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Copyright, iv
Preface, xix
I. Understanding the Contemporary Business Environment, 1
1. Understanding the U.S. Business Environment, 2
Megawatt Laundering and Other Bright Business Ideas, 2
The Concept of Business and the Concept of Profit, 4
The U.S. Economic System, 6
The Economics of a Market System, 11
Understanding Economic Performance, 18
Blackouts and Other Dark Forces, 27
Summary of Learning Objectives, 28
Key Terms, 29
Questions and Exercises, 29
Building Your Business Skills: Paying the Price of Doing E-Business, 30
Exercising Your Ethics: Prescribing a Dose of Competitive Medicine, 31
Crafting Your Business Plan: Exploring Software for a Winning Business Plan, 31
Video Exercise: Helping Businesses Do Business: U.S. Department of Commerce, 32
2. Conducting Business Ethically and Responsibly, 34
The Rules of Tipping, 34
Ethics in the Workplace, 37
Social Responsibility, 45
Areas of Social Responsibility, 50
Implementing Social Responsibility Programs, 58
When Does a Stock Warrant Warrant a Warrant for Arrest?, 62
Summary of Learning Objectives, 63
Key Terms, 64
Questions and Exercises, 64
Building Your Business Skills: To Lie or Not to Lie: That is the Question, 65
Exercising Your Ethics: Taking A Stance, 66
Crafting Your Business Plan: Going in the Ethical Direction, 66
Video Exercise: Doing the Right Thing: American Red Cross, 67
3. Understanding Entrepreneurship and Business Ownership, 68
The Competitor from Out of the Blue, 68
What Is a “Small” Business?, 70
Entrepreneurship, 74
Starting and Operating the Small Business, 75
Franchising, 78
Success and Failure in Small Business, 80
Noncorporate Business Ownership, 85
Corporations, 88
How High Can an Airline Fly?, 93
Summary of Learning Objectives, 94
Key Terms, 95
Questions and Exercises, 96
Building Your Business Skills: Working the Internet, 96
Exercising Your Ethics: Breaking Up Is Hard to Do, 97
Crafting Your Business Plan: Fitting the Entrepreneurial Mold, 98
Video Exercise: Doing Business Privately: Amy’s Ice Cream, 98
4. Understanding the Global Context of Business, 100
Where Does Management Stand on Beer Breaks?, 100
The Rise of International Business, 102
International Business Management, 115
Barriers to International Trade, 120
Mariachi Bands and Other Weapons of the Retail Wars, 125
Summary of Learning Objectives, 126
Key Terms, 127
Questions and Exercises, 127
Building Your Business Skills: Finding Your Place, 128
Exercising Your Ethics: Paying Heed to Foreign Practices, 129
Crafting Your Business Plan: Considering the World, 129
Video Exercise: Globalizing the Long Arm of the Law: Printrak, 130
Planning for Your Career: Knowing What You Want, 131
II. Understanding the Business of Managing, 132
5. Managing the Business Enterprise, 132
Yellow Delivers the Goods, 132
Setting Goals and Formulating Strategy, 136
The Management Process, 144
Types of Managers, 147
Basic Management Skills, 150
Management and the Corporate Culture, 154
“Our Business Isn’t Really about Moving Freight”, 157
Summary of Learning Objectives, 157
Key Terms, 159
Questions and Exercises, 159
Building Your Business Skills: Speaking with Power, 160
Exercising Your Ethics: Making Room for Alternative Actions, 161
Crafting Your Business Plan: Furnishing Yourself With Management Skills, 161
Video Exercise: Imaginative Management: Creative Age Publications, 162
6. Organizing the Business Enterprise, 164
Cooking Up a New Structure, 164
What Is Organizational Structure?, 166
The Building Blocks of Organizational Structure, 168
Establishing the Decision-Making Hierarchy, 172
Basic Forms of Organizational Structure, 179
Informal Organization, 185
Is There Synergy among Baked Goods, Shoe Polish, and Underwear?, 187
Summary of Learning Objectives, 188
Key Terms, 188
Questions and Exercises, 189
Building Your Business Skills: Getting with the Program, 189
Exercising Your Ethics: Minding Your Own Business, 190
Crafting Your Business Plan: Doctoring the Organization, 190
Video Exercise: Juicing Up The Organization: Nantucket Nectars, 191
7. Managing Operations and Improving Quality, 192
A Supersonic Project Gets off the Ground, 192
