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EBOOK & TEST BANK & SOLUTION MANUAL - Understanding Business - Full Edition (William G. Nickels)
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Understanding Business is a market-leading product that meets the needs of nearly all classrooms, no matter the size, teaching modality or learning objectives. The content is unmatched in depth, breadth, currency and relevancy, and is presented in an extremely readable format for students with all learning styles. A wealth of technology solutions through McGraw Hill Connect engages students, enriches learning, furthers understanding, and simplifies instructors’ assessment processes. Understanding Business is the Gold Standard in teaching resources with course supplements tightly aligned with chapter concepts to enhance retention and boost student engagement.
Table of Contents
1. Sharpen
1. Meet Sharpen
2. Table of Contents and Preface
1. Title Page
2. Copyright
3. Dedication
4. About the Authors
5. Walkthrough
1. 1. The Gold Standard in Relevancy and Currency
2. 2. The Gold Standard in Results-Driven Technology
3. 3. The Gold Standard in Teaching Resources
4. 4. The Gold Standard in Support, Service, and Solutions
5. The Bottom Line
6. Changes to the New Edition
7. McGraw Hill Customer Experience Group Contact Information
6. Acknowledgments
1. Reviewers
7. Connect Features
1. DIGITAL PRODUCTS
8. Brief Contents
9. Contents
3. Prologue: Getting Ready for This Course and Your Career
1. Getting Ready for This Course and Your Career
1. Getting Ready for This Course and Your Career
2. Top 10 Reasons to Read This Introduction (even if it isn’t assigned)
3. Learning the Skills You Need to Succeed Today and Tomorrow
4. Using This Course to Prepare for Your Career
5. Assessing Your Skills and Personality
6. Using Professional Business Strategies Right Now
7. Learning to Behave Like a Professional
8. Doing Your Best in College
9. Making the Most of the Resources for This Course
4. Chapter 1: Taking Risks and Making Profits within the Dynamic Business Environment
1. Introduction
1. Taking Risks and Making Profits within the Dynamic Business Environment
2. Business and Wealth Building
1. Revenues, Profits, and Losses
2. Matching Risk with Profit
3. Standard of Living and Quality of Life
4. Responding to the Various Business Stakeholders
5. Using Business Principles in Nonprofit Organizations
3. The Importance of Entrepreneurs to the Creation of Wealth
1. The Five Factors of Production
4. The Business Environment
1. The Economic and Legal Environment
2. The Technological Environment
3. The Competitive Environment
4. The Social Environment
5. The Global Environment
5. The Evolution of U.S. Business
1. Progress in the Agricultural and Manufacturing Industries
2. Progress in Service Industries
3. Progress in the Information Age
4. Your Future in Business
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Video Case
1. TaskRabbit Keeps the Gig Economy Hopping
13. Notes
5. Chapter 2: Understanding Economics and How It Affects Business
1. Introduction
2. How Economic Conditions Affect Businesses
1. What Is Economics?
2. The Secret to Creating a Wealthy Economy
3. Adam Smith and the Creation of Wealth
4. How Businesses Benefit the Community
3. Understanding Free-Market Capitalism
1. How Free Markets Work
2. How Prices Are Determined
3. The Economic Concept of Supply
4. The Economic Concept of Demand
5. The Equilibrium Point, or Market Price
6. Competition within Free Markets
7. Benefits and Limitations of Free Markets
4. Understanding Socialism
1. The Benefits of Socialism
2. The Negative Consequences of Socialism
5. Understanding Communism
6. The Trend toward Mixed Economies
7. Understanding the U.S. Economic System
1. Key Economic Indicators
2. Productivity in the United States
3. Productivity in the Service Sector
4. The Business Cycle
5. Stabilizing the Economy through Fiscal Policy
6. Using Monetary Policy to Keep the Economy Growing
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Using Fiscal Policy to Stimulate the Economy
