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Understanding Business 12th edition
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Understanding Business 12th edition

Author: Bill Nickels,
Jim McHugh,
Susan McHugh.
Edition: 12th Edition
Year: 2019
Language: English
ISBN 13: 978-1259929434
Publisher: McGraw-Hill Education
ISBN 10: 1-259929434
LCCN : 2017047683
Pages: 735
File: PDF
Price: 5.99$
Digital delivery: Via Email check your SPAM

Description

Understanding Business 12th edition

Long considered the Gold Standard to introduce business courses. This comprehensive, readable text enhances teaching because the experienced author team revises in response to diverse, ever-changing course needs and learning styles. Real-world case studies ensure that students grapple with the most current challenges facing businesspeople today.

This item is in digital format, not a physical book. It’s compatible with all devices. Instant delivery upon purchase.

Getting Ready for This Course and Your Career

Top 10 Reasons to Read This Introduction (even if it isn’t assigned)

10 What the heck—you already bought the book, so you might as well get your
money’s worth.
9 You don’t want the only reason you get a raise to be that the government
has increased the minimum wage.
8 Getting off to a good start in the course can improve your chances of
getting a higher grade, and your Uncle Ernie will send you a dollar for
every A you get.
7 Your friends say that you’ve got the manners of a troll and you want to find
out what the heck they’re talking about.
6 How else would you find out a spork isn’t usually one of the utensils used at
a business dinner?
5 You don’t want to experience the irony of frantically reading the “time
management” section at 3:00 a.m.
4 Like the Boy Scouts, you want to be prepared.
3 It must be important because the authors spent so much time writing it.
2 You want to run with the big dogs someday.
And the number one reason for reading this introductory section is . . .
1 It could be on a test.

Learning the Skills You Need to Succeed Today and Tomorrow

Your life is full. You’re starting a new semester, perhaps even beginning your college career, and you’re feeling pulled in many directions. Why take the time to read this introduction? We have lightheartedly offered our top 10 reasons, but the real importance of this section is no joking matter.

Its purpose, and that of the entire text, is to help you learn principles, strategies, and skills for success that will serve you not only in this course but also in your career and your life. Whether you learn them is up to you. Learning them won’t guarantee success, but not learning them—well, you get the picture.

This is an exciting and challenging time. Success in any venture comes from understanding basic principles and knowing how to apply them effectively. What you learn now could help you be a success—for the rest of your life. Begin applying these skills now to gain an edge on the competition. READ THIS SECTION BEFORE YOUR FIRST CLASS and make a great first impression! Good luck. We wish you the best.

Bill Nickels, Jim McHugh, Susan McHugh.

Using this Course to Prepare for Your Career

Since you’ve signed up for this course, we’re guessing you already know the value of a college education. The holders of bachelor’s degrees make an average of about $51,000 per year compared to about $28,000 for high school graduates. That’s 75 percent more for college graduates than those with just a high school diploma. Compounded over the course of a 30-year career, the average college grad will make more than a half-million dollars more than the high school grad! Thus, what you invest in a college education is likely to pay you back many times. See Figure P.1 for more of an idea of how much salary difference a college degree makes by the end of a 30-year career. That doesn’t mean there aren’t good careers available to non–college graduates. It just means those with an education are more likely to have higher earnings over their lifetime.

The value of a college education is more than just a larger paycheck. Other benefits include increasing your ability to think critically and communicate your ideas to others, improving your ability to use technology, and preparing yourself to live in a diverse and competitive world. Knowing you’ve met your goals and earned a college degree also gives you the self-confidence to work toward future goals.

Many college graduates in the last generation held seven or eight different jobs (often in several different careers) in their lifetime. Today, Millennials are changing jobs just as rapidly; most jump jobs four times in the first decade after graduation. Many returning students are changing their careers and their life plans. In fact, more than half of all part-time college students are older than 25.

You too may want to change careers someday. It can be the path to long-term happiness and success. That means you’ll have to be flexible and adjust your strengths and talents to new opportunities. Today companies are looking for skills that machines lack, including creativity, interpersonal skills, and fine motor control. Learning has become a lifelong job. It’s not going to be just what you know now that counts, but what you learn in the future and
how you adapt your skills to add value to yourself, your job, and your company.

If you’re typical of many college students, you may not have any idea what career you’d like to pursue. That isn’t necessarily a big disadvantage in today’s fast-changing job market. After all, many of the best jobs of the future don’t even exist today. Figure P.2 lists 10 careers that didn’t exist 10 years ago. There are no perfect or certain ways to prepare for the most interesting and challenging jobs of tomorrow. Rather, you should continue your college education, develop strong technical skills, improve your verbal and written communication skills, and remain flexible and forward-thinking while you explore the job market.

Assessing Your Skills and Personality

The earlier you can do a personal assessment of your interests, skills, and values, the better it can help you find career direction. Hundreds of schools use software exercises like the System for Interactive Guidance and Information (SIGI) and DISCOVER to offer self-assessment exercises, personalized lists of occupations based on your interests and skills, and information about different careers and the preparation each requires. Visit your college’s
placement center, career lab, or library soon and learn what programs are available for you. Of course, there are career assessment tools online, but many are as accurate as a Magic 8 ball. You can find reviews of online assessments at www.livecareer.com/quintessential/ online-assessment-review. While no test can give you a definitive answer about what the perfect career for you is, the assessments can point you to career paths that you may not have considered before.

Self-assessment will help you determine the kind of work environment you’d prefer (technical, social service, or business); what values you seek to fulfill in a career (security, variety, or independence); what abilities you have (creative/artistic, numerical, or sales); and what job characteristics matter to you (income, travel, or amount of job pressure versus free time).

