Effectiveness of Online Advertising Essay Example for Free

Effectiveness of Online Advertising Essay Growing internet user base, increasing time spent on the internet, broadband penetration into the households and fragmented media consumption of consumers are driving advertisers towards the field of online advertising. But there are a few limitations to this sector as well, the primary one being low broadband penetration in the country. Thus, the field of online advertising promises growth as it is interactive, targets specific consumers and has no geographical or time boundaries. With the help of all the primary and secondary data collected and analyzed, certain trends and conclusions came forth. The first and foremost thing in this project was to understand the influencers (online advertising agencies). Why various sectors are getting into the field of online understanding, what are the features of an online advertisement, what are the advantages of internet as a medium over other forms of media, objectives of an online campaign, which sectors are investing in this field and what are the limitations of internet as a medium of advertising – all these are listed under the major findings. The next thing was to understand the average consumers who had to be users of internet. Why they use internet, do they notice these advertisements, if yes do they take any action, if no then what is the reason for the same, do they think that online advertising is more engaging, if not what is their preferred medium for advertising, whether they have been pursued to take any action regarding the product/service after watching the online advertising and whether they think that online advertising has any limitations or not – all these are listed in detail under major findings. For this, students studying across Delhi, pursuing graduate/post-graduate and various professional courses were among the target audience. The reason behind this was that students these days spend a lot of time on the internet whether it is for acquiring information or social networking sites. They are present their on the medium and notice these advertisements. The Young Working Professionals are the other target segments as they are also heavy users of internet using it for acquiring information or sending e-mails or social networking sites. Online advertising as a medium is emerging and holds a promising future for brands to build consumer relationships as these advertisements act as a reminder as well as a channel of sales. Online Advertising provides brands with the opportunity to exist alongside their competition and yet be relevant. Presently BFSI and IT sectors are the major investors in online advertising as their target audience (corporate) is present online most of the time. So, internet acts as a medium of influencing the target consumer as well as a channel of sales for them. But FMCG sectors are also catching up. Because of the advent of social networking sites like Facebook, Orkut and Twitter, it has become easier for FMCG brands to advertise online as these advertisements act as a reminder for the consumers and directs the interested consumers to the main sites. This helps them in building their brand image as well as the consumer database as it gives them the opportunity to interact with the consumers and get feedback. The most important feature of Online Advertising is that is measurable i. e. consumer reactions can be monitored. This feature of online advertising makes it an efficient medium for advertising as results can be easily monitored. The major limitation to this medium is the low broadband penetration in the country and although the internet user base is on a rise but the ratio when compared to the total population is very low. Thus, Online Advertising is an effective medium of advertising owing to its interactive and measurable nature. With the growing possibilities of sectors investing in this medium we can expect more creative content to be available on the online space. This would make the medium of online advertising more creative, more interactive and in tune with all the other mediums of advertising. INTRODUCTION BACKGROUNDER The Indian advertising industry is in a phase of transition. Rapid advances in technology and an ever growing base of empowered customers have redefined how advertising is created, sold, consumed and evaluated. At this juncture advertisers are experimenting with a number of emerging platforms including Internet which has been globally acknowledged as an interactive medium with a lot of advertising potential. Internet is the most powerful communication medium known to humankind but there is still a debate on as to how powerful it as a communication tool. It is a way of directly communicating to consumers in cyberspace. It is unique as there is more of narrow focus on e-commerce. It has opened up a lot of opportunities for marketers for targeting customers in an interactive and measurable ways. Online advertising is an effective way of advertising that uses the power of Internet and World Wide Web in order to deliver marketing messages and attract consumers. It helps to target specific customer segments and gather information across geographical boundaries in a cost effective manner. Online advertising helps in not only leading visitor to a publisher’s site but also creating awareness which potentially could result in gradual brand building. With online advertising you get instant results. It is growing faster than other segments due to fundamental drivers such as †¢ Low input costs for advertisers †¢ Increasing awareness of online usage in India amongst advertisers and marketers †¢ Growth in online user/audience base The number of net surfers in India is increasing at a rapid rate and studies have shown that people are spending more and more time on the web. Buying products online is convenient, hassle-free and easy. Online market places allow buyers to see the best deals available without moving from their desks and choose the products they want which they could not find at the local supermarket. For a company putting an advertisement online gives a benefit of being present right next to your competition when people are looking for products or services. Online Advertisement in India is a fast growing market and media buying is becoming a very important decision for all online spenders. The biggest advantage of Online Advertisement is it helps you to track your user online and understand online consumer behaviour. Recognizing the possibility of using Internet as an effective tool for targeting niche audiences, innovative perspectives are being practiced by established and traditional institutions. According to a study1, in the recent general elections in India (early 2009), many Indian politicians considered Internet as a useful platform for interactive political communication especially with youth. Indian National Congress party used sites like YouTube and Facebook to execute web-based social marketing campaigns. With 50 Million Internet users in Urban India and majority of them in the age group of 18-24 years, Internet was found to be an effective tool to engage with them. 1 Study on Online Display Advertising in India by IMRB (December 2009) Growing Internet user base, increasing time spent on the Internet, broadband penetration into households and fragmented media consumption habits of consumers are driving advertisers towards the online medium.