15. Notes
6. Chapter 3: Doing Business in Global Markets
1. Introduction
2. The Dynamic Global Market
3. Why Trade with Other Nations?
1. The Theories of Comparative and Absolute Advantage
4. Getting Involved in Global Trade
1. Importing Goods and Services
2. Exporting Goods and Services
3. Measuring Global Trade
5. Strategies for Reaching Global Markets
1. Licensing
2. Exporting
3. Franchising
4. Contract Manufacturing
5. International Joint Ventures and Strategic Alliances
6. Foreign Direct Investment
6. Forces Affecting Trading in Global Markets
1. Sociocultural Forces
2. Economic and Financial Forces
3. Legal and Regulatory Forces
4. Physical and Environmental Forces
7. Trade Protectionism
1. The World Trade Organization
2. Common Markets
3. The United States–Mexico–Canada Agreement (USMCA)
4. Central American Free-Trade Agreements
8. The Future of Global Trade
1. The Challenge of Offshore Outsourcing
2. Globalization and Your Future
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case 1
1. Mary Kay: Spreading Beauty around the Globe
16. Video Case 2
1. Transparency International Fights Global Corruption
17. Notes
7. Chapter 4: Demanding Ethical and Socially Responsible Behavior
1. Introduction
2. Ethics Is More Than Legality
1. Ethical Standards Are Fundamental
3. Ethics Begins with Each of Us
4. Managing Businesses Ethically and Responsibly
5. Setting Corporate Ethical Standards
6. Corporate Social Responsibility
1. Responsibility to Customers
2. Responsibility to Investors
3. Responsibility to Employees
4. Responsibility to Society and the Environment
5. Social Auditing
7. International Ethics and Social Responsibility
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case 1
1. Conscious Marketing at Gluten Free Bars
15. Video Case 2
1. Best Buy Helps Save the Planet
16. Notes
8. Chapter 5: How to Form a Business
1. Introduction
1. How to Form a Business
2. Basic Forms of Business Ownership
3. Sole Proprietorships
1. Advantages of Sole Proprietorships
2. Disadvantages of Sole Proprietorships
4. Partnerships
1. Advantages of Partnerships
2. Disadvantages of Partnerships
5. Corporations
1. Advantages of Corporations
2. Disadvantages of Corporations
3. Individuals Can Incorporate
4. S Corporations
5. Limited Liability Companies
6. Corporate Expansion: Mergers and Acquisitions
7. Franchises
1. Advantages of Franchises
2. Disadvantages of Franchises
3. Diversity in Franchising
4. Home-Based Franchises
5. E-commerce in Franchising
6. Using Technology in Franchising
7. Franchising in Global Markets
8. Cooperatives
9. Which Form of Ownership Is for You?
10. Summary
11. Key Terms
12. Critical Thinking
13. Putting Principles to Work
1. PURPOSE
2. EXERCISE
14. Developing Career Skills
15. Career Exploration
16. Video Case
1. Expanding The Halal Guys through Franchising
17. Notes
9. Chapter 6: Entrepreneurship and Starting a Small Business
1. Introduction
2. The Job-Creating Power of Entrepreneurs in the United States
3. Why People Take the Entrepreneurial Challenge
1. What Does It Take to Be an Entrepreneur?
2. Turning Your Passions and Problems into Opportunities
3. Entrepreneurial Teams
4. Entrepreneurship within Firms
5. Micropreneurs and Home-Based Businesses
6. Online Businesses
7. Encouraging Entrepreneurship: What Government Can Do
4. Getting Started in Small Business
1. Small versus Big Business
2. Importance of Small Businesses
3. Small-Business Success and Failure
5. Learning about Small-Business Operations
1. Learn from Others
2. Get Some Experience
3. Take Over a Successful Firm
6. Managing a Small Business
1. Planning Your Business
2. Financing Your Small Business
3. Knowing Your Customers
4. Managing Your Employees
5. Keeping Records
6. Looking for Help
7. Going Global: Small-Business Prospects
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Cousins Maine Lobster: From Small Partnership to Successful Franchisor
15. Notes
10. Chapter 7: Management and Leadership
1. Introduction
1. Management and Leadership
2. Managers’ Roles Are Evolving
3. The Four Functions of Management
4. Planning and Decision Making
1. Decision Making: Finding the Best Alternative
5. Organizing: Creating a Unified System
1. Tasks and Skills at Different Levels of Management
2. Staffing: Getting and Keeping the Right People
6. Leading: Providing Continuous Vision and Values
1. Leadership Styles
2. Empowering Workers
3. Managing Knowledge
7. Controlling: Making Sure It Works
1. A Key Criterion for Measurement: Customer Satisfaction
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case 1
1. Rosetta Stone: Leader in Language Learning
15. Video Case 2
1. Ensuring Diversity at Best Buy
16. Notes
11. Chapter 8: Structuring Organizations for Today’s Challenges
1. Introduction
2. Organizing for Success
1. Building an Organization from the Bottom Up
3. The Changing Organization
1. The Development of Organizational Design
2. Turning Principles into Organizational Design
4. Decisions to Make in Structuring Organizations
1. Choosing Centralized or Decentralized Authority
2. Choosing the Appropriate Span of Control
3. Choosing between Tall and Flat Organizational Structures
4. Weighing the Advantages and Disadvantages of Departmentalization
5. Organizational Models
1. Line Organizations
2. Line-and-Staff Organizations
3. Matrix-Style Organizations
4. Cross-Functional Self-Managed Teams
5. Going beyond Organizational Boundaries
6. Managing the Interactions among Firms
1. Transparency and Virtual Organizations
7. Adapting to Change
1. Restructuring for Empowerment
2. Creating a Change-Oriented Organizational Culture
3. Managing the Informal Organization
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Zoom Builds a Culture of Caring