Goods and Service Operations, 194
Creating Value Through Operations, 196
Operations Planning, 201
Operations Scheduling, 206
Operations Control, 209
Quality Improvement, 211
Adding Value Through Supply Chains, 216
“We’re Using a Lot of Neat Stuff”, 219
Summary of Learning Objectives, 220
Key Terms, 221
Questions and Exercises, 221
Building Your Business Skills: The One-on-One Entrepreneur, 222
Exercising Your Ethics: Calculating the Cost of Conscience, 223
Crafting Your Business Plan: Sporting a Friendlier Atmosphere, 223
Video Exercise: Managing Global Production: Body Glove, 224
Planning for Your Career: What Can You Manage?, 225
III. Understanding People in Organizations, 226
8. Managing Human Resources and Labor Relations, 226
From Hard Bargains to Hard Times, 226
The Foundations of Human Resource Management, 228
Staffing the Organization, 231
Developing the Workforce, 234
Compensation and Benefits, 235
The Legal Context of HR Management, 238
New Challenges in the Changing Workplace, 241
Dealing with Organized Labor, 245
Collective Bargaining, 248
Time Out on the Labor Front, 252
Summary of Learning Objectives, 253
Key Terms, 254
Questions and Exercises, 255
Building Your Business Skills: A Little Collective Brainstorming, 255
Exercising Your Ethics: Operating Tactically, 256
Crafting Your Business Plan: Taking the Occasion to Deal with Labor, 256
Video Exercise: Managing the Human Side of Business: Park Place Entertainment, 257
9. Motivating, Satisfying, and Leading Employees, 258
Bringing The Bounty Back To P&G, 258
Psychological Contracts in Organizations, 260
The Importance of Satisfaction and Morale, 261
Motivation in the Workplace, 264
Strategies for Enhancing Job Satisfaction and Morale, 269
Managerial Styles and Leadership, 277
Turning the Tide, 282
Summary of Learning Objectives, 283
Key Terms, 283
Questions and Exercises, 284
Building Your Business Skills: Too Much of a Good Thing, 284
Exercising Your Ethics: Practicing Controlled Behavior, 285
Crafting Your Business Plan: Making Reservations and Other Plans, 285
Video Exercise: Computing Family Values: Kingston Technology, 286
Planning for Your Career: Managing Your Human Resources, 287
IV. Understanding Principles of Marketing, 288
10. Understanding Marketing Processes and Consumer Behavior, 288
Xbox Spots the Market, 288
What Is Marketing?, 290
Target Marketing and Market Segmentation, 297
Understanding Consumer Behavior, 299
Organizational Marketing and Buying Behavior, 302
What Is a Product?, 303
Developing New Products, 306
Identifying Products, 309
The International Marketing Mix, 312
Small Business and the Marketing Mix, 313
Microsoft’s Great Xpectations, 315
Summary of Learning Objectives, 316
Key Terms, 317
Questions and Exercises, 317
Building Your Business Skills: Dealing With Variables, 318
Exercising Your Ethics: Driving a Legitimate Bargain, 319
Crafting Your Business Plan: Picking and Packaging the Right Products, 319
Video Exercise: Putting Yourself in the Consumer’s Shoes: Skechers USA, 320
11. Pricing, Distributing, and Promoting Products, 322
Congested? Stuffed Up? Try DTC, 322
Determining Prices, 325
Pricing Strategies and Tactics, 328
The Distribution Mix, 330
Wholesaling, 334
Retailing, 335
Physical Distribution, 339
The Importance of Promotion, 341
Do We Need Relief from DTC?, 348
Summary of Learning Objectives, 349
Key Terms, 351
Questions and Exercises, 351
Building Your Business Skills: Questions and Exercises, 352
Exercising Your Ethics: The Chain of Responsibility, 353
Crafting Your Business Plan: Getting the Caffeine into Your Cup, 353
Video Exercise: Through the Grapevine: Clos Du Bois Winery, 354
Planning for Your Career: Selling Yourself, 355
V. Managing Information, 356
12. Managing Information Systems and Communication Technology, 356
More Productive than a Speeding Locomotive, 356
Information Management: An Overview, 358
New Business Technologies in the Information Age, 359
Types of Information Systems, 368
Databases and Software for the Information System, 373
Telecommunications and Networks, 375
Remote Damage Control, 377
Summary of Learning Objectives, 378
Key Terms, 379
Questions and Exercises, 380