Realism Relations Political

Realism Relations Political How is classical realism different to neo-realism? Neo-realism is a school of thought in international relations, which has its origins in classical realism which was advanced by writers such as Hans Morgenthau. He believed that states acted only in the pursuit of their self-interests to promote survival. Kenneth Waltz introduced a new approach, through his book, ‘Theory of International Politics, claiming that neo-realism can strengthen the previous paradigm of realism by looking at international relations in a more structural and methodological perspective and as a result, enhanced conclusions can be obtained. Therefore, in order to assess the differences between realism and neo-realism and whether Waltzs neo-realism is an improvement on classical realism, it is firstly important to define both neo-realism and classical realism. It is also important to consider Waltzs perspective in detail and analyse the elements which could be deemed as improvements. Thus, it will be argued that neo-realism is an improvement on classical realism due to its more rigorous scientific approach to international relations. Morgenthau was an international theorist who advocated the paradigm of realism. His theory consists of many principles which he believed gave a more pragmatic approach to international relations compared to the earlier paradigm of idealism. He considers states to be aggressive and power-seeking and that these specific characteristics stem from the imperfect humans from which they are constructed. Additionally, he deems that states are the key actors in international relations and stresses that national interests dominate state behaviour. This poses the question whether states can have interests, but realists like Morgenthau argue that states not only have interests but also behave in accordance with these interests. He further personifies states adding they will continually pursue their self-interests even though it may be detrimental to others. Central to Morgenthaus theory was the concept of power as the dominant goal in international politics and the definition of national interes t in terms of power. He called for recognition of the nature and limits of power and for the use of traditional methods of diplomacy, including compromise. In, ‘Politics Among Nations, Morgenthau outlines his six principles in international relations, with the first of these being that, ‘politics is governed by objective laws which have their root in human nature. These objective laws cannot be changed nor affected over time and human preferences. Therefore, the laws of human nature, tied with an assumption that actors are rational, provide a good framework for the explanation of international relations. His second principle regards the understanding of international politics through the, ‘concept of interest defined as power, and so sets the realm of international politics as autonomous to other spheres of action such as ethics and religion. The third principle in his doctrine focuses on the premise that state power can change but the concept of interest remains constant. The political and cultural situation determines that state power and this objectivity of interest can provide a general starting point in the analysis of international politics. His fourth and fifth principles centre on the need to differentiate between the morality of the state and the individual. He believes that universal moral principles do not guide state behaviour even though that behaviour may have moral and ethical consequences. States are not moral agents, and their actions should be judged solely on the principle of national interest and survival. His final principle concerns the autonomy of the political sphere and its separation from the other spheres of human concern. Morganthau sees man as being pluralistic in nature and the political nature of man must be abstracted from all other aspects of human nature. He says, ‘A man who has nothing but ‘political man would be a beast, and as he considers the concept of interest defined in terms of power this ‘political man, ‘would be completely lacking moral constraints. The realist interpretation of the political man gives primacy to political considerations by defining interest in terms of power in contrast to the ‘economic man who thinks of interest defined as wealth. In the international structure, Morgenthau characterises states acting in a rational fashion because they carry out a cost-benefit analysis before proceeding with any action. In hypothetical terms country ‘A would only invade country ‘B if the benefits were far superior to the costs. He says ‘†¦a rational foreign policy to be good foreign policy; for only rational foreign policy minimizes risks and maximises benefits. Therefore this emphasises states as being unified and rational actors, with respect to the implementation of foreign policy. Furthermore, an additional concept of the classical realist paradigm is the balance of power between states in the international system. States align themselves with other states to form alliances and to feel more secure against the threat of a superpower. This reiterates the need for states to promote, their pre-eminent goal of survival and forming alliances and thus balancing of power ensures this. Alliances are seen by re alists as the paramount method of gaining power as the likelihood of invasion is reduced. Thus, the potential aggressor will have to attack more than one state, thereby in undertaking a cost-benefit analysis; the cost of an attack would outweigh the benefits. Morgenthau argues that states are the real actors in international politics and there is no supreme power or sovereign authority above them. The lack of governance consequently leads to an anarchic structure to the international system, thus creating the rise of insecurity. Initially, states begin with a defensive motive, but are forced to think and somewhat act inherently offensive because of the anarchic structure of the international system. As states are