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Business Essentials, Sixth Edition

by Ronald J. Ebert - University of Missouri–Columbia; Ricky W. Griffin - Texas A&M University

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Copyright, iv
From the Authors, xix
Preface: About the Authors, xx
We’ve also maintained all the features that you’ve always loved about the text, xxv
Teaching Tools for Instructors, xxvi
Prologue: What’s in It for you?, xxxiv
The Stories of Business, xxxvi
So, What Is in It for You?, xliv
I. The Contemporary Business World, 1
1. The U.S. Business Environment, 2
What’s in It for Me?, 4
The Concept of Business and the Concept of Profit, 5
The External Environments of Business, 6
Economic Systems, 8
The Economics of Market Systems, 13
Economic Indicators, 18
Summary of Learning Objectives, 29
Key Terms, 30
Questions and Exercises, 31
Building Your Business Skills: Paying the Price of Doing E-Business, 32
Exercising Your Ethics: Individual Exercise: Prescribing a Dose of Competitive Medicine, 33
Exercising Your Ethics: Team Exercise: Making the Right Decision, 34
Video Exercise: Helping Businesses Do Business: U.S. Department of Commerce, 35
2. Business Ethics and Social Responsibility, 36
What’s in It for Me?, 38
Ethics in the Workplace, 38
Social Responsibility, 46
Areas of Social Responsibility, 51
Implementing Social Responsibility Programs, 59
Social Responsibility and the Small Business, 62
Summary of Learning Objectives, 65
Key Terms, 66
Questions and Exercises, 66
Building Your Business Skills: To Lie or Not to Lie: That Is the Question, 67
Exercising Your Ethics: Individual Exercise: Taking a Stance, 68
Exercising Your Ethics: Team Exercise: Finding the Balance, 69
Video Exercise: Doing the Right Thing: American Red Cross, 70
3. Entrepreneurship, New Ventures, and Business Ownership, 72
What’s in It for Me?, 74
What Is a “Small” Business?, 74
Entrepreneurship, 79
Starting and Operating a New Business, 80
Trends, Successes, and Failures in New Ventures, 84
Noncorporate Business Ownership, 88
Corporations, 92
Summary of Learning Objectives, 99
Key Terms, 101
Questions and Exercises, 101
Building Your Business Skills: Working the Internet, 102
Exercising Your Ethics: Individual Exercise: Breaking Up Is Hard to Do, 103
Exercising Your Ethics: Team Exercise: Public or Private? That Is the Question, 104
Video Exercise: Doing Business Privately: Amy’s Ice Cream, 105
4. The Global Context of Business, 106
What’s in It for Me?, 108
The Contemporary Global Economy, 108
International Business Management, 121
Barriers to International Trade, 127
Summary of Learning Objectives, 132
Key Terms, 133
Questions and Exercises, 133
Building Your Business Skills: Finding Your Place, 134
Exercising Your Ethics: Individual Exercise: Paying Heed to Foreign Practices, 135
Exercising Your Ethics: Team Exercise: Weighing the Tradeoffs, 136
Crafting a Business Plan: Part 1: The Contemporary Business Environment, 137
Video Exercise: Globalizing the Long Arm of the Law: Printrak, 138
II. The Business of Managing, 140
5. Business Management, 140
What’s in It for Me?, 142
Who Are Managers?, 142
The Management Process, 144
Types of Managers, 147
Basic Management Skills, 150
Strategic Management: Setting Goals and Formulating Strategy, 153
Contingency Planning and Crisis Management, 159
Management and the Corporate Culture, 161
Summary of Learning Objectives, 166
Key Terms, 167
Questions and Exercises, 167
Building Your Business Skills: Speaking with Power, 168
Exercising Your Ethics: Individual Exercise: Making Room for Alternative Actions, 169
Exercising Your Ethics: Team Exercise: Clean Up Now, or Clean Up Later?, 170
Video Exercise: Imaginative Management: Creative Age Publications, 171
6. Organizing the Business, 172
What’s in It for Me?, 174
What Is Organizational Structure?, 174
The Building Blocks of Organizational Structure, 176
Establishing the Decision-Making Hierarchy, 180
Basic Forms of Organizational Structure, 185
Informal Organization, 192
Summary of Learning Objectives, 195
Key Terms, 196
Questions and Exercises, 196
Building Your Business Skills: Getting with the Program, 197
Exercising Your Ethics: Individual Exercise: Minding Your Own Business, 198
