Business : a changing world

Cover
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Dedication
Authors
Welcome
Built from the Ground Up to Be Exciting,Applicable, and Happening!
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Exciting, Applicable, Happening: With the BestInstructor Support on the Market
Acknowledgments
Brief Contents
Contents
Part 1: Business in a Changing World
	CHAPTER 1:
The Dynamics of Business and Economics
		Enter the World of Business:
 Competition Is Good for Business
		Introduction
		The Nature of Business
			The Goal of Business
			The People and Activities of Business
			Why Study Business?
		The Economic Foundations of Business
			Economic Systems
			The Free-Enterprise System
			The Forces of Supply and Demand
			The Nature of Competition
		Responding to Business Challenges: Swatch Works to Restructure Company, Supply Less Parts to Competition
			Economic Cycles and Productivity
		The American Economy
		Going Green: Luxury Automakers Embracing Eco-Friendly Interiors
			A Brief History of the American Economy
			The Role of the Entrepreneur
		Entrepreneurship in Action: Emeco Makes Indestructible Chairs
			The Role of Government in the American Economy
			The Role of Ethics and Social Responsibility in Business
		Can You Learn Business in a Classroom?
		So You Want a Job in the Business World
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: The Forces of Supply and Demand
		Solve the Dilemma: Mrs. Acres Homemade Pies
		Build Your Business Plan: The Dynamics of Business and Economics
		See for Yourself Videocase: Redbox Succeeds by Identifying Market Need
		Team Exercise
	Appendix A: Guidelines for the Development of the Business Plan
	CHAPTER 2:
Business Ethics and Social Responsibility
		Enter the World of Business:
Antibacterial Soap Faces Regulatory and Consumer Pressure
		Introduction
		Business Ethics and Social Responsibility
		Entrepreneurship in Action: Listening for a Good Business Opportunity
		The Role of Ethics in Business
			Recognizing Ethical Issues in Business
			Fairness and Honesty
			Making Decisions about Ethical Issues
			Improving Ethical Behavior in Business
		Consider Ethics and Social Responsibility: Ralph Lauren Sets Example in FCPA Case
		The Nature of Social Responsibility
			Social Responsibility Issues
		Going Green:
Sustainability Trade-offs: Lighter Vehicles and Higher Prices
		Unemployment
		So You Want a Job in Business Ethics and Social Responsibility
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Making Decisions about Ethical Issues
		Solve the Dilemma: Customer Privacy
		Build Your Business Plan: Business Ethics and Social Responsibility
		See for Yourself Videocase: The Challenge of Building Trust in Business
		Team Exercise
	Appendix B: The Legal and Regulatory Environment
		Consider Ethics and Social Responsibility:
Marvel Comics Wins Work Made-for-Hire Copyright Case
	CHAPTER 3:
Business in a Borderless World
		Enter the World of Business:
Chinese Smartphone Company Faces Challenges in Expansion
		Introduction
		The Role of International Business
			Why Nations Trade
			Trade between Countries
			Balance of Trade
		International Trade Barriers
			Economic Barriers
		Going Green: China's Sustainability Initiatives
			Ethical, Legal, and Political Barriers
			Social and Cultural Barriers
			Technological Barriers
		Trade Agreements, Alliances, and Organizations
			General Agreement on Tariffs and Trade
		Entrepreneurship in Action: Via Aviation: The Solution to an Industry Problem
			The North American Free Trade Agreement
			The European Union
			Asia-Pacifi c Economic Cooperation
		Consider Ethics and Social Responsibility:
Bangladesh Factory Disasters Prompt Better Safety Standards
			Association of Southeast Asian Nations
			World Bank
			International Monetary Fund
		Getting Involved in International Business
			Exporting and Importing
			Trading Companies
			Licensing and Franchising
			Contract Manufacturing
			Outsourcing
			Offshoring
			Joint Ventures and Alliances
			Direct Investment
		International Business Strategies
			Developing Strategies
			Managing the Challenges of Global Business
		So You Want a Job in Global Business
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Global Awareness
		Solve the Dilemma: Global Expansion or Business as Usual?