15. Notes
12. Chapter 9: Production and Operations Management
1. Introduction
2. Manufacturing and Services in Perspective
1. Manufacturers and Service Organizations Become More Competitive
3. From Production to Operations Management
1. Operations Management in the Service Sector
4. Production Processes
1. The Need to Improve Production Techniques and Cut Costs
2. Computer-Aided Design and Manufacturing
3. Flexible Manufacturing
4. Lean Manufacturing
5. Mass Customization
6. Robotics
7. 3D Printing
8. Using Sensing, Measurement, and Process Control
5. Operations Management Planning
1. Facility Location
2. Facility Location for Manufacturers
3. Interfirm Operations Management
4. Facility Location in the Future
5. Facility Layout
6. Materials Requirement Planning
7. Purchasing
8. Just-in-Time Inventory Control
9. Quality Control
10. The Baldrige Awards
11. ISO 9001 and ISO 14001 Standards
6. Control Procedures: PERT and Gantt Charts
7. Preparing for the Future
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case 1
1. Production in the 21st Century
15. Video Case 2
1. Transforming Production at Nissan
16. Notes
13. Chapter 10: Motivating Employees
1. Introduction
1. Motivating Employees
2. The Value of Motivation
1. Frederick Taylor: The “Father” of Scientific Management
2. Elton Mayo and the Hawthorne Studies
3. Motivation and Maslow’s Hierarchy of Needs
4. Herzberg’s Motivating Factors
5. McGregor’s Theory X and Theory Y
1. Theory X
2. Theory Y
6. Ouchi’s Theory Z
7. Goal-Setting Theory and Management by Objectives
8. Meeting Employee Expectations: Expectancy Theory
9. Treating Employees Fairly: Equity Theory
10. Putting Theory into Action
1. Motivating through Job Enrichment
2. Motivating through Open Communication
3. Applying Open Communication in Self-Managed Teams
4. Recognizing a Job Well Done
11. Personalizing Motivation
1. Motivating Employees across the Globe
2. Motivating Employees across Generations
12. Summary
13. Key Terms
14. Critical Thinking
15. Putting Principles to Work
1. PURPOSE
2. EXERCISE
16. Developing Career Skills
17. Career Exploration
18. Video Case 1
1. Enriching Employees at Taco Bell
19. Video Case 2
1. Workhuman Brings Humanity to the Workplace
20. Notes
14. Chapter 11: Human Resource Management Finding and Keeping the Best Employees
1. Introduction
2. Working with People Is Just the Beginning
1. Developing the Ultimate Resource
2. The Human Resource Challenge
3. Laws Affecting Human Resource Management
1. Laws Protecting Employees with Disabilities and Older Employees
2. Effects of Legislation
4. Determining a Firm’s Human Resource Needs
5. Recruiting Employees from a Diverse Population
6. Selecting Employees Who Will Be Productive
1. Hiring Contingent Workers
7. Training and Developing Employees for Optimum Performance
1. Management Development
2. Networking
3. Diversity in Management Development
8. Appraising Employee Performance to Get Optimum Results
9. Compensating Employees: Attracting and Keeping the Best
1. Pay Systems
2. Compensating Teams
3. Fringe Benefits
10. Scheduling Employees to Meet Organizational and Employee Needs
1. Flextime Plans
2. Home-Based Work
3. Job-Sharing Plans
11. Moving Employees up, over, and Out
1. Promoting and Reassigning Employees
2. Terminating Employees
3. Retiring Employees
4. Losing Valued Employees
12. Summary
13. Key Terms
14. Critical Thinking
15. Putting Principles to Work
1. PURPOSE
2. EXERCISE
16. Developing Career Skills
17. Career Exploration
18. Video Case 1
1. Hiring and Developing Employees at Enterprise
19. Video Case 2
1. Embracing Diversity and Inclusion at Adobe
20. Notes
15. Chapter 12: Dealing with Employee–Management Issues