Exercising Your Ethics: Team Exercise: To Poach, or Not to Poach . . ., 199
Video Exercise: Juicing Up the Organization: Nantucket Nectars, 200
7. Operations Management and Quality, 202
What’s in It for Me?, 204
What Does Operations Mean Today?, 204
Creating Value Through Operations, 205
Business Strategy as the Driver of Operations, 209
Operations Planning, 211
Operations Scheduling, 216
Operations Control, 219
Quality Improvement and Total Quality Management, 221
Adding Value Through Supply Chains, 224
Summary of Learning Objectives, 228
Key Terms, 230
Questions and Exercises, 230
Building Your Business Skills: The One-on-One Entrepreneur, 231
Exercising Your Ethics: Individual Exercise: Promises, Promises, 232
Exercising Your Ethics: Team Exercise: Calculating the Cost of Conscience, 233
Crafting a Business Plan: Part 2: The Business of Managing, 234
Video Exercise: Managing Global Production: Body Glove, 235
III. People in Organizations, 236
8. Employee Behavior and Motivation, 236
What’s in It for Me?, 238
Forms of Employee Behavior, 238
Individual Differences Among Employees, 240
Matching People and Jobs, 243
Basic Motivation Concepts and Theories, 245
Strategies and Techniques for Enhancing Motivation, 251
Summary of Learning Objectives, 259
Key Terms, 260
Questions and Exercises, 260
Building Your Business Skills: Too Much of a Good Thing, 261
Exercising Your Ethics: Individual Exercise: Practicing Controlled Behavior, 262
Exercising your Ethics: Team Exercise: Taking One for the Team, 262
Video Exercise: Computing Family Values: Kingston Technology, 263
9. Leadership and Decision Making, 264
What’s in It for Me?, 266
The Nature of Leadership, 266
Early Approaches to Leadership, 268
The Situational Approach to Leadership, 270
Leadership Through the Eyes of Followers, 271
Special Issues in Leadership, 273
The Changing Nature of Leadership, 275
Emerging Issues in Leadership, 277
Leadership, Management, and Decision Making, 280
Summary of Learning Objectives, 286
Key Terms, 287
Questions and Exercises, 287
Building Your Business Skills: Learning to Lead, 288
Exercising Your Ethics: Individual Exercise: Exercising Charisma, 289
Exercising Your Ethics: Team Exercise: Forcing the Hand, 290
Video Exercise: What Is Business Leadership?, 291
10. Human Resource Management and Labor Relations, 292
What’s in It for Me?, 294
The Foundations of Human Resource Management, 294
Staffing the Organization, 297
Developing the Workforce, 300
Compensation and Benefits, 301
The Legal Context of HRM, 304
New Challenges in the Changing Workplace, 308
Dealing with Organized Labor, 311
Collective Bargaining, 313
Summary of Learning Objectives, 319
Key Terms, 320
Questions and Exercises, 320
Building Your Business Skills: A Little Collective Brainstorming, 321
Exercising Your Ethics: Individual Exercise: Operating Tactically, 322
Exercising Your Ethics: Team Exercise: Handling the Layoffs, 323
Crafting a Business Plan: Part 3: People in Organizations, 324
Video Exercise: Managing the Human Side of Business: Park Place Entertainment, 325
IV. Principles of Marketing, 326
11. Marketing Processes and Consumer Behavior, 326
What’s in It for Me?, 328
What Is Marketing?, 328
Target Marketing and Market Segmentation, 335
Understanding Consumer Behavior, 337
Organizational Marketing and Buying Behavior, 339
What Is a Product?, 340
Developing New Products, 343
Identifying Products, 346
The International Marketing Mix, 348
Small Business and the Marketing Mix, 350
Summary of Learning Objectives, 354
Key Terms, 356
Questions and Exercises, 356
Building Your Business Skills: Dealing with Variables, 357
Exercising Your Ethics: Individual Exercise: Driving a Legitimate Bargain, 358
Exercising Your Ethics: Team Exercise: Cleaning Up in Sales, 359
Video Exercise: Putting Yourself in the Consumer’s Shoes: Skechers USA, 360
12. Pricing, Distributing, and Promoting Products, 362
What’s in It for Me?, 364
Determining Prices, 364
Pricing Strategies and Tactics, 367
The Distribution Mix, 370
Wholesaling, 372
Retailing, 372
The Ascent of the E-Intermediary, 375
Physical Distribution, 377
The Importance of Promotion, 380
Summary of Learning Objectives, 388
Key Terms, 390
Questions and Exercises, 390