		Build Your Business Plan: Business in a Borderless World
		See for Yourself Videocase: Walt Disney around the Globe
		Team Exercise
Part 2: Starting and Growing a Business
	CHAPTER 4: Options for Organizing Business
		Enter the World of Business: Shareholder Activism
		Introduction
		Sole Proprietorships
			Advantages of Sole Proprietorships
			Disadvantages of Sole Proprietorships
		Entrepreneurship in Action: Smashing Its Way to Success: Smashburger
		Partnerships
			Types of Partnership
			Articles of Partnership
		Going Green: Sustainably Organized: Crimson Renewable Energy
			Advantages of Partnerships
			Disadvantages of Partnerships
			Taxation of Partnerships
		Corporations
			Creating a Corporation
			Types of Corporations
			Elements of a Corporation
			Advantages of Corporations
			Disadvantages of Corporations
		Other Types of Ownership
			Joint Ventures
			S Corporations
			Limited Liability Companies
			Cooperatives
		Responding to Business Challenges: The Evolution of Sears Holdings Company
		Trends in Business Ownership: Mergers and Acquisitions
		So You'd Like to Start a Business
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Selecting a Form of Business
		Solve the Dilemma: To Incorporate or Not to Incorporate
		Build Your Business Plan: Options for Organizing Business
		See for Yourself Videocase: PODS Excels at Organizing a Business
		Team Exercise
	CHAPTER 5: Small Business, Entrepreneurship, and Franchising
		Enter the World of Business:
Chobani Yogurt Fights for Dominance in the Yogurt Market
		Introduction
		The Nature of Entrepreneurship and Small Business
			What Is a Small Business?
			The Role of Small Business in the American Economy
			Industries That Attract Small Business
		Entrepreneurship in Action:
From Farmer's Market to Franchiser: Auntie Anne's Soft Pretzels
		Advantages of Small-Business Ownership
			Independence
			Costs
			Flexibility
			Focus
			Reputation
		Disadvantages of Small-Business Ownership
			High Stress Level
			High Failure Rate
		Consider Ethics and Social Responsibility:
The Differences between Successful Entrepreneurs and Fraudsters
		Starting a Small Business
			The Business Plan
			Forms of Business Ownership
			Financial Resources
		Going Green: ReFleece: A Simple but Sustainable Product
			Approaches to Starting a Small Business
			Help for Small-Business Managers
		The Future for Small Business
			Demographic Trends
			Technological and Economic Trends
		Making Big Businesses Act "Small"
		So You Want to Be an Entrepreneur or Small-Business Owner
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Creativity
		Solve the Dilemma: The Small-Business Challenge
		Build Your Business Plan: Small Business, Entrepreneurship, and Franchising
		See for Yourself Videocase: Sonic—A Successful Franchise with an Old-Fashioned Drive-In Experience
		Team Exercise
Part 3: Managing for Quality and Competitiveness
	CHAPTER 6: The Nature of Management
		Enter the World of Business: The Importance of Middle Managers
		Introduction
		The Importance of Management
		Management Functions
			Planning
			Organizing
			Staffing
			Directing
		Going Green:
Ken Grossman's Management of Sierra Nevada's Growth
			Controlling
		Types of Management
			Levels of Management
			Areas of Management
		Entrepreneurship in Action:
Philip Pillsbury: The Entrepreneur behind the Billion-Dollar Brand
		Skills Needed by Managers
			Technical Expertise
			Conceptual Skills
			Analytical Skills
			Human Relations Skills
		Leadership
			Employee Empowerment
		Decision Making
		Responding to Business Challenges:
Managers Discover Benefits of Feminine Traits for Leadership
			Recognizing and Defi ning the Decision Situation
			Developing Options
			Analyzing Options
			Selecting the Best Option
			Implementing the Decision
			Monitoring the Consequences
		Management in Practice
		So You Want to Be a Manager
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Functions of Management
		Solve the Dilemma: Making Infinity Computers Competitive
		Build Your Business Plan: The Nature of Management
		See for Yourself Videocase: Planning Drives the Success of Ford Fusion
		Team Exercise
	CHAPTER 7: Organization, Teamwork, and Communication
		Enter the World of Business:
CarMax Uses Decentralized Structure to Support Teamwork
		Introduction
		Organizational Culture
		Responding to Business Challenges: Companies Embracing Greater Employee Interaction