Using Professional Business Strategies Right Now

Here are two secrets to success you can start practicing now: networking and keeping files on subjects important to you.

Networking is building a personal array of people you’ve met, spoken to, or corresponded with who can offer you advice about and even help with your career options. Start with the names of your professors, both as employment references and as resources about fields of interest to you. Add additional contacts, mentors, and resource people, and keep the notes you make when talking with them about careers including salary information and courses you need to take.

All students need a way to retain what they learn. An effective way to become an expert on almost any business subject is to set up your own information system. You can store data on your computer, tablet, and cell phone (back up these files!), or you can establish a comprehensive filing
system on paper, or you can use a combination of the two. Few college students take the time to make this effort; those who don’t lose much of the information they read in college or thereafter.

Keep as many of your textbooks and other assigned readings as you can, as well as your course notes. Read a national newspaper such as The Wall Street Journal, The New York Times, or USA Today. Read your local newspaper. Each time you read a story that interests you, save a paper copy or add a link to the story online in your electronic file, under a topic heading like careers, small business, marketing, economics, or management. Don’t rely on just one Internet site for information (and be wary of Wikipedia)! Get familiar with a variety of sources and use them.

Start a file for your résumé. In it, keep a copy of your current résumé along with reference letters and other information about jobs you may have held, including projects accomplished and additions to your responsibilities over time, plus any awards or special recognition you may have received. Soon you’ll have a tremendous amount of information to help you prepare a polished résumé and answer challenging job interview questions with ease.

Watching television shows about business, such as Nightly Business Report and Jim Cramer’s Mad Money, helps you learn the language of business and become more informed about current happenings in business and the economy. Try viewing some of these shows or listening to similar ones online, and see which ones you like best. Take notes and put them in your files. Keep up with business news in your area so that you know what jobs are available and where. You may also want to join a local business group to begin networking with people and learning the secrets of the local business scene. Many business groups and professional business societies accept student members.

Learning to Behave Like a Professional

There’s a reason good manners never go out of style. As the world becomes increasingly competitive, the gold goes to teams and individuals with that extra bit of polish. The person who makes a good impression will be the one who gets the job wins the promotion or clinches the deal. Good manners and professionalism are not difficult to acquire; they’re second nature to those who achieve and maintain a competitive edge.

Not even a great résumé or designer suit can substitute for poor behavior, including verbal behavior, in an interview. Say “please” and “thank you” when you ask for something. Certainly make it a point to arrive on time, open doors for others, stand when an older person enters the room, and use a polite tone of voice. You may want to take a class in etiquette or read a book on etiquette to learn the proper way to eat in a nice restaurant, what to do at a formal party, when and how to text/e-mail business associates properly, and so on. Of course, it’s also critical, to be honest, reliable, dependable, and ethical at all times.

Some rules are not formally written anywhere; instead, every successful businessperson learns them through experience. If you follow these rules in college, you’ll have the skills for success when you start your career. Here are the basics:

  1. Making a good first impression. An old saying goes, “You never get a second chance to make a good first impression.” You have just a few seconds to make an impression. Therefore, how you dress and how you look are important. Take your cue as to what is appropriate at any specific company by studying the people there who are most successful. What do they wear? How do they act?
  2. Focusing on good grooming. Be aware of your appearance and its impact. Wear appropriate, clean clothing and a few simple accessories. Revealing shirts, nose rings, and tattoos may not be appropriate in a work setting. Be consistent, too; you can’t project a good image by dressing well a few times a week and then showing up looking like you’re getting ready to mow a lawn.
    Many organizations have adopted “business casual” guidelines, but others still require traditional attire, so find out what the organization’s policies are and choose your wardrobe accordingly. Casual doesn’t mean sloppy or shabby. Wrinkled clothing, shirttails hanging out, and hats are worn indoors are not usually appropriate. For women, business casual attire includes simple skirts and slacks (no jeans), cotton shirts, sweaters (not too tight), blazers, and low-heeled shoes or boots. Men may wear khaki trousers, sport shirts with collars, sweaters or sport jackets, and casual loafers or lace-up shoes.
  3. Being on time. When you don’t come to class or work on time, you’re sending this message to your teacher or boss: “My time is more important than your time. I have more important things to do than be here.” In addition to showing a lack of respect to your teacher or boss, lateness rudely disrupts the work of your colleagues.
    Pay attention to the corporate culture. Sometimes you have to come in earlier than others and leave later to get that promotion you desire. To develop good work habits and get good grades, arrive in class on time, and avoid leaving (or packing up to leave) early.
  4. Practicing considerate behavior. Listen when others are talking—for example, don’t check your cell phone for messages, read the newspaper, or eat in class. Don’t interrupt others when they are speaking; wait your turn. Eliminate profanity from your vocabulary. Use appropriate body language by sitting up attentively and not slouching. Sitting up has the bonus of helping you stay awake! Professors and managers alike get a favorable impression from those who look and act alert.
  5. Practicing good text/e-mail etiquette. The basic rules of courtesy in face-to-face communication also apply to text and e-mail exchanges. Introduce yourself at the beginning of your first e-mail message. Next, let your recipients know how you got their names and e-mail addresses. Then proceed with your clear but succinct message, and always be sure to type full words (ur is not the same thing as your).
    Finally, close the e-mail with a signature. Do not send an attachment unless your correspondent has indicated he or she will accept it. Ask first! You can find much more information about proper Internet etiquette, or netiquette, online—for example, at NetManners.com.
  6. Practicing good cell phone manners. Your Introduction to Business class is not the place to be arranging a date for tonight. Turn off the phone during class or in a business meeting unless you are expecting a critical call. If you are expecting such a call, let your professor know before class. Turn off your ringer and put the phone on vibrate. Sit by the aisle and near the door. If you do receive a critical call, leave the room before answering it. Apologize to the professor after class and explain the situation.
  7. Practicing safe posting on social media. Be careful what you post on your Facebook page or any other social media. Although it may be fun to share your latest adventures with your friends, your boss or future boss may not appreciate your latest party pictures. Be aware that those pictures may not go away even if you delete them from your page. If anyone else downloaded them, they are still out there waiting
    for a recruiter to discover. Make sure to update your privacy settings frequently. It’s a good idea to separate your list of work friends and limit what that group can view. Also, be aware that some work colleagues aren’t interested in becoming your Facebook friends. To avoid awkwardness, wait for work associates to reach out to you first. Make sure you know your employer’s policy on using social media on company time. Obviously, they will probably frown on using it for personal use on company time, but there may be rules about sharing technical matters,
    company information, and so on. Be mindful that social media accounts time-stamp your comments.
  8. Being prepared. A businessperson would never show up for a meeting without reading the appropriate materials and being prepared to discuss the topics on the agenda. For students, acting as a professional means reading assigned materials before class, having written assignments ready to be turned in, asking and responding to questions in class, and discussing the material with fellow students.
  9. Learning local customs. Just as traffic laws enable people to drive more safely, business etiquette allows people to conduct business with the appropriate amount of consideration. Sharpen your competitive edge by becoming familiar with its rules. If you travel internationally, learn the proper business etiquette for each country you visit. Customs differ widely for such everyday activities as greeting people, eating, giving gifts, presenting and receiving business cards, and conducting business in general. In Japan, business people typically bow instead of shaking hands, and in some Arab countries, it is insulting to sit to show the soles of your shoes. Honesty, high ethical standards, and reliability, and trustworthiness are important for success in any country.
  10. Behaving ethically. Having a reputation for integrity will enable you to be proud of who you are and contribute a great deal to your business success. Unethical behavior can ruin your reputation; so think carefully before you act. When in doubt, don’t! Ethics is so important to success that we include discussions about it throughout the text.

