economic and pricing policy represents the policies that are concerned around the economic objectives of the business and pricing of the products and services in a way that would bring profits for the company. According to Nagle, Hogan and Zale (2016), pricing strategy or policy takes into account the market segments, customers ability and willingness to pay, actions of the competitors, condition of the market, trade margins and cost of inputs etc. This policy is usually targeted at particular customer segments and against the competitors. There are several types pricing policy. Those are explained below. Premium pricing is the high price, which is used when a firm has very strong competitive advantage over the others in the industry. Penetration pricing is the strategy where the price is set very low to enter a new market and capture a market share. Economy pricing is the no-frills price with very low margins, overhead and marketing costs. It is targeted at the mass market and aims to capture a larger market share with a low price. Skimming pricing strategy is the one where the firms put a higher price to the product or service when there is very less competition in the market and attract more customers. When the high profit from the product or service attracts more competitors, the price falls leading to lower price (Ntti and Lhteenmki 2016). Apart from these, there is another type of pricing that is widely used in retail banking. As the retail banking is also facing high level of competition, the banks are adopting new economic and pricing strategies to retain the customers and make profit. The banks use pricing innovations as a mechanism or tool for raising the profitability and competitive differentiation. All the pricing rules are determined by the central banks and the banks design their own pricing policies based on that (Wruuck, Speyer and Hoffmann 2013). In the retail banking of Australia, since the market structure is oligopolistic, the banks behave like a cartel. It is a group that allows the banks to manipulate the prices of their services to create a high barrier to entry. The banks behave like a group to set the price high for profit maximization, like in a monopoly. If one bank changes its rates and prices for other services, the other banks will also follow to retain their market share (Dornbusch et al. 2013). Figure 1: Cartel pricing (Source: Author) In this industry, the collusive pricing model is adopted as the banks will collude to set the prices higher for profit maximization. It helps in reducing the competition (Correa, Garca-Quero and Ortega-Ortega 2016). The economic policies in the retail banking revolve around the policies on deposit, credit and money management (RBA 2017). The banks are the safest place to deposit money through savings account and earn interest on them. They also give credit to the customers when they need money, and lastly, it manages the money through checking accounts and cards. The banks in Australia follow the same structure as the economic policy and contribute in the economy through GDP, employment and money supply in the economy. Answer 4 Among the big four banks, ANZ is taken for pricing policy recommendation. In this industry, these banks set the price for the services quite higher than the other banks and make higher profit. This way, they create high barriers to entry for new firms that try to enter the market. The banks exert monopoly power on the market by capturing almost 80% of the total market. At the same time, the banks exploit the consumers with higher prices by reaping off the consumer surplus. ANZ is a major part of the retail banking of Australia. ANZ will follow the change in decision of any one of the other 3 major banks. There can be price war in this structure of the market. If one bank cuts its rates too much, the other banks would follow and the level of profit would be reduced for all. On the other hand, if one bank raises its prices for the services high, following the premium price strategy or skimming price strategy, then other banks would not raise their product and service prices in the hope of gaining more customers. Since, the products and services in the banking industry are almost similar among the competitors; the customers can switch to another substitute product or service in order to reduce the losses (Gomez-Martinez, Onderstal and Sonnemans 2016). Hence, there can be a few recommendations for ANZ, which could be helpful to maintain a stability in the market. Firstly, the bank should not be engaged in a price war with other banks, as that would lead to a fall in profits for all of the banks. It should maintain the rates of interest as per the RBA guidelines and at a competitive rate at par with the other banks. Lowering of interest rates too much would increase the liquid money supply in the market and excess supply of money would create inflation in the economy. On the other hand, raising the interest rate more than the required level would attract too much savings and expenditure in the economy would be lowered. Hence, there will be excess supply of goods and services, creating instability. Hence, ANZ should refrain from