Business Now

Title
Table of Contents
1 > The World of Business and Its Environments
	Learning Outcomes
		Opening Case Darryl Alexander and Memphis Best BBQ
		As You Read
	What Is Business?
		Defining Business
		Real Wor ld Apps Business Is Business
		Understanding Basic Business Terms
		Ethical Dilemma
	The Evolution of Business in America
		Progress in the Agricultural Industries
		Progress in the Manufacturing Industries
		Progress in the Service Industries
	The Types of Business
		Microenterprises, SMEs, and Large Businesses
			Microenterprises
			Small and Medium-Sized Enterprises
			Large Businesses
		Profit Motive: For-Profit and Nonprofit Organizations
		Manufacturing and Service Business
	The Business Enviro nment
		The Economic and Legal Environment
			Laws and Regulations
			What Can Government Do To Promote Business?
		Ethical Dilemma What Should Mike Do?
		The Technological Environment
			Increased Productivity
			Making Buying and Selling Easier
		Responsiveness to Customers
	The Competitive Environment
		Customer-Driven Organizations
		Employee Empowerment
	The Social Environment
		Managing Diversity
		A Rapidly Aging Population
		Dual-Income Families
	Career Perspectives Career to Be Determined
		Single Parents
	The Global Environment
		Free Trade and Globalization
	Thinking Critically Energy Crisis on the Horizon
		War and Terrorism
	Go ing Glob al Is Terrorism a Clear and Present Danger for Insurers?
		How Global Change Affects You
	A Final Thought on Environment: Stakeholder Recognition
	Yo ur Future in Business
		Entrepreneurship versus Working for Others
			Working for Other Businesses
			Diversity and Entrepreneurial Challenge
			Why Entrepreneurship Is Key to Wealth Creation
		Working for a Nonprofit Organization or a Government Agency
		Real Wor ld Apps Business Is Business
		Why Study Business?
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
2 > How Economics Affects Business
	Learning Outcomes
		Opening Case Amilya Antonetti and Soapworks
		As You Read
	Understanding Eco nomics
		Real Wor ld Apps Feeling the Recession
		The Basics of Economics
		Microeconomics and Macroeconomics
		Adam Smith, Father of Modern Economics
		Supply and Demand
	Fr ee-Market Capitalism
		Competition in Free Markets
		Thinking Critically When Will Consumers Start Spending Again?
		Ethical Dilemma
		The Benefits and Limitations of Free Markets
	Soc ialism and Communism
		Socialism
			The Benefits and Limitations of Socialism
		Communism
		Ethical Dilemma Hard Times
		The Trend toward Mixed Economies
	Eco nomic Indicator s
		Career Perspectives Economics and You
		Gross Domestic Product
		The Unemployment Rate
		Price Indexes
		Interest Rates
		The National Debt
		Go ing Glob al Is Offshoring Causing GDP and Productivity Growth to Be Overstated?
		Real Wor ld Apps Feeling the Recession
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
3 > Entrepreneurship and Starting a Small Business
	Learning Outcomes
		Opening Case: Tom Sullivan and Lumber Liquidators
		As You Read
	What Is Entrepreneurship?
		Entrepreneurs and Entrepreneurship
		Real Wor ld Apps Ice Cream Dreams
		The Qualities of an Entrepreneur
		Ethical Dilemma
		Career Perspectives Becoming an Entrepreneur
	Business Start-Up
		Starting a Business from Scratch
			The Advantages and Disadvantages of Starting from Scratch
				Keys to Getting Started
		Buying an Existing Business
			The Advantages and Disadvantages of Buying an Existing Business
		Franchising
		Thinking Critically Microloans Help Small Businesses Start, Grow, and Succeed
			The Advantages and Disadvantages of Buying a Franchise
	The Legal For ms of Business Ownership
		Sole Proprietorships
			The Advantages and Disadvantages of Sole Proprietorships
		Ethical Dilemma Tough Decisions
		Partnerships
			The Advantages and Disadvantages of Partnerships
		Corporations
			The Advantages and Disadvantages of Corporations
				S Corporations
				Limited Liability Companies (LLCs)
	Getting Started in Yo ur Own Business
		Planning the Business
		Go ing Glob al A Bull Market in Social Entrepreneurs
		Financing the Business
		Knowing Your Customer
		Managing Your Employees
		Record Keeping
	Small Business Failures versus Succ esses
		Why Do Businesses Fail?
		What Can Entrepreneurs Do to Succeed?