motivated by power and the pursuit of national interest, normally defined in security or military terms, to ensure their own survival the principle of self-help becomes more significant. It emphasises the need to differentiate between the international and domestic political structure. It surmises the domestic political system to be hierarchical, with the central government superior to local and district governments. In contrast, this clearly defined structure is absent in international politics, and therefore anarchy is dominant . In 1979, Kenneth Waltz published, ‘Theory of International Politics, and from this the neo-realist approach to international relations emerged. He sought to develop a more rigorous theory of international politics than earlier realists, like Morgenthau. Waltzs paradigm argues that, ‘classical realism understood the constraints inherent in anarchy but failed to develop a serious account of its structure. He believes the theory had to be defined precisely and in terms drawn from the thinking of the scientific method. Furthermore, he demonstrated how one can distinguish between the unit level and structural elements and then make connections between them. Waltz not only restricted the kind of theory he was producing but also its scope. He argued that there were patterns in the international system which recurs over time and these were products of the system itself, and not of its subsystems. He used this approach to show that the interdependence theory overstated the relianc e of great powers on other states, military power was extremely useful in preserving stability and that great hegemonic powers had a role in overseeing world affairs. Waltz judged there to be two types of system which were possible, hierarchical and anarchical. In the hierarchical system, different kinds of units are organised under a clear line of authority, whereas, ‘International systems are decentralized and anarchic, leading to units being similar in nature even though they may have different capabilities. The scientific approach by neo-realists is a specific aspect of the theory which distinguishes itself from classical realism. Waltz believes in a more methodological approach to the international system as the path to knowledge must originate from observable data from which an effective hypothesis can be made. Also by producing large data, regularities can be found and therefore hypotheses can be tested against further data. Furthermore no prior assumptions can be made, especially in regards to human nature, which opposes Morgenthaus realist paradigm. The data must also be open and explicit, about how it was gathered allowing modern theories to be rejected. Indeed, Waltz was able to produce three criteria to distinguish between the domestic political system and international system, and the first of these is the ordering principle. In agreement with the classical realist paradigm, the anarchic system has lead to a lack of authority and a self-help system. He says, ‘each unit se eks its own good: the result of a number of units simultaneously doing so transcends the motives and aims of the separate units. States are only able to survive if they increase their military capabilities and therefore enhancing the security of it. It is the ordering principle that Waltz believes, leads to states performing identical primary tasks. This very doctrine assumes that states have to defend themselves but in conjunction to this preparation, a ‘spiral of insecurity gives rise to a security dilemma, in the system. When states increase military spending and build up arms, other neighbouring states may feel undermined and threatened, even though the build up was entirely defensive. In believing that states perform the same primary functions, the neighbouring states start to build up their arms. This leads to an arms race as states continually act to restore the balance of power, a race which Waltz argues stops when equilibrium is reached. This corrective mechanism is seen as part of the nature of the system allowing the removal of human nature when describing the power struggle between states. In Waltzs second principle, he emphasises the anarchic structure of the international system which leads to states being independent, separate yet formally still being equal units in the system. Waltz writes, ‘states†¦are not formally differentiated by the functions they perform, therefore due to the anarchical structure of the system, states remain like units. Since each state performs the same tasks, ‘†¦the ends they aspire to are similar. Furthermore, the states recognise its interests must only count on its own resources as they, ‘all do more business at home than abroad. He stresses that it is their ability to accomplish these tasks, which distinguishes states not the actual functions they accomplish. Indeed, due to states performing the same important primary tasks it signifies the inability to differentiate them from on another, yet it is their actual distribution of capabilities which does distinguish them. Waltz states, ‘The structure of a system changes with changes in the distribution of capabilities across the systems units. The distribution, allows the prediction of the balance of power and the comparative power of the states in the system. Waltz argues that states in anarchy prefer the balance of power, as the power of other states is interpreted as aggressive. Neo-realists see the balance of power between great powers always occurring as it is a natural phenomenon in the anarchic system. The actual balance of power implementation of this balance is not done by diplomats, declare neo-realists, rather it is a spontaneous and corrective mechanism. All forms of realism therefore have a number of characteristics that are in common such as emphasis on the importance of the state and political groups, especially the military, and not the individual. They also advocate the continuity of human condition, for Morgenthaus realism this is embodied within human nature, whereas for neo-realism this is centred on anarchy as the