involving in any price war. Secondly, the pricing strategy should enhance the customer experience and boost the profits. In other words, customer value proposition should be in focus for ANZ. In the times, when the prices have become more important than the loyalty towards the bank, ANZ should think about innovative strategies to attract and retain customers. Thirdly, ANZ should focus more on the relationship banking. The quality of service as well as the relationship with bankers is equally important. Hence, the bank should go for more relationship based pricing. The relationship based services should be higher priced as that would entail some personnel to take care of individual customers. This is a new concept, and this would not only create a good relationship between the bank and the customer through personal touch, but would also bring revenues for the bank. Answer 5 From the above discussion, it can be said that, the retail banking of Australia is quite an established financial sector. RBA has maintained the stability of the economy is such a well manner that the country never faced recession in the past 26 years. It has been a great achievement on part of the Australian Government. In this country, the four banks dominate the 80% of the total banking market and the other 20% is captured by another 20 or so financial institutions. The banks have been able to dominate the market for a very long time through its quality of service, economic policies, pricing policies and relationship with the customers. These have been able to build the trust among the customers, which has become a barrier for the other new banks. The banks have formed an oligopoly market structure in the banking sector. Only four firms dominating the entire market, with products and services very close to each other is an example of oligopoly market. In this market, the banks have informally formed a collusive oligopoly, which has the features of a cartel and have created high barriers to entry for the other banks. The new banks face challenges in capturing the market due to many issues, such as, these banks lack the trust from the customers, these do not have enough funds to handle the set up costs and these cannot provide high quality service at a cheaper cost since, that would further lower their profits. Hence, the four banks have the market dominating power. At the same time, the banks set up the price for the products and services quite high to maximize their profits. In this context, it can be said that the banks have a risk of engaging in the price war. This can lead to a fall in profits for all the banks. Hence, they should refrain from engaging in a price war. Along with that, the banks should invest more in customer value proposition, and relationship based pricing. These would help in enhancing the customer loyalty towards the bank and boost their profits. Innovative strategies, pricing and products should be the target of the banks to improve the customer experiences. Although the retail banks of Australia have gained their positions among the top 50 safest banks in the world, still they must keep on improving their pricing and services to retain their market share in the future. References Bernanke, B., Olekalns, N. and Frank, R., 2014.Principles of Macroeconomics. 4th ed. McGrawHill Education Australia. Correa, M., Garca-Quero, F. and Ortega-Ortega, M., 2016. A role-play to explain cartel behavior: Discussing the oligopolistic market.International Review of Economics Education,22, pp.8-15. Dornbusch, R., Bodman, P., Fischer, S. and Startz, R., 2013.Macroeconomics. 3rd ed. McGraw-Hill Education Australia, pp.24-26. Global Finance Magazine, 2016.Best Banks Financial Rankings. [online] Global Finance Magazine. Available at: https://www.gfmag.com/awards-rankings/best-banks-and-financial-rankings/ [Accessed 30 Nov. 2017]. Grubel, H.G., 2014. A theory of multinational banking.PSL Quarterly Review,30(123). Hubbard, G., Garnett, A., Lewis, P. and O'Brien, T., 2015.Microeconomics. Pearson Australia. Liu, M.H., Margaritis, D. and Qiao, Z., 2016. The Global Financial Crisis and Retail Interest Rate Pass-Through in Australia.Review of Pacific Basin Financial Markets and Policies,19(04), p.1650026. Nagle, T.T., Hogan, J. and Zale, J., 2016.The Strategy and Tactics of Pricing: New International Edition. Routledge. Ntti, S. and Lhteenmki, I., 2016. The evolution of market orientation in Finnish retail bankingfrom regulation to value creation.Management Organizational History,11(1), pp.28-47. Nellis, J. and Parker, D., 2006.Principles of Business Economics. 2nd ed. Essex, England: Pearson Education. RBA, 2017.About Monetary Policy. [online] Reserve Bank of Australia. Available at: https://www.rba.gov.au/monetary-policy/about.html [Accessed 1 Dec. 2017]. Stonecash, R., Gans, J., King, S. and Mankwin, N., 2015.Principles of Macroeconomics. 7th ed. Cengage Learning Australia. Wruuck, P., Speyer, B., AG, D.B. and Hoffmann, R., 2013. Pricing in retail banking.Scope for boosting customer satisfaction profitabili. Zheng, L.I. and Lin-na, M.A., 2015. Strategy of entering the Australian retail banking market.Technological Development of Enterprise,7, p.013.