		Developing Organizational Structure
		Assigning Tasks
			Specialization
			Departmentalization
		Assigning Responsibility
			Delegation of Authority
			Degree of Centralization
		Entrepreneurship in Action:
Forming a Successful New Business: Group Collaboration
			Span of Management
			Organizational Layers
		Forms of Organizational Structure
			Line Structure
			Line-and-Staff Structure
			Multidivisional Structure
			Matrix Structure
		The Role of Groups and Teams in Organizations
			Committees
			Task Forces
			Teams
		Going Green:
Numi Organic Tea Utilizes Teamwork to Increase Sustainability Initiatives
		Communicating in Organizations
			Formal Communication
			Informal Communication Channels
			Monitoring Communications
			Improving Communication Effectiveness
		So You Want a Job in Managing Organizational Culture, Teamwork, and Communication
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Teamwork
		Solve the Dilemma: Quest Star in Transition
		Build Your Business Plan: Organization, Teamwork, and Communication
		See for Yourself Videocase: Zappos Creates Organizational Structure and Culture with Teams
		Team Exercise
	CHAPTER 8: Managing Service and Manufacturing Operations
		Enter the World of Business:
Manufacturers Use Remote Monitoring Systems to Detect Problems
		Introduction
		The Nature of Operations Management
			The Transformation Process
			Operations Management in Service Businesses
		Entrepreneurship in Action: Celebrity Auto Group Provides Unique Service—Matching Customized Cars to Celebrities
		Planning and Designing Operations Systems
			Planning the Product
			Designing the Operations Processes
			Planning Capacity
			Planning Facilities
		Responding to Business Challenges:
Lenovo Gains a Competitive Advantage through Manufacturing
			Sustainability and Manufacturing
		Managing the Supply Chain
			Purchasing
			Managing Inventory
			Outsourcing
		Going Green: Automakers Look toward Hydrogen Fuel Vehicles
			Routing and Scheduling
		Managing Quality
			International Organization for Standardization (ISO)
			Inspection
			Sampling
		Integrating Operations and Supply Chain Management
		So You Want a Job in Operations Management
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Reducing Cycle Time
		Solve the Dilemma: Planning for Pizza
		Build Your Business Plan: Managing Service and Manufacturing Operations
		See for Yourself Vidoecase: Home Run Inn's Operational Excellence Propels It to Top Spot
		Team Exercise
Part 4: Creating the Human Resource Advantage
	CHAPTER 9: Motivating the Workforce
		Enter the World of Business: Mars Incorporated: Where Employees Love to Work
		Introduction
		Nature of Human Relations
		Historical Perspectives on Employee Motivation
			Classical Theory of Motivation
			The Hawthorne Studies
		Going Green:
Wegmans Motivates Employees and Excels in Sustainability
		Theories of Employee Motivation
			Maslow's Hierarchy of Needs
			Herzberg's Two-Factor Theory
			McGregor's Theory X and Theory Y
		Entrepreneurship in Action:
The Stein Mart Culture Is a Key Ingredient for Success
			Theory Z
			Equity Theory
			Expectancy Theory
		Strategies for Motivating Employees
			Behavior Modification
			Job Design
		Responding to Business Challenges:
The Pros and Cons of Working from Home
			Importance of Motivational Strategies
		So You Think You May Be Good at Motivating a Workforce
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Motivating
		Solve the Dilemma: Motivating to Win
		Build Your Business Plan: Motivating the Workforce
		See for Yourself Videocase: The Container Store's Secret to Success: Employee Satisfaction
		Team Exercise
	CHAPTER 10: Managing Human Resources
		Enter the World of Business:
The Recruitment Process of Cirque du Soleil
		Introduction
		The Nature of Human Resources Management
		Planning for Human Resources Needs
		Recruiting and Selecting New Employees
			Recruiting
			Selection
			Legal Issues in Recruiting and Selecting
		Developing the Workforce
			Training and Development
			Assessing Performance
			Turnover
		Compensating the Workforce
		Going Green: Sustainability Job Opportunities
			Financial Compensation
			Benefits
		Entrepreneurship in Action:
 Urban Lending Solutions Hires Outside the Box
		Managing Unionized Employees
			Collective Bargaining
			Resolving Disputes
		The Importance of Workforce Diversity
			The Characteristics of Diversity
			Why Is Diversity Important?