BRIEF CONTENTS:

Gold Standard
Prologue: Getting Ready for This Course and Your Career P
PART 1
Business Trends: Cultivating a Business in Diverse, Global Environments
1 Taking Risks and Making Profits within the Dynamic Business Environment
2 Understanding Economics and How It Affects Business
3 Doing Business in Global Markets
4 Demanding Ethical and Socially Responsible Behavior
PART 2
Business Ownership: Starting a Small Business
5 How to Form a Business
6 Entrepreneurship and Starting a Small Business
PART 3
Business Management: Empowering Employees to Satisfy Customers
7 Management and Leadership
8 Structuring Organizations for Today’s Challenges
9 Production and Operations Management
PART 4
Management of Human Resources: Motivating Employees to Produce Quality Goods and Services
10 Motivating Employees
11 Human Resource Management: Finding and Keeping the Best Employees
12 Dealing with Employee–Management Issues
PART 5
Marketing: Developing and Implementing Customer-Oriented Marketing Plans
13 Marketing: Helping Buyers Buy
14 Developing and Pricing Goods and Services
15 Distributing Products
16 Using Effective Promotions
PART 6
Managing Financial Resources
17 Understanding Accounting and Financial Information
18 Financial Management
19 Using Securities Markets for Financing and Investing Opportunities
20 Money, Financial Institutions, and the Federal Reserve
Bonus Chapters
A Working within the Legal Environment
B Using Technology to Manage Information
C Managing Risk
D Managing Personal Finances
EPILOGUE
Glossary
Name Index
Organization Index
Subject Index

Table of Contents:

Gold Standard

PROLOGUE
Getting Ready for This Course and Your Career
Learning the Skills You Need to Succeed Today and Tomorrow
Using This Course to Prepare for Your Career
Assessing Your Skills and Personality
Using Professional Business Strategies Right Now
Learning to Behave Like a Professional
Doing Your Best in College
Study Hints
Test-Taking Hints
Time Management Hints
Making the Most of the Resources for This Course
Getting the Most from This Text