1. Introduction
2. Employee–Management Issues
3. Labor Unions Yesterday and Today
1. The History of Organized Labor
2. Labor Legislation and Collective Bargaining
3. Union Organizing Campaigns
4. Objectives of Organized Labor over Time
5. Resolving Labor–Management Disagreements
6. Mediation and Arbitration
4. Tactics Used in Labor–Management Conflicts
1. Union Tactics
2. Management Tactics
3. The Future of Unions and Labor–Management Relations
5. Controversial Employee–Management Issues
1. Executive Compensation
2. Pay Equity
3. Sexual Harassment
4. Child Care
5. Elder Care
6. Substance Use Disorders and Drug Testing
7. Violence and Bullying in the Workplace
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Video Case
1. Working with Unions at Freeman
13. Notes
16. Chapter 13: Marketing: Helping Buyers Buy
1. Introduction
1. Marketing: Helping Buyers Buy
2. What Is Marketing?
1. The Evolution of Marketing
2. Nonprofit Organizations and Marketing
3. The Marketing Mix
1. Applying the Marketing Process
2. Designing a Product to Meet Consumer Needs
3. Setting an Appropriate Price
4. Getting the Product to the Right Place
5. Developing an Effective Promotional Strategy
4. Providing Marketers with Information
1. The Marketing Research Process
5. The Marketing Environment
1. Global Factors
2. Technological Factors
3. Sociocultural Factors
4. Competitive Factors
5. Economic Factors
6. Two Different Markets: Consumer and Business-to-Business (B2B)
7. The Consumer Market
1. Segmenting the Consumer Market
2. Reaching Smaller Market Segments
3. Building Marketing Relationships
4. The Consumer Decision-Making Process
8. The Business-to-Business Market
1. Your Prospects in Marketing
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case 1
1. National Park Service: Using the Four Ps to Help You Find Your Park
16. Video Case 2
1. Bombas: Putting Your Best Foot Forward
17. Notes
17. Chapter 14: Developing and Pricing Goods and Services
1. Introduction
2. Product Development and the Total Product Offer
1. Distributed Product Development
2. Product Lines and the Product Mix
3. Product Differentiation
1. Marketing Different Classes of Consumer Goods and Services
2. Marketing Industrial Goods and Services
4. Packaging Changes the Product
1. The Growing Importance of Packaging
5. Branding and Brand Equity
1. Brand Categories
2. Generating Brand Equity and Loyalty
3. Creating Brand Associations
4. Brand Management
6. The New-Product Development Process
1. Generating New-Product Ideas
2. Product Screening
3. Product Analysis
4. Product Development and Testing
5. Commercialization
7. The Product Life Cycle
1. Example of the Product Life Cycle
2. Using the Product Life Cycle
8. Competitive Pricing
1. Pricing Objectives
2. Cost-Based Pricing
3. Demand-Based Pricing
4. Competition-Based Pricing
5. Break-Even Analysis
6. Other Pricing Strategies
7. How Market Forces Affect Pricing
9. Nonprice Competition
10. Summary
11. Key Terms
12. Critical Thinking
13. Putting Principles to Work
1. PURPOSE
2. EXERCISE
14. Developing Career Skills
15. Career Exploration
16. Video Case 1
1. Developing an Electric, Head-Turning Mustang
17. Video Case 2
1. The Minnesota Lynx Go beyond Basketball
18. Notes
18. Chapter 15: Distributing Products
1. Introduction
2. The Emergence of Marketing Intermediaries
1. Why Marketing Needs Intermediaries
2. How Intermediaries Create Exchange Efficiency
3. The Value versus the Cost of Intermediaries
3. The Utilities Created by Intermediaries
1. Form Utility
2. Time Utility
3. Place Utility
4. Possession Utility
5. Information Utility
6. Service Utility
4. Wholesale Intermediaries