ordering principle. In both approaches, anarchy is paramount in the international system and this creates powerful incentives for aggression. Therefore, due to the lack of constraints on states implies that conflict is the natural state of the system. The role of diplomats in both paradigms is to act competitively, but Morgenthau stresses the personification of states with respect to human nature and the pursuit of self-interest, while Waltzs theory is that policies arise in the need to compete for security to be maintained in the system. ‘Neo-realism stresses continuities but it does not deny the existence o f change, as Waltz concedes that militarily change has occurred in the international system yet the fundamental organising principle has not. Despite their differences over the question of co-operation in the international system, both neo-realists and realists both construct upon assumptions that the main units in the international system, explicitly states, are assumed to be self-interested and rational. Furthermore, both theorists have contrary views on stability of the international system. Morgenthau argues that the balance of power in a system is governed by policies of states. However, Waltz contends that, ‘these balances tend to form whether some or all states consciously aim to establish and maintain balance, or whether some or all states aim for universal domination, therefore, he is more interested in the impact of power on state behaviour rather than the opposite. Neo-realism advocates that whether states consciously pursue a balancing policy or not is irrelevant for explaining the probability of peace or war. Furthermore, another debate in system stability is concentrated up polarity, the number of power centres in the system, on the probability of war. Morgenthau advocated the system stability was achievable only through the effects of a multipolar balance of power. This is more stable international order because of, ‘the plenitude of interacting partners mean s that there is a greatly reduced danger of mutually reinforcing antagonism between both states. Individual states will have associations with a great variety of others; their cross-cutting loyalties will tend to reduce hostility expressed toward one particular state or against one particular cause. However, Waltz dismisses this supposition and develops a theory of bipolar stability in which he argues is more stable because, ‘competition in multipolar systems is more complicated than competition in bipolar ones, and as a result, ‘uncertainties about the comparative capabilities of states multiply as numbers grow. The inclusion of only two leading powers allows fewer grey areas in the system, as interests are clearly defined and produce less opportunity for misperceptions. Furthermore, Waltz deems the bipolar system easier to manage, as change can be monitored closely and therefore, the chance of conflict is significantly reduced. This is in contrast to a multipolar syste m where, ‘there is a highly probability in an increase in the number of international conflicts. A bipolar system can have but one antagonism; multipolarity, on the other hand, may have virtually numberless frictions. However, both theories have defects when applying them to the present international system. They both ignore other important actors which are not states, such as multinational companies. Liberal pluralists highlighted the understanding of non-state actors, undermining the state-centric world of realism. Keohane and Nye claimed that world politics was no longer the exclusive preserve of states and that, ‘the growth of transnational organizations has lead to the state-centric paradigm becoming progressively inadequate, therefore a new theory called complex interdependence was introduced to run as an alternative to realism. Additionally, with both theories overemphasising power being defined as having strength in the military, this therefore, dismisses other means of being powerful such as economic and territorial strengths. It is arguable therefore, that neo-realism as propagated by Waltz, is a doctrine that adds and improves on Morgenthaus realist theory. His ability to apply a more scientific and methodological approach allows the theory to be clearly defined and tested. In addition, it responds more accurately to the question of economic theory as Waltz argues that while the growth of wealth maybe infinite, states must stress security to promote its survival. However, Morgenthaus doctrine should not be completely dismissed as Waltz still agrees that states as pursuing self-interests to promote their own survival. Though, to a greater extent it is arguable that Waltzs obligation to include the concept of a corrective mechanism, when portraying the balance of power and the fact that no prior assumptions are made on human nature, underlines a more rigorous and precise approach to international relations. BIBLIOGRAPHY Burchill, Scott Theories of International Relations (Basingstoke: Palgrave, 2001) pp. 70-99 Keohane, Robert O. and Nye, Joseph S. Transnational relations and World Politics (Cambridge: Harvard University Press, 1973) pp. ix-xxix Linklater, Andrew, ‘Neo-Realism in Theory and Practice, in Booth, Ken and Smith, Steve International Relations Theory Today (Cambridge: Polity, 1995) pp. 241-262 Mearsheimer, John ‘Back to the Future: Instability in Europe after the Cold War, International Security, Vol. 15, No. 1, (Summer, 1990) pp. 5-56 Mearsheimer, John ‘The False Promise of International Institutions, International Security, Vol. 19, No. 3, (Winter, 1994-1995) pp. 5-49 Morgenthau, Hans J. Politics among Nations: The Struggle for Power and Peace (Boston: McGraw-Hill, 1955) pp. 3-13, 320-340 Rosecrance, Richard ‘Bipolarity, Multipolarity, and the Future, The Journal of Conflict Resolution, Vol. 10, No. 3, (Autumn, 1996) pp. 314-327 Waltz, Kenneth Theory of International Politics (Boston: McGraw-Hill, 1979) pp. 48-57, 110-120 Waltz, Kenneth ‘Structural Realism after the Cold War, International Security, Vol. 25, No. 1, (Summer, 2000) pp. 5-41