		Real Wor ld Apps Ice Cream Dreams
		For Review
			Key Terms
				Think and Discuss
				Internet in Action
			Self-Assessment Exercises
4 > The Four Ps of Marketing: Product, Price, Place, and Promotion
	Learning Outcomes
		OPENING CASE Jonathan Fields and Sonic Yoga
		As You Read
	INTRODUCTION TO MARKETING
		Market Segmentation
		REAL WORLD APPS Selling Sandwiches
			Segmenting the Consumer Market
		Consumer Behavior
		ETHICAL DILEMMA
			Business-to-Business Markets
	THE FOUR Ps OF MARKETING: PRODUCT
		Total Product Offer
		Market Research
			Quantitative and Qualitative Research
		Product Differentiation
		THINKING CRITICALLY Primary and Secondary Research
		Packaging
		Branding
		New-Product Development Process
	THE FOUR Ps OF MARKETING: PRICE
	Product Life Cycle
	Pricing Strategies
	THE FOUR Ps OF MARKETING: PLACE
		ETHICAL DILEMMA Stretching the Truth
		Merchant Wholesalers
		Agents and Brokers
		Retail Intermediaries and Retailing
			Retailing
		CAREER PERSPECTIVES Becoming a Marketer
	THE FOUR Ps OF MARKETING: PROMOTION
		Advertising
		Personal Selling
		Public Relations
		GOING GLOBAL Why Business Schools Should Focus on Emerging Markets
		Sales Promotions
		Other Types of Promotion
		Integrated Marketing Communication: Putting Promotions Together
		REAL WORLD APPS Selling Sandwiches
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
5 > Human Resource Management
	Learning Outcomes
		Opening Case Adrienne Kallweit and SeekingSitters. com
		As You Read
	the hR management pROCess
		Real WORld apps Personnel to HR
	hRm: deteRmining needs, ReCRuiting, and seleCting
		Determining HR Needs
		Recruiting from a Diverse Population
		Selecting Employees
		ethiCal dilemma
	hRm: tRaining and develOpment
		Employee Training
			Employee Orientation
			On-the-Job Training
			Apprentice Programs
			Off-the-Job Training
			Online Training
			Vestibule Training
			Job Simulation
		Management Training
		thinking CRitiCally What Other Factors besides a Company’s Size Affect Its Likelihood of Providing Formal Training?
	hRm: COmpensating, sCheduling, and appRaising emplOyees
		Compensating Employees
		CaReeR peRspeCtives Joining the HR Team
	Pay Systems
		Fringe Benefi ts and Retirement Plans
	Alternatives to Traditional Scheduling
		Flextime
		Telecommuting
		Job Sharing
	Appraising Employees
	laWs affeCting hRm
		Laws and Government Programs Protecting Equal Opportunity
		ethiCal dilemma The Glass Ceiling
		Laws Protecting Disabled Employees
		Laws Protecting Aging Employees
	Challenges in hR
		Working with Unions
		gOing glOBal Live Abroad and Love It
			Negotiation Tactics Used by Unions
			Negotiation Tactics Used by Management
		Executive Compensation
		Work–Life Balance
		Comparable Worth
		Sexual Harassment
		Real WORld apps Personnel to HR
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
6 > Production and Operations Management
	Learning Outcomes
		Opening Case Bill Coontz and Rudolph Brothers & Company
		As You Read
	Pro duction, Pro duction Management, and Operations Management
		Production and Production Management
		Operations Management
		Operations Management in the Service Sector
		Ethical Dilemma
	Advances in Pro duction Techniques
		Production Processes
		Real Wor ld Apps Staying Competitive
		Computer-Aided Design and Manufacturing
		Flexible Manufacturing
		Lean Manufacturing
		Mass Customization
		Thinking Critically The Custom Touch
		Ethical Dilemma Ensuring Quality
	Critical Issues in Operations Management Planning
	Facility Location
		Facility Location for Manufacturers
		Taking Operations Management to the Internet
	Facility Layout
	Materials Requirement Planning
	Purchasing
	Career Perspectives The World of Purchasing
	Operations Management Contro l Mechanisms
		Just-in-Time Inventory Control
		Program Evaluation and Review Technique (PERT)
		Gantt Charts
	Quality Contro l and Standards
		The Baldrige Awards
		Go ing Glob al Six Sigma Is Out, Extreme Lean Manufacturing Is In
		ISO 9000 and ISO 14000 Standards
		Real Wor ld Apps Staying Competitive
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
7 > Information Technology in Business
	Learning Outcomes
		Opening Case TecAccess
		As You Read
	the ROle Of infORmatiOn teChnOlOgy in Business
		Real WORld apps Modern Banking
		ethiCal dilemma
		A Brief History of Information Technology
		IT Changes Two Critical Elements: Time and Place
		The Effect of IT on Location
		E-Business and E-Commerce
		Broadband Technology
		Social Networking and Web 2.0
		CaReeR peRspeCtives A Career in IT
		gOing glOBal Bill Gates’ Fix for India’s Ills: Technology
	managing infORmatiOn
		thinking CRitiCally Computer and Information Systems Managers: The Nature of the Work
	haRdWaRe and sOftWaRe
		Hardware
			Wireless Information Appliances
			Intranets and Firewalls
			Extranets
			Virtual Private Networks (VPNs)
		Software
		ethiCal dilemma Wasting Time?