			The Benefi ts of Workforce Diversity
			Affirmative Action
		Consider Ethics and Social Responsibility:
Employee Privacy or Employer Vulnerability: The Role of Social Media in the Financial Industry
		Trends in Management of the Workforce
		So You Want to Work in Human Resources
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Appreciating and Valuing Diversity
		Solve the Dilemma: Morale among the Survivors
		Build Your Business Plan: Managing Human Resources
		See for Yourself Videocase: The Importance of Hollywood Labor Unions
		Team Exercise
	Appendix C: Personal Career Plan
Part 5: Marketing Developing Relationships
	CHAPTER 11: Customer-Driven Marketing
		Enter the World of Business:
Banana Republic Uses Marketing to Bring Brand to Life
		Introduction
		Nature of Marketing
			The Exchange Relationship
			Functions of Marketing
			Creating Value with Marketing
			The Marketing Concept
		Entrepreneurship in Action:
 It'Sugar: Novelty Candy Emporium
			Evolution of the Marketing Concept
		Responding to Business Challenges: Sheetz: The Starbucks of Convenience Stores
		Developing a Marketing Strategy
			Selecting a Target Market
			Developing a Marketing Mix
		Marketing Research and Information Systems
			Online Marketing Research
		Buying Behavior
			Psychological Variables of Buying Behavior
			Social Variables of Buying Behavior
		Going Green:
Millennial Rejection of Car Culture Causes Automakers to Adapt
			Understanding Buying Behavior
		The Marketing Environment
		Importance of Marketing to Business and Society
		So You Want a Job in Marketing
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: The Marketing Mix
		Solve the Dilemma: Will It Go?
		Build Your Business Plan: Customer-Driven Marketing
		See for Yourself Videocase: New Belgium Brews Customer Satisfaction
		Team Exercise
	CHAPTER 12: Dimensions of Marketing Strategy
		Enter the World of Business:
 Corvette's New Look and Message
		Introduction
		The Marketing Mix
		Product Strategy
			Developing New Products
		Going Green:
Plant-Based Food Products: The Future of Food?
			Classifying Products
			Product Line and Product Mix
			Product Life Cycle
			Identifying Products
		Pricing Strategy
			Pricing Objectives
			Specifi c Pricing Strategies
		Entrepreneurship in Action: Moots Cycles
		Distribution Strategy
			Marketing Channels
			Intensity of Market Coverage
			Physical Distribution
			Importance of Distribution in a Marketing Strategy
		Promotion Strategy
			The Promotion Mix
			Promotion Strategies: To Push or to Pull
			Objectives of Promotion
		Responding to Business Challenges:
Flying at a Higher Altitude: JetBlue Introduces Luxury Seating
			Promotional Positioning
		Importance of Marketing Strategy
		So You Want to Be a Marketing Manager
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Analyzing Motel 6's Marketing Strategy
		Solve the Dilemma: Better Health with Snacks
		Build Your Business Plan: Dimensions of Marketing Strategy
		See for Yourself Videocase: Groupon Masters Promotion to Become a Popular Daily Deal Site
		Team Exercise
	CHAPTER 13: Digital Marketing and Social Networking
		Enter the World of Business:
Microblog Marketing: Reaching Millions of Consumers with One Click
		Introduction
		Growth and Benefits of Digital Communication
		Using Digital Media in Business
		Digital Media and the Marketing Mix
			Social Networking
		Types of Consumer-Generated Marketing and Digital Media
		Going Green: Facebook Praised for Tackling Carbon Emissions
			Social Networks
			Blogs and Wikis
			Media Sharing
		Responding to Business Challenges:
Smirnoff's Mixhibit: An Example of Ethical Digital Marketing
			Virtual Worlds
			Mobile Marketing
			Applications and Widgets
		Using Digital Media to Reach Consumers
		Entrepreneurship in Action:
Fab.com: How an e-Business Generated Growth through Digital Marketing
		Using Digital Media to Learn about Consumers
		Legal and Social Issues in Internet Marketing
			Privacy
			Identity Theft
			Online Fraud
			Intellectual Property
		Digital Media's Impact on Marketing
		So You Want to Be a Digital Marketer
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Planning a Digital Marketing and Social Networking Site
		Solve the Dilemma: Developing Successful Freeware
		Build Your Business Plan: Digital Marketing and Social Networking
		See for Yourself Videocase: Should Employees Use Social Media Sites at Work?