Medicine River Essay -- essays research papers

Medicine River I enjoyed the book Medicine River, by Thomas King as well as the movie, which was based on the book. Although there were profound differences between the two, they were both pleasantly constructed. Having been instructed to read the book first, I was able to experience the full effect of the story and the message that the author intended for his readers. Although the book and the movie clearly relayed the same story, I would’ve better enjoyed the movie if it had included more incidents from the book, such as the visit from Harlen Bigbear’s estranged brother, and the ‘bridge jump’. I also wish the producer would have incorporated the many flashbacks that the main protagonist, Will, had from his youth. For example, the letters written by his father to his mother; the stories about his mother and her best friend; and the relationship with his brother James, namely, the childhood pranks that they played on one another. I am, however, aware of the time constrain ts involved when producing a motion picture, and I realize that the script had to be somewhat altered considering the medium at hand.   Ã‚  Ã‚  Ã‚  Ã‚  I found the book to be easy, exciting reading because the story line was very realistic and easily relatable. This book flowed for me to a point when, at times, it was difficult to put down. Several scenes pleasantly caught me off guard and some were extremely hilarious, namely, the visit to Martha Oldcrow. I found myself really fond of the char...

Impact of Electric Vehicles Essay examples -- Environment, Renewable E

1 Literature Review The review presented in this chapter outlines the integration of electric vehicles with the electricity generated from wind energy to improve jurisdictions energy security and to reduce greenhouse gas emissions. The first section discusses wind as a renewable energy source and its share in future global energy mix to meet the increased electricity demand while still reducing greenhouse gas emissions. The second section explains the fundamentals of different types of electric vehicles and describes the research related to the impact of electrification of vehicles in transportation sector. The final section summarizes the findings presented in existing literature related to the potential environmental impact of the electric vehicles using the regional wind generated electricity to address greenhouse gas emissions and to improve energy security. 1.1 Renewable Energy In the recent years, the global demand for energy is rapidly growing with increasing human population, urbanization and modernization (Asif & Muneer, 2008). According to the IEA’s World Energy Outlook (WEO), the global primary energy demand is projected to increase by 35 percent from 2008 to 2035 (IEA, 2011). Today, fossil fuels – notably oil, gas and coal accounts for majority share of primary energy supply and it will remain to be dominant energy sources to meet the global energy demand in 2035. However, the share of fossil fuels sources in global primary energy mix will decline to 74 % in 2035 compared over 81% in 2008 (IEA, 2011). Furthermore, the share of renewables to energy growth is likely to be increased from 5% (1990-2010) to 18% (2010-2030) (BP, 2011). Renewable energy sources include solar, wind, biomass, hydro, geothermal and wave an... ...ar to