Building Your Business Skills: The Art and Science of Point-and-Click Research, 380
Exercising Your Ethics: Supplying the Right Answers, 381
Crafting Your Business Plan: Getting Wired for Better Information, 382
Video Exercise: Space Age Information Systems: Boeing Satellite Systems, 382
13. Understanding Principles of Accounting, 384
Humpty-Dumpty Time at Arthur Andersen, 384
What Is Accounting and Who Uses Accounting Information?, 386
Who Are Accountants and What Do They Do?, 387
Tools of the Accounting Trade, 393
Financial Statements, 394
Analyzing Financial Statements, 403
International Accounting, 408
Is Anybody Holding Auditors Accountable?, 409
Summary of Learning Objectives, 410
Key Terms, 412
Questions and Exercises, 412
Building Your Business Skills: Putting the Buzz in Billing, 413
Exercising Your Ethics: Confidentially Yours, 414
Crafting Your Business Plan: The Profitability of Planning, 415
Video Exercise: Accounting for Billions of Burgers: McDonald’s, 415
Planning for Your Career: Presenting Yourself Online, 416
VI. Understanding Financial Issues, 418
14. Understanding Money and Banking, 418
Argentines No Longer Bank on the Peso, 418
What Is Money?, 420
The U.S. Financial System, 425
The Federal Reserve System, 431
The Changing Money and Banking System, 436
International Banking and Finance, 438
There’s No Accounting for Financial Systems, 441
Summary of Learning Objectives, 442
Key Terms, 443
Questions and Exercises, 443
Building Your Business Skills: Four Economists in a Room, 444
Exercising Your Ethics: Telling the Ethical from the Strictly Legal, 445
Crafting Your Business Plan: How to Bank on Your Money, 445
Video Exercise: Funding the Business World: Coast Business Credit, 446
15. Understanding Securities and Investments, 448
The Street Hits the Wall, 448
Securities Markets, 450
Stocks, 451
Bonds, 460
Mutual Funds, 462
Buying and Selling Securities, 463
Securities Market Regulation, 471
Bearing Up, 473
Summary of Learning Objectives, 474
Key Terms, 475
Questions and Exercises, 475
Building Your Business Skills: Market Ups and Downs, 476
Exercising Your Ethics: Are You Endowed with Good Judgment?, 477
Crafting Your Business Plan: A Capital Idea, 477
Video Exercise: Information Pays Off: Motley Fool, 478
Planning for Your Career: The Application Letter, 479
I. Understanding Financial Risk and Risk Management, 481
The Role of the Financial Manager, 481
Why Do Businesses Need Funds?, 482
Sources of Short-Term Funds, 483
Sources of Long-Term Funds, 485
Financial Management for Small Business, 488
Risk Management, 489
II. Understanding The Legal Context of Business, 495
The U.S. Legal and Judicial Systems, 495
Business Law, 498
The International Framework of Business Law, 504
Answers to Self-Check Questions, 507
Chapter 1, 507
Chapter 2, 507
Chapter 3, 507
Chapter 4, 507
Chapter 5, 508
Chapter 6, 508
Chapter 7, 508
Chapter 8, 508
Chapter 9, 508
Chapter 10, 509
Chapter 11, 509
Chapter 12, 509
Chapter 13, 509
Chapter 14, 510
Chapter 15, 510
Notes, Sources, and Credits, 511
Reference Notes, 511
Source Notes, 517
Cartoon, Photo, and Screen Credits, 520
Internet Field Trip, 522
Chapter 1 Understanding the U.S. Business Environment, 522
Chapter 2 Conducting Business Ethically and Responsibly, 522
Chapter 3 Understanding Entrepreneurship and Small Business Ownership, 522
Chapter 4 Understanding the Global Context of Business, 522
Chapter 5 Managing the Business Enterprise, 522
Chapter 6 Organizing the Business Enterprise, 522
Chapter 7 Managing Operations and Improving Quality, 522
Chapter 8 Managing Human Resources and Labor Relations, 522
Chapter 9 Motivating, Satisfying, and Leading Employees, 522
Chapter 10 Understanding Marketing Processes and Consumer Behavior, 522
Chapter 11 Pricing, Distributing, and Promoting Products, 522
Chapter 12 Managing Information Systems and Communication Technology, 522
Chapter 13 Understanding Principles of Accounting, 522
Chapter 14 Understanding Money and Banking, 522
Chapter 15 Understanding Securities and Investments, 522
Glossary, 522
Name, Company, Product Index, I-1-1
Subject Index, I-2-1

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