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Copyright, ii
How to Use This Book, xiv
Acknowledgments, xvi
What’s in it for You?, xvii
Part I. The Contemporary Business World, 2
Chapter 1. The U.S. Business Environment, 2
What Goes Up . . . Can Go Even Higher!, 3
The Concept of Business and the Concept of Profit, 4
The External Environments of Business, 4
Domestic Business Environment, 4
Global Business Environment, 4
Technological Environment, 4
Political-Legal Environment, 5
Sociocultural Environment, 5
Economic Environment, 5
Economic Systems, 5
Factors of Production, 5
Types of Economic Systems, 6
Boxed Feature: Say What You Mean: The Culture of Risk, 7
The Economics of Market Systems, 8
Demand and Supply in a Market Economy, 8
Private Enterprise and Competition in a Market Economy, 10
Economic Indicators, 12
Economic Growth, Aggregate Output, and Standard of Living, 12
Boxed Feature: Entrepreneurship and New Ventures: Business ... and Pleasure, 12
Economic Stability, 15
Managing the U.S. Economy, 17
End-of-Chapter Review: Questions and Exercises, 17
Chapter 2. Business Ethics and Social Responsibility, 18
Under the Guise of Green, 19
Ethics in the Workplace, 20
Individual Ethics, 20
Business and Managerial Ethics, 20
Boxed Feature: Say What You Mean: The Ethical Soft-Shoe, 21
Assessing Ethical Behavior, 22
Company Practices and Business Ethics, 23
Social Responsibility, 23
The Stakeholder Model of Responsibility, 23
Boxed Feature: Entrepreneurship and New Ventures: The Electronic Equivalent of Paper Shredding, 24
Contemporary Social Consciousness, 25
Areas of Social Responsibility, 25
Responsibility Toward the Environment, 25
Responsibility Toward Customers, 26
Responsibility Toward Employees, 27
Responsibility Toward Investors, 28
Implementing Social Responsibility Programs, 29
Approaches to Social Responsibility, 29
Managing Social Responsibility Programs, 30
Social Responsibility and the Small Business, 31
End-of-Chapter Review: Questions and Exercises, 31
Chapter 3. Entrepreneurship, New Ventures, and Business Ownership, 32
Harvard Dropout Turned Billionaire, 33
What Is a “Small” Business?, 34
The Importance of Small Business in the U.S. Economy, 34
Popular Areas of Small-Business Enterprise, 35
Entrepreneurship, 36
Entrepreneurial Characteristics, 36
Boxed Feature: Say What You Mean: The Wide World of Risk, 36
Starting and Operating a New Business, 37
Crafting a Business Plan, 37
Starting a Small Business, 37
Financing a Small Business, 38
Trends, Successes, and Failures in New Ventures, 39
Trends in Small-Business Start-Ups, 39
Reasons for Failure, 40
Boxed Feature: Entrepreneurship and New Ventures: The Road to Recovery, 40
Reasons for Success, 41
Noncorporate Business Ownership, 41
Sole Proprietorships, 41
Partnerships, 41
Cooperatives, 42
Corporations, 43
The Corporate Entity, 43
Types of Corporations, 43
Managing a Corporation, 44
Special Issues in Corporate Ownership, 45
End-of-Chapter Review: Questions and Exercises, 45
Chapter 4. The Global Context of Business, 46
A Truly Universal Studio, 47
The Contemporary Global Economy, 48
The Major World Marketplaces, 48
Trade Agreements and Alliances, 49
Import-Export Balances, 50
Exchange Rates, 53
Forms of Competitive Advantage, 54
Boxed Feature: Entrepreneurship and New Ventures: Rolling in the Worldwide Dough, 54
International Business Management, 55
Going International, 55
Levels of International Involvement, 56
International Organization Structures, 57
Boxed Feature: Say What You Mean: When in Rome ..., 58
Barriers to International Trade, 59
Social and Cultural Differences, 59
Economic Differences, 59