PART 1
Business Trends: Cultivating a Business in Diverse, Global Environments
CHAPTER 1
Taking Risks and Making Profits within the Dynamic Business Environment
GETTING TO KNOW ANN-MARIE CAMPBELL OF HOME DEPOT
Business and Wealth Building
Revenues, Profits, and Losses
Matching Risk with Profit
Standard of Living and Quality of Life
Responding to the Various Business Stakeholders
Using Business Principles in Nonprofit Organizations
The Importance of Entrepreneurs to the Creation of Wealth
The Five Factors of Production
The Business Environment
The Economic and Legal Environment
The Technological Environment
ADAPTING TO CHANGE UP, UP, AND AWAY
The Competitive Environment
The Social Environment
The Global Environment
REACHING BEYOND OUR BORDERS HOLLYWOOD CLIMBS THE GREAT WALL
The Evolution of U.S. Business
Progress in the Agricultural and Manufacturing Industries
Progress in Service Industries
ADAPTING TO CHANGE SERVICES EXPAND THE CIRCULAR ECONOMY
Your Future in Business
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Grubhub and the Dynamic Business Environment
Notes
CHAPTER 2
Understanding Economics and How It Affects Business
GETTING TO KNOW THOMAS PIKETTY, ECONOMIST
How Economic Conditions Affect Businesses
What Is Economics?
The Secret to Creating a Wealthy Economy
Adam Smith and the Creation of Wealth
ADAPTING TO CHANGE WORLD POPULATION IS POPPING
How Businesses Benefit the Community
Understanding Free-Market Capitalism
How Free Markets Work
How Prices Are Determined
The Economic Concept of Supply
The Economic Concept of Demand
The Equilibrium Point, or Market Price
Competition within Free Markets
Benefits and Limitations of Free Markets
MAKING ETHICAL DECISIONS BAD MEDICINE FOR CONSUMERS?
Understanding Socialism
The Benefits of Socialism
The Negative Consequences of Socialism
Understanding Communism
The Trend Toward Mixed Economies
Understanding the U.S. Economic System
Key Economic Indicators
Productivity in the United States
REACHING BEYOND OUR BORDERS INFLATION AT THE SPEED OF SOUND
Productivity in the Service Sector
The Business Cycle
Stabilizing the Economy through Fiscal Policy
Using Monetary Policy to Keep the Economy Growing
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Opportunity International: Giving the Poor a Working Chance
Notes
CHAPTER 3
Doing Business in Global Markets
GETTING TO KNOW INDRA KRISHNAMURTHY NOOYI, CEO OF PEPSICO
The Dynamic Global Market
Why Trade with Other Nations?
The Theories of Comparative and Absolute Advantage
Getting Involved in Global Trade
Importing Goods and Services
Exporting Goods and Services
Measuring Global Trade
CONNECTING THROUGH SOCIAL MEDIA MY HOME IS YOUR HOME
Strategies for Reaching Global Markets
Licensing
Exporting
Franchising
ADAPTING TO CHANGE MANY FLAGS FLY OVER THE GOLDEN ARCHES
Contract Manufacturing
International Joint Ventures and Strategic Alliances
Foreign Direct Investment
Forces Affecting Trading in Global Markets
Sociocultural Forces
Economic and Financial Forces
Legal and Regulatory Forces
Physical and Environmental Forces
Trade Protectionism
MAKING ETHICAL DECISIONS EXPORTING YOUR PROBLEMS AWAY
The World Trade Organization
Common Markets
The North American and Central American Free Trade Agreements
The Future of Global Trade
The Challenge of Offshore Outsourcing
Globalization and Your Future
Summary
Key Terms
Critical Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Electra Bicycle Company
Notes
CHAPTER 4
Demanding Ethical and Socially Responsible Behavior
GETTING TO KNOW AARON AND EVAN STEED, CO-FOUNDER OF MEATHEAD MOVERS
Ethics Is More Than Legality
Ethical Standards Are Fundamental
Ethics Begins with Each of Us
Managing Businesses Ethically and Responsibly
MAKING ETHICAL DECISIONS ETHICS BEGINS WITH YOU
Setting Corporate Ethical Standards
Corporate Social Responsibility
Responsibility to Customers
Responsibility to Investors
Responsibility to Employees
Responsibility to Society and the Environment
Social Auditing
International Ethics and Social Responsibility
REACHING BEYOND OUR BORDERS ETHICAL CULTURE CLASH
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Warby Parker/VisionSpring
Notes

PART 2
Business Ownership: Starting a Small Business
CHAPTER 5
How to Form a Business
GETTING TO KNOW PETER CANCRO, FOUNDER OF JERSEY MIKE’S SUBS
Basic Forms of Business Ownership
Sole Proprietorships
Advantages of Sole Proprietorships
Disadvantages of Sole Proprietorships
Partnerships
Advantages of Partnerships
Disadvantages of Partnerships
Corporations
Advantages of Corporations
MAKING ETHICAL DECISIONS GOOD BUSINESS, BAD KARMA?
Disadvantages of Corporations
Individuals Can Incorporate
ADAPTING TO CHANGE KICKSTARTING A BENEFIT CORPORATION
S Corporations
Limited Liability Companies
Corporate Expansion: Mergers and Acquisitions
Franchises
Advantages of Franchises
Disadvantages of Franchises
SPOTLIGHT ON SMALL BUSINESS UNLOCKING A GROWING FRANCHISE
Diversity in Franchising
Home-Based Franchises
E-Commerce in Franchising
Using Technology in Franchising
Franchising in Global Markets
Cooperatives
Which Form of Ownership Is for You?
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Domino’s Still Rolling in the Dough
Notes
CHAPTER 6
Entrepreneurship and Starting a Small Business
GETTING TO KNOW TRISTAN WALKER, FOUNDER OF WALKER AND COMPANY
The Job-Creating Power of Entrepreneurs in the United States
Why People Take the Entrepreneurial Challenge
SPOTLIGHT ON SMALL BUSINESS STUDENT START-UPS
What Does It Take to Be an Entrepreneur?
Turning Your Passions and Problems into Opportunities
Entrepreneurial Teams
Entrepreneurship within Firms
Micropreneurs and Home-Based Businesses
Online Businesses
Encouraging Entrepreneurship: What Government Can Do
Getting Started in Small Business
Small versus Big Business
Importance of Small Businesses
Small-Business Success and Failure
Learning About Small-Business Operations
Learn from Others
Get Some Experience
Take Over a Successful Firm
MAKING ETHICAL DECISIONS SHOULD YOU STAY OR SHOULD YOU GO?
Managing a Small Business
Planning Your Business
Financing Your Small Business
Knowing Your Customers
Managing Your Employees
Keeping Records
Looking for Help
Going Global: Small-Business Prospects
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Launching a Business: JCF Health and Fitness
Notes