1. Merchant Wholesalers
2. Agents and Brokers
5. Retail Intermediaries
1. Retail Distribution Strategy
6. Online Retailing and Other Nonstore Retailing
1. Online Retailing
2. Telemarketing
3. Vending Machines, Kiosks, Carts, and Pop-Ups
4. Direct Selling
5. Multilevel Marketing
6. Direct Marketing
7. Building Cooperation in Channel Systems
1. Corporate Distribution Systems
2. Contractual Distribution Systems
3. Administered Distribution Systems
4. Supply Chains
8. Logistics: Getting Goods to Consumers Efficiently
1. Trains Are Great for Large Shipments
2. Trucks Are Good for Small Shipments to Remote Locations
3. Water Transportation Is Inexpensive but Slow
4. Pipelines Are Fast and Efficient
5. Air Transportation Is Fast but Expensive
6. Intermodal Shipping Involves Multiple Modes
7. The Storage Function
8. Tracking Goods
9. What All This Means to Your Career
10. Summary
11. Key Terms
12. Critical Thinking
13. Putting Principles to Work
1. PURPOSE
2. EXERCISE
14. Developing Career Skills
15. Career Exploration
16. Video Case
1. Tuft & Needle
17. Notes
19. Chapter 16: Using Effective Promotions
1. Introduction
2. Promotion and the Promotion Mix
3. Advertising: Informing, Persuading, and Reminding
1. Online Advertising
2. Social Media Advertising
3. Digital Out-of-Home Advertising
4. Television Advertising
5. Product Placement
6. Infomercials
7. Global Advertising
4. Personal Selling: Providing Personal Attention
1. Steps in the Selling Process
2. The Business-to-Consumer Sales Process
5. Public Relations: Building Relationships
1. Publicity: The Talking Arm of PR
6. Sales Promotion: Giving Buyers Incentives
7. Word of Mouth and Other Promotional Tools
1. Social Media
2. Blogging
3. Podcasting
4. Email Promotions
5. Mobile Marketing
8. Managing the Promotion Mix: Putting It all Together
1. Promotional Strategies
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case
1. Using Integrated Marketing Communication at Chipotle
16. Notes
20. Chapter 17: Understanding Accounting and Financial Information
1. Introduction
1. Understanding Accounting and Financial Information
2. The Role of Accounting Information
1. What Is Accounting?
3. The Accounting Cycle
1. Using Technology in Accounting
4. Understanding Key Financial Statements
1. The Fundamental Accounting Equation
2. The Balance Sheet
3. Classifying Assets
4. Liabilities and Owners’ Equity Accounts
5. The Income Statement
6. Revenue
7. Cost of Goods Sold
8. Operating Expenses
9. Net Profit or Loss
10. The Statement of Cash Flows
11. The Need for Cash Flow Analysis
5. Analyzing Financial Performance Using Ratios
1. Liquidity Ratios
2. Leverage (Debt) Ratios
3. Profitability (Performance) Ratios
4. Activity Ratios
6. Accounting Disciplines
1. Financial Accounting
2. Managerial Accounting
3. Auditing
4. Tax Accounting
5. Government and Not-for-Profit Accounting
7. Summary
8. Key Terms
9. Critical Thinking
10. Putting Principles to Work
1. PURPOSE
2. EXERCISE
11. Developing Career Skills
12. Career Exploration
13. Video Case
1. Understanding Accounting with Plante Moran
14. Notes
21. Chapter 18: Financial Management
1. Introduction
2. The Role of Finance and Financial Managers
1. The Value of Understanding Finance
2. What Is Financial Management?
3. Financial Planning
1. Forecasting Financial Needs
2. Working with the Budget Process
3. Establishing Financial Controls
4. The Need for Operating Funds
1. Managing Day-by-Day Needs of the Business
2. Controlling Credit Operations
3. Acquiring Needed Inventory
4. Making Capital Expenditures
5. Alternative Sources of Funds
5. Obtaining Short-Term Financing
1. Trade Credit
2. Family and Friends
3. Commercial Banks