Legal and Political Differences, 59
End-of-Chapter Review: Questions and Exercises, 61
Part II. The Business of Managing, 62
Chapter 5. Business Management, 62
The Business of Bagging Customers, 63
Who Are Managers?, 64
The Management Process, 64
Planning, 64
Organizing, 65
Leading, 65
Controlling, 66
Types of Managers, 66
Levels of Management, 66
Areas of Management, 66
Basic Management Skills, 67
Technical Skills, 68
Human Relations Skills, 68
Conceptual Skills, 68
Decision-Making Skills, 68
Time Management Skills, 68
Management Skills for the Twenty-first Century, 68
Strategic Management: Setting Goals and Formulating Strategy, 69
Setting Business Goals, 69
Boxed Feature: Entrepreneurship and New Ventures: Samuel Adams Makes Headway, 70
Types of Strategies, 71
Formulating Strategy, 71
A Hierarchy of Plans, 72
Contingency Planning and Crisis Management, 73
Contingency Planning, 73
Crisis Management, 73
Management and the Corporate Culture, 74
Communicating the Culture and Managing Change, 74
Boxed Feature: Say What You Mean: Communicating the Corporate Message, 74
End-of-Chapter Review: Questions and Exercises, 75
Chapter 6. Organizing the Business, 76
PepsiCo’s Performance with Purpose, 77
What Is Organizational Structure?, 78
Organization Charts, 78
Determinants of Organizational Structure, 78
The Building Blocks of Organizational Structure, 79
Specialization, 79
Planning Departments, 80
Establishing the Decision-Making Hierarchy, 81
Distributing Authority: Centralization and Decentralization, 81
The Delegation Process, 82
Three Forms of Authority, 83
Basic Forms of Organizational Structure, 84
Functional Structure, 84
Divisional Structure, 84
Boxed Feature: Entrepreneurship and New Ventures: Making the Grade, 85
Matrix Structure, 86
International Structure, 86
Organizational Design for the Twenty-first Century, 87
Boxed Feature: Say What You Mean: Boss, Buddy, or Both?, 88
Informal Organization, 89
Intrapreneuring, 89
End-of-Chapter Review: Questions and Exercises, 89
Chapter 7. Operations Management and Quality, 90
Troubled Times for Airlines, 91
What Does Operations Mean Today?, 92
Creating Value Through Operations, 92
Differences Between Service and Goods Manufacturing Operations, 93
Operations Processes, 94
Business Strategy as the Driver of Operations, 94
The Many Faces of Production Operations, 94
Operations Planning, 96
Capacity Planning, 96
Boxed Feature: Entrepreneurship and New Ventures: From a Missouri Garage to Hollywood, 96
Location Planning, 97
Layout Planning, 97
Quality Planning, 98
Methods Planning, 98
Operations Scheduling, 99
The Master Production Schedule, 99
Detailed Schedules, 99
Boxed Feature: Say What You Mean: Missed Appointments = Missed Opportunities, 99
Staff Schedules and Computer-Based Scheduling, 100
Project Scheduling, 100
Operations Control, 100
Materials Management, 101
Quality Control, 102
Quality Improvement and Total Quality Management, 102
Managing for Quality, 102
Tools for Total Quality Management, 102
Adding Value Through Supply Chains, 104
The Supply Chain Strategy, 104
Outsourcing and Global Supply Chains, 105
End-of-Chapter Review: Questions and Exercises, 105
Part III. People in Organizations, 106
Chapter 8. Employee Behavior and Motivation, 106
What’s the Deal about Work?, 107
Forms of Employee Behavior, 108
Performance Behaviors, 108
Organizational Citizenship, 108
Counterproductive Behaviors, 108
Individual Differences Among Employees, 109
Personality at Work, 109
Attitudes at Work, 110
Matching People and Jobs, 110
Psychological Contracts, 110
The Person-Job Fit, 111
Basic Motivation Concepts and Theories, 111
Classical Theory, 111
