Better business

Cover
Title Page
Copyright Page
Brief Contents
Contents
About the Authors
Acknowledgments
Reviewers
New to the Fifth Edition
Letter from the Authors
Prologue
Part 1 Looking at the Business Environment
	Chapter 1 Business Basics
		The Business Landscape
			Business Defined
			The Factors of Production
			The List: Names to Know in Business
		Common Business Challenges and Opportunities
			Competition
			On Target: Nantucket Nectars: Tom and Tom’s Partnership
			BizChat: Apple: Taking a Bite Out of Microsoft?
			Social Environment
			Globalization
			Technological Changes
		Types of Businesses
			Local and Regional Businesses
			National Businesses
			Multinational (International) Businesses
		Taking Business Personally
			Life Skills for Business
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 2 Economics and Banking
		The Basics of Economics
			Economics Defined
			Economic Systems
			Planned Economic Systems
			Market Economies
			Mixed Economies
			Business and Economics
		Determining Price: Supply and Demand
			Supply
			Demand
			Factors That Determine Price
			Factors That Affect Demand
			Factors That Shift Supply
		Degrees of Competition
			Monopolies
			On Target: Keurig’s Monopoly
			Duopolies and Oligopolies
			Monopolistic Competition
			Perfect Competition
			BizChat: Is Sirius XM Radio a Monopoly?
		Economic Indicators
			Gross Domestic Product
			The List: Countries by GDP, 2012
			Consumer and Producer Price Indices
			The Unemployment Rate
			BizChat: How Much Money Do You Need to Get By?
			Productivity of Firms
		Government and the Economy
			Economic Policies
			Fiscal Policy
			Monetary Policy
			Off the Mark: The Dodd-Frank Act and the Consumer Financial Production Bureau
			Reserve Requirements
			Short-Term Interest Rates
			Open Market Operations
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 3 Ethics in Business
		Ethics: The Basics
			Ethics Defined
			Systems of Ethical Conduct
			Personal Ethics
			BizChat: Can Living Ethically Make You Happy?
		Personal Ethics Meets Business Ethics
			You as a Person and as an Employee
			Identifying a Company’s Ethics
		Corporate Social Responsibility
			The Five Pillars of Corporate Social Responsibility
			Off the Mark: Cheating Pays Off….Until It Doesn’t
			The List: Nine Causes Americans Think Charities Should Focus On
			The Conflict of CSR in the Business Environment
			The Benefits of CSR
			Measuring CSR
			BizChat: Corporations as People
			CSR and Social Networking
			The Challenges of CSR
			The Effects of CSR on Society
			The Effects of Individuals on CSR
		Dangers of a Weak Ethical Focus
			Legal Regulations and Legal Compliance
			Recovering from Weak Ethical Conduct
		Business Opportunities Created by Ethical Needs
			Creating New Markets with an Ethical Focus
			Businesses Going Green
		How Businesses Develop an Ethical Environment
			Ethical Focus from the Start
			Ethical Focus Every Day
			On Target: Playing the Ethics Game
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 4 Business in a Global Economy
		What Is Globalization?
			The List: Powerful People to Know
			The Effects of Globalization
			Reasons for the Rise in Globalization
			Global Business Trends
			The List: Countries in Which It Is Easy to Start a Business
		International Trade
			International Competition
			Fostering Competitiveness
			The Benefits and Costs of International Trade
		Free Trade and Protectionism
			Types of Trade Barriers
			Trade Barriers: Winners and Losers
			International Organizations Promoting Free Trade
			Regional Free Trade Agreements
		Conducting Business Internationally
			International Business Strategies
			Entering Foreign Markets
			The Advantages and Disadvantages of Each Entry Mode
		International Business: Economic Factors and Challenges
			The Role of Exchange Rates
			The List: Top U.S. Trading Partners
			Other Economic Challenges to Conducting International Business
			BizChat: Which Is Better—A Strong Dollar or a Weak Dollar?
		Creating Successful International Businesses
			Sociocultural Challenges
			Off the Mark: International Business Blunders
			Political Challenges
			Legal Challenges
			Ethical Challenges
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Mini Chapter 1 Business Law
Part 2 Starting and Structuring a Business
	Chapter 5 Small Business and the Entrepreneur
		Small Business: The Mainstream of the American Economy
			Small Business and the Economy
			The List: Ten Great Industries for Starting a Business
			Small Business and the Workforce
			Reasons for Starting a Small Business
			BizChat: What’s in a Name?