backup power by providing power stored in energy storage devices back to electric grid to balance the supply and demand; however it also provides the additional storage for utilities when the energy is excess in availability for later use. For example, when wind power is excessive in production, utilities stores the excess wind generated electricity in to batteries and restore when there is no wind or high energy demand. (Kempton & Dhanju, 2006). Energy storage technique could help utilities to decrease the variability of the system and improves the maximum utilization of wind energy in to their energy mix. Some of the major energy storage technologies available in the market are pumped hydro energy storage (PHES), compressed air energy storage (CAES), Electric thermal storage (ETS) and battery energy storage (BES) etc., (Ibrahim, Ilinca, & Perronb, 2008).

Perversion of Society :: essays research papers

Perversion of Society   Ã‚  Ã‚  Ã‚  Ã‚  In today’s society a person is shaped by family, friends, and past events, but in Aldous Huxley’s classic novel, Brave New World, there is no such thing as family, history and â€Å"true† friends. The government controls every aspect of an individual from their creation in the hatcheries to their conditioning for their thoughts and careers. In this brave new world the ideas of stability and community reign supreme, and the concept of individualism is foreign and suppressed, â€Å"Everyone belongs to everyone else, after all,† (47). Huxley perverses contemporary morals and concepts in Brave New World, thus distorting the ideas of materialistic pleasures, savagery versus society, and human relationships. These distortions contribute to the effectiveness of Brave New World, consequently creating a novel that leaves the reader questioning how and why.   Ã‚  Ã‚  Ã‚  Ã‚  In the year A.F. 632 no pleasure is denied to the populous. Hypnopaedia is used as a device to form the moral education of children. What is taught through this method is not true ethics, but warped actions trained by words. An illustration of this is in the teaching of Elementary Sex to children. The society that Huxley created was one where having sex often and with many people was a positive course of action. Anyone who did not have multiple partners, such as Lenina or Bernard, were considered a blight to society. Society as a whole uses the act of having sex as relief from pain and emotions. A person does not have to lust for someone they merely set up a time and place for them to meet and have sex, and it is completely accepted by everyone. When sex is not enough to relieve a person from pain or loneliness they take soma, a drug that stimulates them into happiness. Unlike the drugs of present day there is no set backs from taking soma, no headaches after use, and after all â€Å"One cubic centimetre cure ten gloomy,† (60). Finally, there is the concept of feelies, movies that you can feel what the actors are doing. These feelies are nothing more than glamorized porn movies giving the participants quick orgasmic feelings without effort. All these materialistic pleasures are used to substitute an individuals basic emotional needs and to give them a false sense of happiness. Huxley used this warped view on what today’s society deems morally right and wrong to reveal how shallow the citizens of the brave new world truly are.