	it Challenges
		Hackers and Viruses
		Government Information Security
		Privacy and Phishing
		Real WORld apps Modern Banking
		Stability
		Reliability of Data
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
8 > Finance and Accounting
	Learning Outcomes
		Opening Case Kevin Semcken and Able Planet
		As You Read
		Real WORld apps Switching Gears
	mOney and finanCial instRuments
		The Importance of Money
		ethiCal dilemma
		The Function of Securities Markets
		Raising Funds by Issuing Bonds
		Raising Funds by Selling Stocks
		thinking CRitiCally Small Businesses Recover with the SBA’s ARC Loan Program
			Common Stock
			Preferred Stock
		ethiCal dilemma Is He Really a Friend?
	intROduCtiOn tO aCCOunting
		What Is Accounting?
	Areas of Accounting
		Managerial and Financial Accounting
		Auditing
		Tax Accounting
		Government and Not-for-Profi t Accounting
	CaReeR peRspeCtives Becoming an Accounting Professional
	gOing glOBal Global Accounting Standards? Not So Fast
	The Six-Step Accounting Cycle
	finanCial statements
		The Accounting Equation
		The Balance Sheet
			Assets
			Liabilities
		The Income Statement
			Revenue
			Cost of Goods Sold
			Operating Expenses and Net Profi t or Loss
		The Statement of Cash Flows
		Real WORld apps Switching Gears
	analyZing finanCial statements: RatiO analysis
		Liquidity Ratios
		Leverage (Debt) Ratios
		Profi tability (Performance) Ratios
			Basic and Diluted Earnings per Share
			Return on Sales (Net Profi t Margin)
			Return on Equity
		Activity Ratios
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
9 > Management: Functions and Styles
	Learning Outcomes
		Opening Case The Dworsky Brothers and Consolidated Container Company
		As You Read
	management and tOday’s manageRs
		ethiCal dilemma
	the funCtiOns Of management
		Planning
		Real WORld apps Becoming the Boss
			Writing a Mission Statement
			SWOT and PEST Analyses
		thinking CRitiCally The World of Sales Management
			Forms of Planning
		Organizing
			Levels of Management
			Skills at Different Levels of Management
			Types of Organizational Structures
			Staffi ng
		Leading
		Controlling
		What Else Do Managers Do?
		CaReeR peRspeCtives Becoming a Manager
	management styles
		gOing glOBal The Needs of the Global Economy Workforce
		Autocratic Leadership
		Participative Leadership
		Free-Rein Leadership
		Theory X
		Theory Y
		Theory Z
		ethiCal dilemma If I Could Do it Again
	management Challenges
		Real WORld apps Becoming the Boss
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
10  > Leadership and Motivation
	Learning Outcomes
		Opening Case Gary and Diane Heavin and Curves
		As You Read
		Real WORld apps From Soldier to Civilian
	management and leadeRship
	leadeRship Qualities and styles
		1. Exhibiting Integrity: Ethics, Responsibility and Self-Knowledge
		ethiCal dilemma
		2. Having Vision, Understanding the Business, and Understanding the Tasks
		3. Listening Willingly, Accepting Constructive Criticism, and Communicating Effectively
		4. Exhibiting an Openness to Change
		5. Being Decisive and Committed
		6. Having a Positive Attitude and Enthusiasm
		7. Taking Care of People and Inspiring Them
	thinking CRitiCally Project Managers Stay in Charge and Out Front
	Formal and Informal Leadership
	Transformational Leadership
	Transactional Leadership
	CaReeR peRspeCtives Becoming a Leader
	gOing glOBal Samsung Electronics: Same CEO, New Leadership Team
	the impORtanCe Of mOtivatiOn
		Taylor’s Principles of Scientifi c Management
		Mayo’s Hawthorne Studies
		Maslow’s Hierarchy of Needs
		ethiCal dilemma What Can I Do?