			The Impact of Technology on Small Businesses
			Social Media and Mobile Marketing
			Off the Mark: iSmell
		Entrepreneurs and the American Dream
			The Traits of Successful Entrepreneurs
			Types of Entrepreneurs
			On Target: Origami Owl
			Entrepreneurial Teams
		Buying Franchises and Existing Businesses
			Franchising Basics
			Pros and Cons of Franchising
			Franchising Considerations
			Buying an Existing Business
		The Risks of Small Businesses and Where to Get Help
			Why So Many Small Businesses Fail
			Getting Help
		Financing Considerations
			Cash and Credit
			Small Business Loans and Grants
			Angel and Venture Capital Financing
			BizChat: Conducting a SWOT Analysis
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 6 Forms of Business Ownership
		Sole Proprietorships
			Starting a Sole Proprietorship
			Advantages and Disadvantages
		Partnerships
			Advantages and Disadvantages of Partnerships
			Elements of a Partnership Agreement
			BizChat: How Do You Find the Right Business Partner?
			Types of Partnerships
		Corporations
			Advantages of Incorporation
			Structure of a Corporation
			Disadvantages of Incorporation
			S Corporations
			Limited Liability Companies
			Comparing Forms of Ownership
		Not-for-Profit and Cooperatives
			Not-for-Profit Organizations
			The List: Largest Not-for-Profit Organizations
			Cooperatives
		Mergers and Acquisitions
			Mergers versus Acquisitions
			Advantages of Mergers and Acquisitions
			Off the Mark: AOL–Time Warner Merger
			Types of Mergers
			Disadvantages of Mergers
		Summary
		Key Terms
		Self-Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Mini Chapter 2 Constructing an Effective Business Plan
Part 3 Managing a Business and Employees
	Chapter 7 Business Management and Organization
		The Foundations of Management
			Business Management
			Levels of Management
			Off the Mark: How Are Managers Responsible for Employee Behavior?
			The Skills of Successful Managers
			BizChat: Social Media: How Do Web-Based Tools Make Time Management Easier?
		The Functions of Management: Planning
			Strategic Planning
			Vision and Mission Statement
			SWOT Analysis
			Tactical and Operational Planning
			Contingency Planning
		The Functions of Management: Organizing
			Organizational Structures
			Changing Structures
			The List: Bits of Advice for Managers
			Alternative Organizational Structures
		The Functions of Management: Controlling
			Controlling to Stay on Course
			Control Strategies
			On Target: Pest Control Company Controls Its Fleet
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 8 Motivation, Leadership, and Teamwork
		Motivation
			Personal Motivation
			Motivating Employees
			Traditional Theories of Motivation
			Motivational Theories in the Modern Workplace
			Evolution of Motivational Theories
		Leadership
			Traits of Leadership
			Off the Mark: Masataka Shimizu
			Leadership and Corporate Culture
			BizChat: Do You Have to Be Tall to Be a Leader?
			On Target: Southwest Airlines
		Teamwork
			The List: Does Your Team Function Like Google Teams?
			The Advantages of Teams in the Workplace
			The Challenges of Teams in the Workplace
			Best Practices for Teams
			On Target: Red Teamers in the Military
			Your Role on a Team
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 9 Human Resource Management
		Human Resource Management
			Managing Staffing Needs
			BizChat: Social Media and Privacy
			Hiring
		Training and Evaluating Employees
			Training Methods and Requirements
			Performance Appraisals and Alternatives
		Compensating, Scheduling, Promoting, and Terminating Employees
			Compensation Strategies
			Benefits
			Alternative Scheduling and Work Arrangements
			Contingent Workers
			Promotions
			The List: Top 10 Ways to Get Promoted
			Terminating Employees
			Retirement
		Managing Workplace Diversity
			Benefits and Challenges of Diversity
			Off the Mark: One Diversity Training Does Not Fit All
		Labor and Union Issues
			Organized Labor
			Collective Bargaining
			The State of Labor Unions
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 10 Online Business and Technology
		Online Business
			Marketing Online
			The List: Brought to You by PayPal
			Types of Online Business Transactions
			Challenges of E-Commerce
		Technology in Business
			The Information Technology Organization
			Information Systems
		Security
			Threats to Online Business
			BizChat: How a Simple Mistake Can Lead to a Major Data breach
			Off the Mark: Spying Scandal at Hewlett-Packard
			Privacy
		Impact of Social Media and Mobile Technology
			Social Networking
			Off the Mark: Tasteless Tweet
			Mobile Devices
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 11 Production, Operations, and Supply Chain Management
		The Production of Goods and Services
			The Importance of Production
			Moving to a Service-Based Economy
			The Global Production Landscape
		Production Management
			The Make-or-Buy Decision
			Common Production Processes and Techniques
			Social Media and Manufacturing
		Operations Planning and Management
			Capacity Planning
			Facility Location
			Facility Layout
			Production Technology
			Off the Mark: Technology: Too Much of a Good Thing?
			BizChat: 3D Printing: An Industrial Revolution?