Enterprise It at Cisco

Data, Models and Decisions (2012 IMBA FDMS) Homework Assignment VI 2012-11-7 Solve the problems in the POSIDON, INC case module on page 184 of the textbook. [Remark]: You only need to answer the questions, rather than prepare a case write-up. The Excel file â€Å"Homework6-1_POSIDON. xls† containing the data for the case has been uploaded to the MBA portal. Finish the following exercise: E1. A study by the Center for Disease Control (CDC) found that 23. % of adults are smokers and that roughly 70% of those who do smoke indicate that they want to quit (Associate Press, July 26, 2002). CDC reported that, of people who smoked at some point in their lives, 50% have been able to kick the habit.Part of the study suggested that the success rate for quitting rose by education level. Assume that a sample of 100 college graduates who smoked at some point in their lives showed that 64 had been able to successfully stop smoking. a) State the hypotheses that can be used to determine whethe r the population of college graduates has a success rate higher than the overall population when it comes to breaking the smoking habit. (b) Given the sample data, what is the proportion of college graduates who, having smoked at some point in their lives, were able to stop smoking? Construct a 95% confidence interval for the proportion. (c) What is the p-value? At ? = 0. 01, what is your hypothesis testing conclusion? E2.The demand of a certain kind of pen in Fudan student supermarket last year obeys a distribution with an average 27 per day. This year the price of such pen decreases by ? 0. 5. A random sample containing 6 days’ purchase amount is recorded. The data is 29, 28, 31, 26, 27 and 30. The manager hopes to know if the average demand of such pen increases this year. Could you offer any suggestion? Write down the necessary assumptions for your suggestion. (Hint: Use hypothesis test. ) [Remark]: Homework assignment VI is due on November 21 during the lecture. 1

Essential elements of a valid contract Essay

In this part of my assignment I will be detailing what the different elements of a valid contract are whilst also linking it in with my own contract. The contract I have decided to use is my mobile phone contract from Vodafone. The offer: In contract law the offer is where a person will accept the invitation, for example in my contract the offer would be when I offer to bind into their contract and purchase a mobile phone deal, and this is because they created an invitation for me to purchase a deal as they advertise their deals in various place so when I go in I offer to bind into a contract with them. Invitation to treat: An invitation to treat is usually used to get the parties started with some negotiations to result in a fair agreement for both parties involved. For example in my case with my contract it was negotiated for me to get more minutes instead of the amount of data they were offering as I would use the minutes more instead of the data so Vodafone agreed and created a contract stating what was agreed to ensure that they could not go back on their agreement. An invitation to treat does not bind someone into a contract as they are only inviting people to make an offer so if somebody was looking at something but didn’t not agree or make the owner a offer then therefore there is no agreement and no legal binding. The Acceptance: In contract law once a legal acceptance is formed a contract gets developed in which case both parties cannot back out of the agreement after the contract has been signed. There are three rules that need to be followed when creating an acceptance to ensure it is legally bound. The three rules are: The acceptance must be known and discussed with the offeree. The acceptances’ terms must match the terms of the offer exactly. The agreement needs to be certain. In the case of my phone contract it was legally bound as it follows all three  of the rules of acceptance as when I purchased the contract we discussed all aspects of the contract terms and we both knew exactly what the agreement was after the negotiations. Consideration: The consideration in contract law must be something of value by the eyes of the law this doesn’t not include things like a promise of love. A consideration is also known as the bargain of the contract where each party must receive a benefit to the contract or a disadvantage for it to be a consideration. With my contract the consideration is I get a certain amount of data, texts and minutes in exchange for money that will be paid each month. Intention to create legal relationships: The main aim of indenting to create legal relationships is to try and push out the cases that don’t necessarily need a court to help take action. This is usually the case when two friends agree to meet up somewhere or if a family member agrees to help clean the car as there is no legal agreement it is just made between the two or more parties that are involved which means that therefore there is no legal binding contract in place so the courts are unable to take any action against any of the parties. With my contract it is a legally bound contract so if for example I decided I was no longer happy and I was going to stop paying the payment that we agreed then they are entitled to take me to the courts as the contract is legally bound. Capacity: The capacity in contract law is where a person has to either be over a specific age or they have to be mentally fit and not under the influence of alcohol as if one of the parties are then the contract will become void as they will be classed as a minor or unstable to bind into a contract as they need to have a full understanding of what they are signing for. If a contract becomes void then it means there is no legal binding of that contract and therefore if something went wrong and they backed out of it the courts could not take action. With my Vodafone contract they have a capacity that nobody under the age of 18 is allowed to take out a contract as they are known as a minor but any payments can be taken out of the minors account after three payments have been made, this is to ensure that they have an  adult who is responsible for making sure all payments are going to get paid and if not it is them that will be taken to court as the contract will be in their name.