		Team Exercise
Part 6: Financing the Enterprise
	CHAPTER 14: Accounting and Financial Statements
		Enter the World of Business: Former Enron CFO Talks about Accounting Fraud
		Introduction
		The Nature of Accounting
			Accountants
			Accounting or Bookkeeping?
			The Uses of Accounting Information
		Going Green:
Companies Investigate Ways to Integrate Financial Information and Sustainability Costs
		The Accounting Process
			The Accounting Equation
			Double-Entry Bookkeeping
			The Accounting Cycle
		Financial Statements
			The Income Statement
		Entrepreneurship in Action:
Al Dente Pasta Serves Up Perfect Pasta to Customers Nationwide
			The Balance Sheet
			The Statement of Cash Flows
		Ratio Analysis: Analyzing Financial Statements
			Profitability Ratios
		Consider Ethics and Social Responsibility:
Deloitte Partners with New Profit Inc. to Drive Social Innovation
			Asset Utilization Ratios
			Liquidity Ratios
			Debt Utilization Ratios
			Per Share Data
			Industry Analysis
		Importance of Integrity in Accounting
		So You Want to Be an Accountant
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Financial Analysis
		Solve the Dilemma: Exploring the Secrets of Accounting
		Build Your Business Plan: Accounting and Financial Statements
		See for Yourself Videocase: The Accounting Function at Goodwill Industries International Inc.
		Team Exercise
	Chapter 15: Money and the Financial System
		Enter the World of Business:
The Good and the Bad of a Cashless Society
		Introduction
		Money in the Financial System
			Functions of Money
			Characteristics of Money
			Types of Money
		The American Financial System
			The Federal Reserve System
			Banking Institutions
		Going Green: Banks Increase Investment in Sustainability
			Nonbanking Institutions
		Consider Ethics and Social Responsibility: Unregulated Bitcoin Industry Has Regulators Worried
			Electronic Banking
			Future of Banking
		Entrepreneurship in Action:
 Square Inc. Introduces the Square Stand
		So You're Interested in Financial Systems or Banking
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Managing Money
		Solve the Dilemma: Seeing the Financial Side of Business
		Build Your Business Plan: Money and the Finacial System
		See for Yourself Videocase: Controversy over Bank Lending Policies
		Team Exercise
	CHAPTER 16: Financial Management and Securities Markets
		Enter the World of Business: Standard & Poor's Defends Ratings
		Introduction
		Managing Current Assets and Liabilities
			Managing Current Assets
		Going Green:
Finance Executives Recognize the Benefits of Method's Green Efficiencies
			Managing Current Liabilities
		Managing Fixed Assets
			Capital Budgeting and Project Selection
			Assessing Risk
			Pricing Long-Term Money
		Financing with Long-Term Liabilities
			Bonds: Corporate IOUs
			Types of Bonds
		Financing with Owners' Equity
		Entrepreneurship in Action:
Venture Capital Firm Y Combinator Riding on Startup Success
		Investment Banking
		The Securities Markets
			Stock Markets
			The Over-the-Counter Market
			Measuring Market Performance
		Consider Ethics and Social Responsibility:
JPMorgan Struggles to Repair Reputation
		So You Want to Work in Financial Management or Securities
		Review Your Understanding
		Revisit the World of Business
		Learn the Terms
		Check Your Progress
		Get Involved
		Build Your Skills: Choosing among Projects
		Solve the Dilemma: Surviving Rapid Growth
		Build Your Business Plan: Financial Management and Securities Market
		See for Yourself Videocase: Morningstar Inc. Makes Investing Easier
		Team Exercise
	Appendix D: Personal Financial Planning
Notes
	Chapter 1
	Chapter 2
	Chapter 3
	Chapter 4
	Chapter 5
	Chapter 6
	Chapter 7
	Chapter 8
	Chapter 9
	Chapter 10
	Chapter 11
	Chapter 12
	Chapter 13
	Chapter 14
	Chapter 15
	Chapter 16
Glossary
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Photo Credits
Indexes
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