Early Behavioral Theory, 112
Boxed Feature: Say What You Mean: Securing Satisfaction, 112
Contemporary Motivation Theory, 114
Strategies and Techniques for Enhancing Motivation, 115
Reinforcement/Behavior Modification, 115
Using Goals to Motivate Behavior, 116
Participative Management and Empowerment, 116
Boxed Feature: Entrepreneurship and New Ventures: Extreme Employee Empowerment, 116
Team Management, 117
Job Enrichment and Job Redesign, 117
Modified Work Schedules, 118
End-of-Chapter Review: Questions and Exercises, 119
Chapter 9. Leadership and Decision Making, 120
A Bid for Improvement, 121
The Nature of Leadership, 122
Early Approaches to Leadership, 122
Trait Approaches to Leadership, 122
Behavioral Approaches to Leadership, 123
The Situational Approach to Leadership, 124
Leadership Through the Eyes of Followers, 124
Transformational Leadership, 124
Charismatic Leadership, 125
Special Issues in Leadership, 126
Leadership Substitutes, 126
Leadership Neutralizers, 126
The Changing Nature of Leadership, 127
Leaders as Coaches, 127
Gender and Leadership, 127
Boxed Feature: Say What You Mean: No More Secrets?, 127
Cross-Cultural Leadership, 128
Emerging Issues in Leadership, 128
Strategic Leadership, 128
Ethical Leadership, 129
Virtual Leadership, 129
Boxed Feature: Entrepreneurship and New Ventures: An Apple a Day, 129
Leadership, Management, and Decision Making, 130
Rational Decision Making, 130
Behavioral Aspects of Decision Making, 132
End-of-Chapter Review: Questions and Exercises, 133
Chapter 10. Human Resource Management and Labor Relations, 134
Las Vegas Gambles Online, 135
The Foundations of Human Resource Management, 136
The Strategic Importance of HRM, 136
HR Planning, 136
Staffing the Organization, 137
Recruiting Human Resources, 137
Selecting Human Resources, 137
Boxed Feature: Entrepreneurship and New Ventures: Be Your Own Boss . . . and Someone Else’s, Too, 137
Developing the Workforce, 138
Training, 138
Performance Appraisal, 139
Compensation and Benefits, 139
Wages and Salaries, 139
Incentive Programs, 139
Benefits Programs, 140
The Legal Context of HRM, 141
Equal Employment Opportunity, 141
Contemporary Legal Issues in HRM, 142
Boxed Feature: Say What You Mean: Top-Down Sensitivity, 142
New Challenges in the Changing Workplace, 143
Managing Workforce Diversity, 143
Managing Knowledge Workers, 144
Contingent and Temporary Workers, 144
Dealing with Organized Labor, 145
Unionism Today, 145
Collective Bargaining, 145
Reaching Agreement on Contract Terms, 145
Contract Issues, 145
When Bargaining Fails, 146
End-of-Chapter Review: Questions and Exercises, 147
Part IV. Principles of Marketing, 148
Chapter 11. Marketing Processes and Consumer Behavior, 148
Why So Serious?, 149
What Is Marketing?, 150
Providing Value and Satisfaction, 150
Goods, Services, and Ideas, 150
The Marketing Environment, 151
Strategy: The Marketing Mix, 152
Target Marketing and Market Segmentation, 153
Identifying Market Segments, 153
Understanding Consumer Behavior, 154
Influences on Consumer Behavior, 154
The Consumer Buying Process, 155
Organizational Marketing and Buying Behavior, 155
Organizational Markets, 156
Organizational Buying Behavior, 156
What is a Product?, 156
The Value Package, 156
Classifying Goods and Services, 157
The Product Mix, 157
Developing New Products, 157
Product Mortality Rates, 157
Product Life Cycle, 158
Identifying Products, 159
Branding Products, 159
Boxed Feature: Say What You Mean: Cyber Consumers Strike Back, 161
Packaging Products, 161
The International Marketing Mix, 161
International Products, 161
International Pricing, 162
International Distribution, 162