4. Different Forms of Short-Term Loans
5. Factoring Accounts Receivable
6. Commercial Paper
7. Credit Cards
6. Obtaining Long-Term Financing
1. Debt Financing
2. Equity Financing
3. Comparing Debt and Equity Financing
4. Lessons Learned from the Financial Crisis and Great Recession
7. Summary
8. Key Terms
9. Critical Thinking
10. Putting Principles to Work
1. PURPOSE
2. EXERCISE
11. Developing Career Skills
12. Career Exploration
13. Video Case 1
1. Threadless: Setting VIDEO CASE 1 the Financial Design
14. Video Case 2
1. Portillo’s Grows with an IPO
15. Notes
22. Chapter 19: Using Securities Markets for Financing and Investing Opportunities
1. Introduction
2. The Function of Securities Markets
1. The Role of Investment Bankers
3. Stock Exchanges
1. Securities Regulations and the Securities and Exchange Commission
2. Foreign Stock Exchanges
4. How Businesses Raise Capital by Selling Stock
1. Advantages and Disadvantages of Issuing Stock
2. Issuing Shares of Common Stock
3. Issuing Shares of Preferred Stock
5. How Businesses Raise Capital by Issuing Bonds
1. Learning the Language of Bonds
2. Advantages and Disadvantages of Issuing Bonds
3. Different Classes of Bonds
4. Special Bond Features
6. How Investors Buy Securities
1. Investing through Online Brokers
2. Choosing the Right Investment Strategy
3. Reducing Risk by Diversifying Investments
7. Investing in Stocks
1. Stock Splits
2. Buying Stock on Margin
3. Understanding Stock Quotations
8. Investing in Bonds
1. Investing in High-Risk (Junk) Bonds
9. Investing in Mutual Funds and Exchange-Traded Funds
10. Understanding Stock Market Indicators
1. Riding the Market’s Roller Coaster
11. Summary
12. Key Terms
13. Critical Thinking
14. Putting Principles to Work
1. PURPOSE
2. EXERCISE
15. Developing Career Skills
16. Career Exploration
17. Video Case
1. Investment Advice from the Motley Fool
18. Notes
23. Chapter 20: Money, Financial Institutions, and the Federal Reserve
1. Introduction
2. Why Money Is Important
1. What Is Money?
2. Managing Inflation and the Money Supply
3. The Global Exchange of Money
3. Control of the Money Supply
1. Basics about the Federal Reserve
2. The Reserve Requirement
3. Open-Market Operations
4. The Discount Rate
5. The Federal Reserve’s Check-Clearing Role
4. The History of Banking and the Need for the Fed
1. Banking and the Great Depression
5. The U.S. Banking System
1. Commercial Banks
2. Services Provided by Commercial Banks
3. Services to Borrowers
4. Savings and Loan Associations (S&Ls)
5. Credit Unions
6. Other Financial Institutions (Nonbanks)
6. The Banking Crisis of 2008 and How the Government Protects Your Money
1. Protecting Your Funds
2. The Federal Deposit Insurance Corporation (FDIC)
3. The Deposit Insurance Fund (DIF)
4. The National Credit Union Administration (NCUA)
7. Using Technology to Make Banking More Efficient
1. Online Banking
8. International Banking and Banking Services
1. Leaders in International Banking
2. The World Bank and the International Monetary Fund
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case
1. Understanding the Federal Reserve System
16. Notes
24. Bonus Chapter A: Working within the Legal Environment
1. Introduction
2. The Case for Laws
1. Statutory and Common Law
2. Administrative Agencies
3. Tort Law
1. Product Liability
4. Legally Protecting Ideas: Patents, Copyrights, and Trademarks
5. Sales Law: The Uniform Commercial Code
1. Warranties
2. Negotiable Instruments
6. Contract Law
1. Breach of Contract
7. Promoting Fair and Competitive Business Practices
1. The History of Antitrust Legislation
8. Laws to Protect Consumers
9. Tax Laws
10. Bankruptcy Laws
11. Deregulation versus Regulation