		Herzberg’s Two-Factor Theory
	emplOyee impROvement and empOWeRment
		Goal-Setting Theory and Management by Objectives
		Reinforcement and Equity Theory
		Real WORld apps From Soldier to Civilian
		Employee Empowerment
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
11 > Business in Global Markets
	Learning Outcomes
		Opening Case Bob Hague and Hague Quality Water International
		As You Read
	the glOBal maRket
		Why Trade Globally?
		Real WORld apps Is Globalization Right for Me?
	COmpaRative advantage and aBsOlute advantage
	measuRing glOBal tRade
		Balance of Trade, Balance of Payments, and Trade Defi cits and Surpluses
		ethiCal dilemma
		Unfair Trade Practices
	tRade pROteCtiOn and agReements
		The General Agreement on Tariffs and Trade and the World Trade Organization
		Common Markets
		Organization of the Petroleum Exporting Countries (OPEC)
		gOing glOBal U.S. Free Trade Agreements
		The North American Free Trade Agreement (NAFTA)
	stRategies fOR ReaChing glOBal maRkets
		Licensing
		Exporting
		Franchising
		CaReeR peRspeCtives Joining the World of Global Business
		Contract Manufacturing
		International Joint Ventures and Strategic Alliances
		Foreign Direct Investment
	fORCes affeCting tRade in glOBal maRkets
		Sociocultural Forces
		Religion
		Human Resources Management
		Communication
	Economic and Financial Forces
	thinking CRitiCally India: A Growing Link in the Global Supply Chain
	Legal and Regulatory Forces
	ethiCal dilemma What Should Nina Do?
	Real WORld apps Is Globalization Right for Me?
	Physical and Environmental Forces
	The Future of Global Trade
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
12 > Social Responsibility and Ethical Behavior in Business
	Learning Outcomes
		Opening Case Blake Mycoskie and TOMS Shoes
		As You Read
	ethiCs and ethiCal appROaChes
		Ethics Are Fundamental
		Real WORld apps Code Compliance
		Ethical Dilemma
		Approaches to Ethical Decisions
			The Utilitarian Approach
			The Rights Approach
			The Fairness or Justice Approach
			The Common Good Approach
			The Virtue Approach
	ethiCs On a peRsOnal and CORpORate level
		Ethics Begins with Each of Us
		Ethics in a Corporate Setting
			The Sarbanes-Oxley Act
	Cor por ate Soc ial Responsibility
		Corporate Philanthropy
		Corporate Responsibility
		Corporate Policy
	Responsibility to Stakeholders
		Customers
		Investors
		Go ing Glob al Corporate Social Responsibility Seen as Smart Business Move
		Employees
		Career Perspectives Becoming Involved in CSR
		Society and the Environment
		Thinking Critically Corporate Social Responsibility in a Recession
		Measuring Social Responsibility
	Ethics and Soc ial Responsibility on a Glob al Sc ale
		Ethical Dilemma Young Blood
		Real Wor ld Apps Code Compliance
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
* Bonus Chapter > Managing Your Finances
	Learning Outcomes
		Opening Case Nancy Nelson and Humanix
		As You Read
	Financial Planning
		Education and Making Money
		Real Wor ld Apps On Her Own
		The Need for Financial Planning
		Six Steps to Financial Discipline
			Step 1: Take an Inventory of Your Financial Assets
		Ethical Dilemma
			Step 2: Keep Track of All Your Expenses
			Step 3: Prepare a Budget
			Step 4: Pay Off Your Debts
			Step 5: Start a Savings Plan
			Step 6: Borrow Money Only to Buy Assets That Have the Potential to Increase in Value or Generate Income
	Investing and Managing Credit: Building a Financial Base
		Real Estate: A Relatively Secure Investment
		Where to Put Your Savings
			Investing in Stocks
			Investing in Bonds
		Career Perspectives Becoming Financially Secure
			Investing in Mutual Funds and Exchange-Traded Funds
		Learning to Manage Your Credit
		Thinking Critically Protect Your Money: Check Out Brokers and Investment Advisers
		Go ing Glob al Ways to Profit from the U.S. Savings Surge
			Credit Reports
	Insurance: Pro tecting Yo ur Financial Base
		Auto Insurance
		Life Insurance
		Health Insurance
		Ethical Dilemma Honesty Matters
		Homeowners’ or Renters’ Insurance
	Planning Yo ur Retirement
		Social Security
		Individual Retirement Accounts (IRAs)
		401(k) Plans
		Real Wor ld Apps On Her Own
		Keogh Plans
		Financial Planners
		Estate Planning
	For Review
	Key Terms
	Think and Discuss
	Internet in Action
	Self-Assessment Exercises
Glossary
Endnotes
Photo Credits
Index