PART 3
Business Management: Empowering Employees to Satisfy Customers
CHAPTER 7
Management and Leadership
GETTING TO KNOW KEVIN PLANK, FOUNDER OF UNDER ARMOUR
Managers’ Roles Are Evolving
The Four Functions of Management
Planning and Decision Making
ADAPTING TO CHANGE WILL STRATEGY ROBOTS REPLACE MANAGERS?
Decision Making: Finding the Best Alternative
Organizing: Creating a Unified System
Tasks and Skills at Different Levels of Management
Staffing: Getting and Keeping the Right People
CONNECTING THROUGH SOCIAL MEDIA WANT TO BE A SOCIAL MEDIA MANAGER?
Leading: Providing Continuous Vision and Values
Leadership Styles
MAKING ETHICAL DECISIONS WHAT DO YOU TELL THE TEAM?
Empowering Workers
Managing Knowledge
Controlling: Making Sure It Works
A Key Criterion for Measurement: Customer Satisfaction
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Zappos’s Team Approach
Notes
CHAPTER 8
Structuring Organizations for Today’sChallenges
GETTING TO KNOW DENISE MORRISON, CEO OF CAMPBELL SOUP COMPANY
Organizing for Success
Building an Organization from the Bottom Up
The Changing Organization
MAKING ETHICAL DECISIONS WOULD YOU SACRIFICE SAFETY FOR PROFITS?
The Development of Organizational Design
Turning Principles into Organizational Design
Decisions to Make in Structuring Organizations
Choosing Centralized or Decentralized Authority
Choosing the Appropriate Span of Control
Choosing between Tall and Flat Organizational Structures
Weighing the Advantages and Disadvantages of Departmentalization
Organizational Models
Line Organizations
Line-and-Staff Organizations
Matrix-Style Organizations
Cross-Functional Self-Managed Teams
Going Beyond Organizational Boundaries
ADAPTING TO CHANGE GOING BOSSLESS
Managing the Interactions among Firms
Transparency and Virtual Organizations
Adapting to Change
Restructuring for Empowerment
CONNECTING THROUGH SOCIAL MEDIA BREAKING THE CONNECTION
Creating a Change-Oriented OrganizationalCulture
Managing the Informal Organization
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Freshii’s Winning Organization
Notes
CHAPTER 9
Production and Operations Management
GETTING TO KNOW SHAHID KHAN, CEO OF FLEX-N-GATE
Manufacturing and Services in Perspective
Manufacturers and Service Organizations Become More Competitive
REACHING BEYOND OUR BORDERS CREATING SKILLED WORKERS WITH German-style APPRENTICESHIPS
From Production to Operations Management
Operations Management in the Service Sector
Production Processes
The Need to Improve Production Techniques and Cut Costs
Computer-Aided Design and Manufacturing
Flexible Manufacturing
Lean Manufacturing
Mass Customization
Robotics
3D Printing
Using Sensing, Measurement, and Process Control
ADAPTING TO CHANGE THE VAST POSSIBILITIES OF 3D PRINTING
Operations Management Planning
Facility Location
Facility Location for Manufacturers
Interfirm Operations Management
Facility Location in the Future
MAKING ETHICAL DECISIONS SHOULD WE STAY OR SHOULD WE GO?
Facility Layout
Materials Requirement Planning
Purchasing
Just-in-Time Inventory Control
Quality Control
The Baldrige Awards
ISO 9001 and ISO 14001 Standards
Control Procedures: PERT and Gantt Charts
Preparing for the Future
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Production in the 21st Century
Notes

PART 4
Management of Human Resources: Motivating Employees to Produce Quality Goods and Services
CHAPTER 10
Motivating Employees
GETTING TO KNOW KIM JORDAN, CEO OF NEW BELGIUM BREWING COMPANY
The Value of Motivation
Frederick Taylor: The “Father” of Scientific Management
Elton Mayo and the Hawthorne Studies
Motivation and Maslow’s Hierarchy of Needs
Herzberg’s Motivating Factors
Mcgregor’s Theory X and Theory Y
Theory X
Theory Y
Ouchi’s Theory Z
Goal-Setting Theory and Management by Objectives
Meeting Employee Expectations: Expectancy Theory
Treating Employees Fairly: Equity Theory
Putting Theory into Action
Motivating through Job Enrichment
Motivating through Open Communication
Applying Open Communication in Self-Managed Teams
Recognizing a Job Well Done
ADAPTING TO CHANGE EMPLOYEE ENGAGEMENT’S MOOD RING
Personalizing Motivation
Motivating Employees across the Globe
Motivating Employees across Generations
CONNECTING THROUGH SOCIAL MEDIA THREE CHEERS FOR PEERS!
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Appletree Answers
Notes
CHAPTER 11
Human Resource Management: Finding and Keeping the Best Employees
GETTING TO KNOW HAMDI ULUKAYA, FOUNDER AND CEO OF CHOBANI
Working with People Is Just the Beginning
Developing the Ultimate Resource
The Human Resource Challenge
Laws Affecting Human Resource Management
Laws Protecting Employees with Disabilities and Older Employees
Effects of Legislation
Determining a Firm’s Human Resource Needs
Recruiting Employees From a Diverse Population
CONNECTING THROUGH SOCIAL MEDIA NEEDS A JOB?
Selecting Employees Who Will Be Productive
Hiring Contingent Workers
CONNECTING THROUGH SOCIAL MEDIA LET’S FACE IT
Training and Developing Employees for Optimum Performance
MAKING ETHICAL DECISIONS INTERN OR INDENTURED SERVANT?
Management Development
Networking
Diversity in Management Development
Appraising Employee Performance to Get Optimum Results
Compensating Employees: Attracting and Keeping the Best
Pay Systems
Compensating Teams
Fringe Benefits
REACHING BEYOND OUR BORDERS MANAGING A GLOBAL WORKFORCE
Scheduling Employees to Meet Organizational and Employee Needs
Flextime Plans
Home-Based Work
Job-Sharing Plans
Moving Employees Up, Over, and Out
Promoting and Reassigning Employees
Terminating Employees
Retiring Employees
Losing Valued Employees
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Teach for America
Notes
CHAPTER 12
Dealing with Employee–Management Issues
GETTING TO KNOW LILY ESKELSEN GARCÍA, PRESIDENT OF THE NEA
Employee–Management Issues
Labor Unions Yesterday and Today
The History of Organized Labor
Labor Legislation and Collective Bargaining
SPOTLIGHT ON SMALL BUSINESS THE FIRE THAT SPARKED THE LABOR MOVEMENT
Union Organizing Campaigns
Objectives of Organized Labor over Time
Resolving Labor-Management Disagreements
Mediation and Arbitration
Tactics Used in Labor-Management Conflicts
Union Tactics
Management Tactics
The Future of Unions and Labor-Management Relations
MAKING ETHICAL DECISIONS WALKING A FINE LINE
Controversial Employee–Management Issues
Executive Compensation
Pay Equity
ADAPTING TO CHANGE PAYING FOR UNDERPERFORMING
Sexual Harassment
Child Care
ElderCare
Drug Abuse and Drug Testing
Violence and Bullying in the Workplace
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Working with Unions at Freeman
Notes