International Promotion, 162
Small Business and the Marketing Mix, 162
Boxed Feature: Entrepreneurship and New Ventures: DVDs as Easy as Netflix.com, 162
End-of-Chapter Review: Questions and Exercises, 163
Chapter 12. Pricing, Distributing, and Promoting Products, 164
iTunes Is It, 165
Determining Prices, 166
Pricing to Meet Business Objectives, 166
Price-Setting Tools, 166
Pricing Strategies and Tactics, 168
Pricing Strategies, 168
Pricing Tactics, 168
The Distribution Mix, 169
Intermediaries and Distribution Channels, 169
Wholesaling, 170
Retailing, 171
Types of Retail Outlets, 171
Boxed Feature: Entrepreneurship and New Ventures: Lifestyle Centers: No Finer Place For Sure, 171
Nonstore Retailing, 172
Online Distribution with E-Intermediaries, 172
Shopping Agents, 172
Electronic Retailing, 172
Physical Distribution, 174
Warehousing Operations, 174
Transportation Operations, 174
Distribution as a Marketing Strategy, 175
Boxed Feature: Say What You Mean: What’s in a Label?, 175
The Importance of Promotion, 176
Promotional Objectives, 176
The Promotional Mix, 176
Advertising Promotions, 176
Personal Selling, 177
Sales Promotions, 177
Publicity and Public Relations, 178
End-of-Chapter Review: Questions and Exercises, 179
Part V. Managing Information, 180
Chapter 13. Information Technology for Business, 180
The Instapreneur, 181
IT Impacts, 182
Creating Portable Offices: Providing Remote Access to Instant Information, 182
Enabling Better Service by Coordinating Remote Deliveries, 182
Creating Leaner, More Efficient Organizations, 182
Enabling Increased Collaboration, 182
Enabling Global Exchange, 183
Improving Management Processes, 183
Providing Flexibility for Customization, 183
Providing New Business Opportunities, 183
Improving the World and Our Lives, 184
IT Building Blocks: Business Resources, 185
The Internet and Other Communication Resources, 185
Networks: System Architecture, 186
Hardware and Software, 188
Boxed Feature: Say What You Mean: The Illusion of Online Anonymity, 188
Information Systems: Harnessing the Competitive Power of IT, 189
Leveraging Information Resources: Data Warehousing and Data Mining, 189
Types of Information Systems, 190
Boxed Feature: Entrepreneurship and New Ventures: Living the Virtual Life, 190
IT Risks and Threats, 192
Hackers, 192
Identity Theft, 192
Intellectual Property Theft, 193
Computer Viruses, Worms, and Trojan Horses, 193
Spyware, 193
Spam, 193
IT Protection Measures, 194
Preventing Unauthorized Access: Firewalls, 194
Preventing Identity Theft, 194
Preventing Viruses: Anti-Virus Software, 194
Protecting Electronic Communications: Encryption Software, 194
Avoiding Spam and Spyware, 194
End-of-Chapter Review: Questions and Exercises, 195
Chapter 14. The Role of Accountants and Accounting Information, 196
CSI: Wall Street, 197
What Is Accounting and Who Uses Accounting Information?, 198
Who Are Accountants and What Do They Do?, 198
Financial Versus Managerial Accounting, 198
Certified Public Accountants, 198
Private Accountants and Management Accountants, 200
Forensic Accountants, 200
Federal Restrictions on CPA Services and Financial Reporting: Sarbox, 201
The Accounting Equation, 201
Financial Statements, 202
Balance Sheets, 203
Income Statements, 204
Statements of Cash Flows, 205
The Budget: An Internal Financial Statement, 206
Reporting Standards and Practices, 206
Boxed Feature: Entrepreneurship and New Ventures: Reaping the Rewards of Innovation, 207
Analyzing Financial Statements, 208
Solvency Ratios: Borrower’s Ability to Repay Debt, 208
Profitability Ratios: Earnings Power for Owners, 209