		Operations Control
			Production Process Control
			Purchasing and Inventory Control
			Quality Management
			On Target: The Baldrige Awards
		Suppliers and Supply Chain Management
			Supply Chains
			The List: Top U.S. Firms in Terms of Their Supply Chains and Management
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Mini Chapter 3 Business Communications
Part 4 Principles of Marketing
	Chapter 12 Marketing and Consumer Behavior
		Marketing Fundamentals
			The Evolution of Marketing
			Marketing for Not-for-Profits and Others
			Benefits of Marketing
			The List: Ten Great Marketing strategies
			Criticisms of Marketing
		Marketing Tactics
			Marketing Strategy: The Four Ps of Marketing
			The Four Cs of Marketing: Marketing from the Consumer’s Perspective
			The Marketing Process
		The Marketing Environment
			The Competitive Environment
			The Economic Environment
			The Technological Environment
			On Target: Viral Marketing
			The Social and Cultural Environment
			The Political, Legal, and Regulatory Environments
			The Global Environment
			Off the Mark: The Hard Lessons of Social Media
		Marketing Research and Planning
			The Market Research Process
			The Marketing Plan
			Target Markets
		Consumer Behavior
			B2C Markets
			B2B Markets
			BizChat: Augmented Reality: A Passing Phase or the Future?
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 13 Product Development, Branding, and Pricing Strategies
		New Product Development
			The New Product Development Process
			The Product Life Cycle
		Modifying Existing Products and Product Lines
			The Total Product Offer
			Product Differentiation
			Product Lines and the Product Mix
			Consumer Products and Business-to-Business Products
			Consumer Product Classifications
			B2B Classifications
		Branding
			Branding Benefits
			On Target: Nike’s Reuse-A-Shoe
			Brand Loyalty and Brand Equity
			Branding Strategies
			The List: Retailers and Their Private-Brand Labels
			Packaging
			BizChat: Brand You: Creating a Personal Brand
			Off the Mark: Genericized Trademarks
			The Importance of Labels
		Pricing Goods and Services
			Product Pricing and Pricing Objectives
			Pricing Strategies and Price Perceptions
			Adjusting Prices
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 14 Promotion and Distribution
		Promotion and the Promotional Mix
			Promotion
		Advertising and Public Relations
			The Role of Advertising
			Types of Advertising
			Advertising Media
			On Target: Dove’s Real Beauty
			Internet Advertising
			Social Media
			Mobile Marketing
			Product Placement
			The List: Interesting Mobile Marketing Facts
			Infomercials
			Global Advertisements
			Public Relations
			BizChat: Negative Political Ads: Do They Really Work?
			Off the Mark: Volkswagen’s Deceptions—A Public Relations Problem?
		Personal Selling and Sales Promotion
			Personal Selling
			Sales Promotions
			Social Media Promotions
		Distribution: Marketing Intermediaries
			Distribution Channels and Marketing Intermediaries
			Wholesalers, Agents, and Brokers
			Retailers
			Distribution Logistics
			The Benefits and Costs of Transportation Modes
			Warehousing and Inventory Control
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Mini Chapter 4 Finding a Job
Part 5 Principles of Finance
	Chapter 15 Financing and Accounting for Business Operations
		Financial Management
			The Financial Manager
			Planning for a Firm’s Financial Needs
			Addressing Cash Flow and the Budget
		Financing Small Business Activities
			Short-Term Financing Options
			Short-Term Loans and Grants
			Social Funding
			The List: Interesting Crowdfunding Campaigns
		Financing Big Business Activities: Debt and Equity
			Short-Term Financing Options
			Long-Term Financing Options
			Financing with Bonds
			Financing with Equity
			On Target: Using Social Networks to Raise Venture Capital
		Accounting Functions
			Accounting Fundamentals
			Types of Accounting
			Off the Mark: How’s This for an Accounting Goof?
			Accounting Standards and Processes
			BizChat: The Cost and Benefit of the Sarbanes-Oxley Act
		Financial Statements
			The Balance Sheet
			Assets
			Liabilities
			Owners’ Equity
			Analyzing a Balance Sheet
			Balance Sheet Ratios
			Income Statements
			Revenue
			Cost of Goods Sold
			Operating Expenses
			Analyzing Income Statements
			Income Statement Ratios
			Statement of Cash Flows
			Components of a Statement of Cash Flows
			Analyzing a Statement of Cash Flows
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Chapter 16 Investment Opportunities in the Securities Market
		Investment Fundamentals
			The Risks and Rewards of Saving and Investing
			Investment Risk
			BizChat: I Cannot Lose Money by Saving, Right?
			The List: Personal Finance Blogs Worth Reading
		Investing in Stocks
			Primary and Secondary Security Markets
			On Target: Berkshire Hathaway: The highest-Priced Stock
			Types of Stocks
			Changing Stock Prices
			Off the Mark: The Madoff Ponzi Scheme
		Investing in Bonds
			Bond Basics
			BizChat: Downgrade of the U.S. Debt
		Mutual Funds and Other Opportunities
			Mutual Funds
			Risk-and-Return Relationships of Different Types of Mutual Funds
			Other Investment Opportunities
		Summary
		Key Terms
		Self Test
		Team Time
		Ethics and Corporate Social Responsibility
		Web Exercises
		References
	Mini Chapter 5 Personal Finance
Appendix
Glossary
Index
Answer Key