PART 5
Marketing: Developing and Implementing Customer-Oriented Marketing Plans
CHAPTER 13
Marketing: Helping Buyers Buy
GETTING TO KNOW MICHELLE PHAN, FOUNDER OF IPSY
What Is Marketing?
The Evolution of Marketing
CONNECTING THROUGH SOCIAL MEDIA SNAPPING UP A CUSTOMER BASE
Nonprofit Organizations and Marketing
The Marketing Mix
Applying the Marketing Process
Designing a Product to Meet Consumer Needs
Setting an Appropriate Price
Getting the Product to the Right Place
Developing an Effective Promotional Strategy
Providing Marketers with Information
The Marketing Research Process
The Marketing Environment
Global Factors
Technological Factors
Sociocultural Factors
Competitive Factors
SPOTLIGHT ON SMALL BUSINESS CREATING MASS APPEAL FOR A CUSTOM PRODUCT
Economic Factors
Two Different Markets: Consumer and Business to Business (B2B)
The Consumer Market
Segmenting the Consumer Market
Reaching Smaller Market Segments
Building Marketing Relationships
The Consumer Decision-Making Process
ADAPTING TO CHANGE BUILDING RELATIONSHIPS BY BUILDING SUBSCRIBERS
The Business-to-Business Market
Your Prospects in Marketing
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Dunkin’ Donuts and the 4 Ps
Notes
CHAPTER 14
Developing and Pricing Goods and Services
GETTING TO KNOW ANTHONY KATZ, FOUNDER OF HYPERICE
Product Development and the Total Product Offer
CONNECTING THROUGH SOCIAL MEDIA PLAYING WITH THE SOCIAL GAMING STARS
Distributed Product Development
Product Lines and the Product Mix
Product Differentiation
Marketing Different Classes of Consumer Goods and Services
Marketing Industrial Goods and Services
Packaging Changes the Product
The Growing Importance of Packaging
Branding and Brand Equity
MAKING ETHICAL DECISIONS NATURAL GOODS: REALLY FROM NATURE?
Brand Categories
REACHING BEYOND OUR BORDERS PLAYING THE NAME GAME
Generating Brand Equity and Loyalty
Creating Brand Associations
Brand Management
The New-Product Development Process
Generating New-Product Ideas
Product Screening
Product Analysis
Product Development and Testing
Commercialization
The Product Life Cycle
Example of the Product Life Cycle
SPOTLIGHT ON SMALL BUSINESS MADE BY MOMMY
Using the Product Life Cycle
Competitive Pricing
Pricing Objectives
Cost-Based Pricing
Demand-Based Pricing
Competition-Based Pricing
Break-Even Analysis
Other Pricing Strategies
How Market Forces Affect Pricing
Nonprice Competition
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Developing New Products at Domino’s
Notes
CHAPTER 15
Distributing Products
GETTING TO KNOW TONY MCGEE, PRESIDENT AND CEO OF HNM GLOBAL LOGISTICS
The Emergence of Marketing Intermediaries
Why Marketing Needs Intermediaries
SPOTLIGHT ON SMALL BUSINESS WHAT WAS MINE IS NOW YOURS
How Intermediaries Create Exchange Efficiency
The Value versus the Cost of Intermediaries
The Utilities Created by Intermediaries
Form Utility
Time Utility
Place Utility
CONNECTING THROUGH SOCIAL MEDIA I’M LOVIN’ ALL-DAY EGG MCMUFFINS
Possession Utility
Information Utility
Service Utility
Wholesale Intermediaries
Merchant Wholesalers
Agents and Brokers
Retail Intermediaries
Retail Distribution Strategy
Online Retailing and other Nonstore Retailing
Online Retailing
Telemarketing
Vending Machines, Kiosks, Carts, and Pop-Ups
Direct Selling
Multilevel Marketing
Direct Marketing
Building Cooperation in Channel Systems
Corporate Distribution Systems
Contractual Distribution Systems
Administered Distribution Systems
Supply Chains
Logistics: Getting Goods to Consumers Efficiently
Trains Are Great for Large Shipments
ADAPTING TO CHANGE ONLINE GROCERY SHOPPING
Trucks Are Good for Small Shipments to Remote Locations
Water Transportation Is Inexpensive but Slow
Pipelines Are Fast and Efficient
Air Transportation Is Fast but Expensive
Intermodal Shipping
The Storage Function
Tracking Goods
What All This Means to Your Career
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: FedEx
Notes
CHAPTER 16
Using Effective Promotions
GETTING TO KNOW MICHAEL DUBIN, COFOUNDER AND CEO OF DOLLAR SHAVE CLUB
Promotion and the Promotion Mix
Advertising: Informing, Persuading, and Reminding
Television Advertising
CONNECTING THROUGH SOCIAL MEDIA HOW SOCIAL MEDIA MOVE TV RATINGS
Product Placement
Infomercials
Online Advertising
Social Media Advertising
Global Advertising
Personal Selling: Providing Personal Attention
REACHING BEYOND OUR BORDERS OREO: WORLD’S FAVORITE COOKIE?
Steps in the Selling Process
The Business-to-Consumer Sales Process
Public Relations: Building Relationships
Publicity: The Talking Arm of PR
Sales Promotion: Giving Buyers Incentives
Word of Mouth and Other Promotional Tools
Social Networking
Blogging
Podcasting
E-Mail Promotions
Mobile Marketing
Managing the Promotion Mix: Putting It All Together
Promotional Strategies
ADAPTING TO CHANGE OUTDOOR “EYES” ARE PULLING YOU IN
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: SXSW
Notes