12. Summary
13. Key Terms
14. Critical Thinking
15. Putting Principles to Work
1. PURPOSE
2. EXERCISE
16. Developing Career Skills
17. Career Exploration
18. Notes
25. Bonus Chapter B: Using Technology to Manage Information
1. Introduction
2. The Role of Information Technology
1. Evolution from Data Processing to Business Intelligence
2. How Information Technology Changes Business
3. Technology Skills All Office Workers Need
3. Types of Information
1. Managing Information
2. Big Data and Data Analytics
3. Using Information from Social Media
4. The Heart of Knowledge Management: The Internet
1. Broadband Technology
2. 5G
3. Net Neutrality
4. Internet2
5. Web 2.0 and Social Media
6. Mobile Web
7. Immersive Internet and the Metaverse
8. Internet of Things
9. Web 3.0—Moving toward Decentralization
10. Who’s the “Boss” of the Internet?
5. Networks and Cloud Computing
6. Effects of Information Technology on Management
1. Human Resource Issues
2. Security Issues
3. Privacy Issues
4. Stability Issues
7. Technology and You
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Applying Tech with World Wide Technology
15. Notes
26. Bonus Chapter C: Managing Risk
1. Introduction
2. Understanding Business Risks
1. How Rapid Change Affects Risk Management
3. Managing Risk
1. Reducing Risk
2. Avoiding Risk
3. Self-Insuring
4. Buying Insurance to Cover Risk
5. What Risks Are Uninsurable?
6. What Risks Are Insurable?
4. Understanding Insurance Policies
1. Rule of Indemnity
2. Types of Insurance Companies
5. Insurance Coverage for Various Kinds of Risk
1. Health Insurance
2. Health Savings Accounts
3. Disability Insurance
4. Workers’ Compensation
5. Liability Insurance
6. Life Insurance for Businesses
7. Insurance Coverage for Home-Based Businesses
8. The Risk of Damaging the Environment
9. Protection from Cyber Attacks
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Notes
27. Bonus Chapter D: Managing Personal Finances and Investing
1. Introduction
2. The Need for Personal Financial Planning
1. Financial Planning Begins with Making Money
2. Six Steps to Controlling Your Assets
3. Building Your Financial Base
1. Real Estate: Historically, a Relatively Secure Investment
2. Tax Deductions and Home Ownership
3. Learning to Manage Credit
4. Where to Put Your Savings
4. Protecting Your Financial Base: Buying Insurance
1. Health Insurance
2. Disability Insurance
3. Homeowner’s or Renter’s Insurance
4. Other Insurance
5. Planning Your Retirement
1. Social Security
2. Individual Retirement Accounts (IRAs)
3. Simple IRAs
4. 401(k) Plans
5. Qualified Retirement Plans (Keoghs)
6. Financial Planners
7. Estate Planning
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Notes
28. Getting the Job You Want
1. Getting the Job You Want
1. Job Search Strategy
2. Searching for Jobs Online
3. Job Search Resources
4. Writing Your Résumé
5. Putting Your Résumé Online
6. Writing a Cover Letter
7. Preparing for Job Interviews
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Understanding Business is a market-leading product that meets the needs of nearly all classrooms, no matter the size, teaching modality or learning objectives. The content is unmatched in depth, breadth, currency and relevancy, and is presented in an extremely readable format for students with all learning styles. A wealth of technology solutions through McGraw Hill Connect engages students, enriches learning, furthers understanding, and simplifies instructors’ assessment processes. Understanding Business is the Gold Standard in teaching resources with course supplements tightly aligned with chapter concepts to enhance retention and boost student engagement.