Building Your Business Skills: Greeting Start-Up Decisions, 391
Exercising Your Ethics: Individual Exercise: The Chain of Responsibility, 392
Exercising Your Ethics: Team Exercise: A Big Push for Publicity, 393
Crafting a Business Plan: Part 4: Principles of Marketing, 394
Video Exercise: Through the Grapevine: Clos du Bois Winery, 395
V. Managing Information, 396
13. Information Technology for Business, 396
What’s in It for Me?, 398
IT Impacts, 398
IT Building Blocks: Business Resources, 404
Information Systems: Harnessing the Competitive Power of IT, 408
IT Risks and Threats, 414
IT Protection Measures, 416
Summary of Learning Objectives, 420
Key Terms, 421
Questions and Exercises, 421
Building Your Business Skills: The Art and Science of Point-and-Click Research, 422
Exercising Your Ethics: Individual Exercise: Caught in a Cyber Bind, 423
Exercising Your Ethics: Team Exercise: This Game Is Getting Serious, 424
Video Exercise: Space-Age Information Systems: Boeing Satellite Systems, 425
14. The Role of Accountants and Accounting Information, 426
What’s in It for Me?, 428
What Is Accounting and Who Uses Accounting Information?, 428
Who Are Accountants and What Do They Do?, 429
The Accounting Equation, 435
Financial Statements, 436
Reporting Standards and Practices, 442
Analyzing Financial Statements, 443
Bringing Ethics into the Accounting Equation, 446
Summary of Learning Objectives, 451
Key Terms, 453
Questions and Exercises, 453
Building Your Business Skills: Putting the Buzz in Billing, 454
Exercising Your Ethics: Individual Exercise: Give and Take with Accounting Clients, 455
Exercising Your Ethics: Team Exercise: Confidentially Yours, 456
Crafting a Business Plan: Part 5: Managing Information, 457
Video Exercise: Accounting for Billions of Burgers: McDonald’s, 458
VI. Financial Issues, 460
15. Money and Banking, 460
What’s in It for Me?, 462
What Is Money?, 462
The U.S. Financial System, 467
The Federal Reserve System, 473
The Changing Money and Banking System, 478
International Banking and Finance, 480
Summary of Learning Objectives, 484
Key Terms, 485
Questions and Exercises, 485
Building Your Business Skills: Four Economists in a Room, 486
Exercising Your Ethics: Individual Exercise: Telling the Ethical from the Strictly Legal, 487
Exercising Your Ethics: Team Exercise: Banker’s Predicament: National Security Versus Customer Privacy, 488
Video Exercise: Funding the Business World: Coast Business Credit, 489
16. Securities and Investments, 490
What’s in It for Me?, 492
Securities Markets, 492
Stocks, 493
Bonds, 501
Diversification and Asset Allocation, 504
Buying and Selling Securities, 506
Securities Market Regulation, 512
Summary of Learning Objectives, 516
Key Terms, 517
Questions and Exercises, 517
Building Your Business Skills: Market Ups and Downs, 518
Exercising Your Ethics: Individual Exercise: Are You Endowed with Good Judgment?, 519
Exercising Your Ethics: Team Exercise: Serving Two Masters: Torn Between Company and Client, 520
Crafting a Business Plan: Part 6: Financial Issues, 521
Video Exercise: Information Pays Off: Motley Fool, 522
Appendices, 523
I. Financial Risk and Risk Management, 523
The Role of the Financial Manager, 523
Why Do Businesses Need Funds?, 524
Sources of Short-Term Funds, 526
Sources of Long-Term Funds, 527
Financial Management for Small Business, 530
Risk Management, 531
II. The Legal Context of Business, 535
The U.S. Legal and Judicial Systems, 535
Business Law, 538
The International Framework of Business Law, 543
III. Managing Your Personal Finances, 545
Building Your Financial Plan, 546
The Time Value of Money, 548
Conserving Money by Controlling It, 553
Financial Commitments of Home Ownership, 555
Cashing Out From Tax Avoidance (Legally), 559
Protecting Your Net Worth, 560
Answers to Self-Check Questions, 563
Chapter 1, 563
Chapter 2, 563
Chapter 3, 563
Chapter 4, 563
Chapter 5, 564
Chapter 6, 564
Chapter 7, 564
Chapter 8, 564
Chapter 9, 565
Chapter 10, 565
Chapter 11, 565
Chapter 12, 565
Chapter 13, 566
Chapter 14, 566
Chapter 15, 566
Chapter 16, 567
Notes, 569
Reference Notes, 569
Glossary, 578
NAME AND COMPANY INDEX, I-1-1
SUBJECT INDEX, I-2-1

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