PART 6
Managing Financial Resources
CHAPTER 17
Understanding Accounting and Financial Information
GETTING TO KNOW SHELLY SUN, CEO OF BRIGHTSTAR CARE
The Role of Accounting Information
What Is Accounting?
The Accounting Cycle
Using Technology in Accounting
Understanding Key Financial Statements
The Fundamental Accounting Equation
The Balance Sheet
Classifying Assets
Liabilities and Owners’ Equity Accounts
The Income Statement
Revenue
Cost of Goods Sold
SPOTLIGHT ON SMALL BUSINESS OUT WITH THE OLD; IN WITH THE NEW
Operating Expenses
Net Profit or Loss
The Statement of Cash Flows
The Need for Cash Flow Analysis
MAKING ETHICAL DECISIONS WHEN YOU ARE A JUDGE AND JURY!
Analyzing Financial Performance Using Ratios
Liquidity Ratios
Leverage (Debt) Ratios
Profitability (Performance) Ratios
Activity Ratios
Accounting Disciplines
Financial Accounting
Managerial Accounting
Auditing
ADAPTING TO CHANGE ACCOUNTING: CSI
Tax Accounting
Government and Not-for-Profit Accounting
REACHING BEYOND OUR BORDERS THE WIDE, WIDE WORLD OF ACCOUNTING
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: The Accounting Function at Goodwill Industries
Notes
CHAPTER 18
Financial Management
GETTING TO KNOW KATHY WALLER, EXECUTIVE VICE PRESIDENT AND CFO OF COCA-COLA
The Role of Finance and Financial Managers
The Value of Understanding Finance
What Is Financial Management?
Financial Planning
Forecasting Financial Needs
Working with the Budget Process
Establishing Financial Controls
The Need for Operating Funds
Managing Day-by-Day Needs of the Business
Controlling Credit Operations
Acquiring Needed Inventory
Making Capital Expenditures
MAKING ETHICAL DECISIONS NOT WHAT THE DOCTOR ORDERED!
Alternative Sources of Funds
Obtaining Short-Term Financing
Trade Credit
Family and Friends
Commercial Banks
Different Forms of Short-Term Loans
Factoring Accounts Receivable
ADAPTING TO CHANGE FINANCING JUST A CLICK AWAY
Commercial Paper
Credit Cards
Obtaining Long-Term Financing
Debt Financing
Equity Financing
Comparing Debt and Equity Financing
SPOTLIGHT ON SMALL BUSINESS LOOKING FOR A SLAM DUNK
Lessons Learned from the Financial Crisis and Great Recession
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Starting Up: Tom and Eddie’s
Notes
CHAPTER 19
Using Securities Markets for Financing and Investing Opportunities
GETTING TO KNOW JIM CRAMER, HOST OF CNBC’S MAD MONEY
The Function of Securities Markets
The Role of Investment Bankers
Stock Exchanges
CONNECTING THROUGH SOCIAL MEDIA JOBS ACT RULES CROWD INVESTING
Securities Regulations and the Securities and Exchange Commission
Foreign Stock Exchanges
How Businesses Raise Capital by Selling Stock
Advantages and Disadvantages of Issuing Stock
Issuing Shares of Common Stock
Issuing Shares of Preferred Stock
How Businesses Raise Capital by Issuing Bonds
Learning the Language of Bonds
Advantages and Disadvantages of Issuing Bonds
Different Classes of Bonds
Special Bond Features
How Investors Buy Securities
Investing through Online Brokers
ADAPTING TO CHANGE R2-D2 TO THE INVESTOR’S RESCUE
Choosing the Right Investment Strategy
MAKING ETHICAL DECISIONS MONEY GOING UP IN SMOKE
Reducing Risk by Diversifying Investments
Investing in Stocks
Stock Splits
Buying Stock on Margin
Understanding Stock Quotations
Investing in Bonds
Investing in High-Risk (Junk) Bonds
Investing in Mutual Funds and Exchange-Traded Funds
Understanding Stock Market Indicators
Riding the Market’s Roller Coaster
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: Where Did All My Money Go?
Notes
CHAPTER 20
Money, Financial Institutions, and the Federal Reserve
GETTING TO KNOW JANET YELLEN, CHAIR OF THE FEDERAL RESERVE
Why Money Is Important
What Is Money?
ADAPTING TO CHANGE SAYING GOODBYE TO BEN FRANKLIN
Managing Inflation and the Money Supply
The Global Exchange of Money
Control of the Money Supply
Basics about the Federal Reserve
The Reserve Requirement
Open-Market Operations
The Discount Rate
The Federal Reserve’s Check-Clearing Role
The History of Banking and the Need for the Fed
Banking and the Great Depression
The U.S. Banking System
Commercial Banks
Services Provided by Commercial Banks
Services to Borrowers
Savings and Loan Associations (S&Ls)
Credit Unions
Other Financial Institutions (Nonbanks)
MAKING ETHICAL DECISIONS AN OPEN AND SHUT OPTION
The Banking Crisis and How the Government Protects Your Money
SPOTLIGHT ON SMALL BUSINESS BECOMING YOUR BEST FRIEND IN BANKING
Protecting Your Funds
The Federal Deposit Insurance Corporation (FDIC)
The Savings Association Insurance Fund (SAIF)
The National Credit Union Administration (NCUA)
Using Technology to Make Banking More Efficient
Online Banking
International Banking and Banking Services
Leaders in International Banking
The World Bank and the International Monetary Fund
REACHING BEYOND OUR BORDERS NEW DAY, NEW ISSUES ACROSS THE GLOBE
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Video Case: The Financial Crisis
Notes
Bonus Chapters
A Working within the Legal Environment
GETTING TO KNOW ALANNA RUTHERFORD, ATTORNEY
The Case for Laws
Statutory and Common Law
Administrative Agencies
Tort Law
Product Liability
Legally Protecting Ideas: Patents, Copyrights, and Trademarks
Sales Law: The Uniform Commercial Code
Warranties
Negotiable Instruments
Contract Law
Breach of Contract
Promoting Fair and Competitive Business Practices
The History of Antitrust Legislation
Laws to Protect Consumers
Tax Laws
Bankruptcy Laws
Deregulation versus Regulation
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Notes
B Using Technology to Manage Information
GETTING TO KNOW BEN FRIED, CIO OF GOOGLE
The Role of Information Technology
Evolution from Data Processing to Business Intelligence
How Information Technology Changes Business
Types of Information
Managing Information
Big Data and Data Analytics
Using Information from Social Media
The Heart of Knowledge Management: The Internet
Intranets
Extranets
Virtual Private Networks
Broadband Technology
Social Media and Web 2.0
Web 3.0
Who’s the “Boss” of the Internet?
Virtual Networking and Cloud Computing
Effects of Information Technology on Management
Human Resource Issues
Security Issues
Privacy Issues
Stability Issues
TECHNOLOGY AND YOU
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Notes
C Managing Risk
GETTING TO KNOW OLZA “TONY” NICELY, CEO OF GEICO
Understanding Business Risks
How Rapid Change Affects Risk Management
Managing Risk
Reducing Risk
Avoiding Risk
Self-Insuring
Buying Insurance to Cover Risk
What Risks Are Uninsurable?
What Risks Are Insurable?
Understanding Insurance Policies
Rule of Indemnity
Types of Insurance Companies
Insurance Coverage for Various Kinds of Risk
Health Insurance
Health Savings Accounts
Disability Insurance
Workers’ Compensation
Liability Insurance
Life Insurance for Businesses
Insurance Coverage for Home-Based Businesses
The Risk of Damaging the Environment
Protection from Cyber Attacks
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Notes
D Managing Personal Finances
GETTING TO KNOW ALEXA VON TOBEL, FOUNDER AND CEO OF LEARNVEST
The Need for Personal Financial Planning
Financial Planning Begins with Making Money
Six Steps to Controlling Your Assets
Building Your Financial Base
Real Estate: Historically, a Relatively Secure Investment
Tax Deductions and Home Ownership
Where to Put Your Savings
Learning to Manage Credit
Protecting Your Financial Base: Buying Insurance
Health Insurance
Disability Insurance
Homeowner’s or Renter’s Insurance
Other Insurance
Planning Your Retirement
Social Security
Individual Retirement Accounts (IRAs)
Simple IRAs
401(k) Plans
Keogh Plans
Financial Planners
Estate Planning
Summary
Key Terms
Career Exploration
Critical Thinking
Developing Career Skills
Putting Principles to Work
Notes
EPILOGUE
Getting the Job You Want
Job Search Strategy
Searching for Jobs Online
Job Search Resources
Writing Your Résumé
Putting Your Résumé Online
Writing a Cover Letter
Preparing for Job Interviews
Being Prepared to Change Careers
Glossary
Name Index
Organization Index
Subject Index