Boxed Feature: Say What You Mean: Technically Speaking, 209
Activity Ratios: How Efficiently Is the Firm Using Its Resources?, 210
Bringing Ethics into the Accounting Equation, 210
Why Accounting Ethics?, 210
End-of-Chapter Review: Questions and Exercises, 211
Part VI. Financial Issues, 212
Chapter 15. Money and Banking, 212
Going with the Currency, 213
What Is Money?, 214
The Characteristics of Money, 214
The Functions of Money, 214
M-1: The Spendable Money Supply, 215
M-2: M-1 Plus the Convertible Money Supply, 215
The U.S. Financial System, 216
Financial Institutions, 216
The Growth of Financial Services, 217
Boxed Feature: Say What You Mean: Liars and Lenders, 218
Financial Institutions as Creators of Money, 219
Regulation of the Banking System, 219
The Federal Reserve System, 220
The Structure of the Fed, 220
The Functions of the Fed, 221
The Tools of the Fed, 221
The Changing Money and Banking System, 222
Anti-Terrorism Regulations, 222
The Impact of Electronic Technologies, 222
Boxed Feature: Entrepreneurship and New Ventures: E-Banking: Easy and Eco-Friendly, 223
International Banking and Finance, 224
The International Payments Process, 224
International Bank Structure, 224
End-of-Chapter Review: Questions and Exercises, 225
Chapter 16. Managing Finances, 226
Investing In Green, 227
Maximizing Capital Growth, 228
The Time Value of Money, 228
Common Stock, 228
Mutual Funds and Exchange-Traded Funds, 229
The Business of Trading Securities, 230
Stock Exchanges, 231
Non-Exchange Trading: Electronic Communication Networks, 232
Individual Investor Trading, 232
Tracking the Market Using Stock Indexes, 233
Boxed Feature: Say What You Mean: An Insider on Trial, 233
The Risk-Return Relationship, 235
Investment Dividends (or Interest), Appreciation, and Total Return, 235
Reducing Risk with Diversification and Asset Allocation, 236
Financing the Business Firm, 236
Secured Loans for Equipment, 236
Working Capital and Unsecured Loans from Banks, 237
Angel Investors and Venture Capital, 237
Boxed Feature: Entrepreneurship and New Ventures: An Online Community for People 50 and Older, 237
Sale of Corporate Bonds, 238
Becoming a Public Corporation, 238
Going Public Means Selling off Part of the Company, 238
Stock Valuation, 239
Market Capitalization, 239
Choosing Equity versus Debt Capital, 240
Pros and Cons for Debt Financing, 240
Pros and Cons for Equity Financing, 241
End-of-Chapter Review: Questions and Exercises, 241
Appendix I. Risk Management, 242
Risk Management, 242
Coping With Risk, 242
Insurance as Risk Management, 243
Appendix II. The Legal Context of Business, 245
The U.S. Legal and Judicial Systems, 245
Types of Law, 245
The U.S. Judicial System, 246
Business Law, 246
Contract Law, 246
Tort Law, 247
Property Law, 247
Agency Law, 248
Commercial Law, 248
Bankruptcy Law, 249
The International Framework of Business Law, 249
Appendix III. Managing Your Personal Finances, 250
Building Your Financial Plan, 250
Assessing Your Current Financial Condition, 250
Develop Your Financial Goals, 250
Making Better Use of the Time Value of Money, 251
Planning for the Golden Years, 251
Time Value as a Financial-Planning Tool, 252
Conserving Money By Controlling It, 253
Credit Cards: Keys to Satisfaction or Financial Handcuffs?, 253
Save Your Money: Lower Interest Rates and Faster Payments, 254
Declining Asset Value: A Borrower’s Regret, 254
Financial Commitments of Home Ownership, 254
How Much House Can You Afford?, 254
Cashing Out From Tax Avoidance (Legally), 256
The IRA Tax Break, 256
Protecting Your Net Worth, 257
Notes, Sources, and Credits, 259
Glindex, 272

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