About the Authors

Bill Nickels is an emeritus professor of business at the University of Maryland, College Park. He has over 30 years of experience teaching graduate and undergraduate business courses, including an introduction to business, marketing, and promotion. He has won the Outstanding Teacher on Campus Award four times and was nominated for the award many other times. He received his MBA degree from Western Reserve University and his Ph.D. from Ohio State University. Bill has written a marketing communications text and two marketing principles texts in addition to many articles in business publications. He has taught many seminars to businesspeople on subjects such as power communications, marketing, nonbusiness marketing, and stress and life management. His son, Joel, is a professor of English at the University of Miami (Florida).

Susan McHugh is a learning specialist with extensive training and experience in adult learning and curriculum development. She holds an MEd degree from the University of Missouri and completed her course work for a Ph.D. in education administration with a specialty in adult learning theory. As a professional curriculum developer, she has directed numerous curriculum projects and educator training programs. She has worked in the public and private sectors as a consultant in training and employee development. While Jim and Susan treasure their participation in writing projects, their greatest accomplishment is their collaboration with their three children. Casey is carrying on the family’s teaching tradition as an adjunct professor at Washington University. Molly and Michael are carrying on the family writing tradition by contributing to the development of several supplementary materials for this text.

Jim McHugh holds an M.B.A. degree from Lindenwood University and has had broad experience in education, business, and government. As chairman of the Business and Economics Department of St. Louis Community College/Forest Park, Jim coordinated and directed the business curriculum development. In addition to teaching several sections of Introduction to Business each semester for nearly 30 years, Jim taught in the marketing and management areas at both the undergraduate and graduate levels. He is actively involved in the public service sector and served as chief of staff to the St. Louis County Executive.

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