Table of Contents
1. Sharpen
1. Meet Sharpen
2. Table of Contents and Preface
1. Title Page
2. Copyright
3. Dedication
4. About the Authors
5. Walkthrough
1. 1. The Gold Standard in Relevancy and Currency
2. 2. The Gold Standard in Results-Driven Technology
3. 3. The Gold Standard in Teaching Resources
4. 4. The Gold Standard in Support, Service, and Solutions
5. The Bottom Line
6. Changes to the New Edition
7. McGraw Hill Customer Experience Group Contact Information
6. Acknowledgments
1. Reviewers
7. Connect Features
1. DIGITAL PRODUCTS
8. Brief Contents
9. Contents
3. Prologue: Getting Ready for This Course and Your Career
1. Getting Ready for This Course and Your Career
1. Getting Ready for This Course and Your Career
2. Top 10 Reasons to Read This Introduction (even if it isn’t assigned)
3. Learning the Skills You Need to Succeed Today and Tomorrow
4. Using This Course to Prepare for Your Career
5. Assessing Your Skills and Personality
6. Using Professional Business Strategies Right Now
7. Learning to Behave Like a Professional
8. Doing Your Best in College
9. Making the Most of the Resources for This Course
4. Chapter 1: Taking Risks and Making Profits within the Dynamic Business Environment
1. Introduction
1. Taking Risks and Making Profits within the Dynamic Business Environment
2. Business and Wealth Building
1. Revenues, Profits, and Losses
2. Matching Risk with Profit
3. Standard of Living and Quality of Life
4. Responding to the Various Business Stakeholders
5. Using Business Principles in Nonprofit Organizations
3. The Importance of Entrepreneurs to the Creation of Wealth
1. The Five Factors of Production
4. The Business Environment
1. The Economic and Legal Environment
2. The Technological Environment
3. The Competitive Environment
4. The Social Environment
5. The Global Environment
5. The Evolution of U.S. Business
1. Progress in the Agricultural and Manufacturing Industries
2. Progress in Service Industries
3. Progress in the Information Age
4. Your Future in Business
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Video Case
1. TaskRabbit Keeps the Gig Economy Hopping
13. Notes
5. Chapter 2: Understanding Economics and How It Affects Business
1. Introduction
2. How Economic Conditions Affect Businesses
1. What Is Economics?
2. The Secret to Creating a Wealthy Economy
3. Adam Smith and the Creation of Wealth
4. How Businesses Benefit the Community
3. Understanding Free-Market Capitalism
1. How Free Markets Work
2. How Prices Are Determined
3. The Economic Concept of Supply
4. The Economic Concept of Demand
5. The Equilibrium Point, or Market Price
6. Competition within Free Markets
7. Benefits and Limitations of Free Markets
4. Understanding Socialism
1. The Benefits of Socialism
2. The Negative Consequences of Socialism
5. Understanding Communism
6. The Trend toward Mixed Economies
7. Understanding the U.S. Economic System
1. Key Economic Indicators
2. Productivity in the United States
3. Productivity in the Service Sector
4. The Business Cycle
5. Stabilizing the Economy through Fiscal Policy
6. Using Monetary Policy to Keep the Economy Growing
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Using Fiscal Policy to Stimulate the Economy
15. Notes
6. Chapter 3: Doing Business in Global Markets
1. Introduction
2. The Dynamic Global Market
3. Why Trade with Other Nations?
1. The Theories of Comparative and Absolute Advantage
4. Getting Involved in Global Trade
1. Importing Goods and Services
2. Exporting Goods and Services
3. Measuring Global Trade
5. Strategies for Reaching Global Markets
1. Licensing
2. Exporting
3. Franchising
4. Contract Manufacturing
5. International Joint Ventures and Strategic Alliances
6. Foreign Direct Investment
6. Forces Affecting Trading in Global Markets
1. Sociocultural Forces
2. Economic and Financial Forces
3. Legal and Regulatory Forces
4. Physical and Environmental Forces
7. Trade Protectionism
1. The World Trade Organization
2. Common Markets
3. The United States–Mexico–Canada Agreement (USMCA)
4. Central American Free-Trade Agreements
8. The Future of Global Trade
1. The Challenge of Offshore Outsourcing
2. Globalization and Your Future
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case 1
1. Mary Kay: Spreading Beauty around the Globe
16. Video Case 2
1. Transparency International Fights Global Corruption
17. Notes
7. Chapter 4: Demanding Ethical and Socially Responsible Behavior
1. Introduction
2. Ethics Is More Than Legality
1. Ethical Standards Are Fundamental
3. Ethics Begins with Each of Us
4. Managing Businesses Ethically and Responsibly
5. Setting Corporate Ethical Standards
6. Corporate Social Responsibility
1. Responsibility to Customers
2. Responsibility to Investors
3. Responsibility to Employees
4. Responsibility to Society and the Environment
5. Social Auditing
7. International Ethics and Social Responsibility
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case 1
1. Conscious Marketing at Gluten Free Bars
15. Video Case 2
1. Best Buy Helps Save the Planet
16. Notes
8. Chapter 5: How to Form a Business
1. Introduction
1. How to Form a Business
2. Basic Forms of Business Ownership
3. Sole Proprietorships
1. Advantages of Sole Proprietorships
2. Disadvantages of Sole Proprietorships
4. Partnerships
1. Advantages of Partnerships
2. Disadvantages of Partnerships
5. Corporations
1. Advantages of Corporations
2. Disadvantages of Corporations
3. Individuals Can Incorporate
4. S Corporations
5. Limited Liability Companies
6. Corporate Expansion: Mergers and Acquisitions
7. Franchises
1. Advantages of Franchises
2. Disadvantages of Franchises
3. Diversity in Franchising
4. Home-Based Franchises
5. E-commerce in Franchising
6. Using Technology in Franchising
7. Franchising in Global Markets
8. Cooperatives
9. Which Form of Ownership Is for You?
10. Summary
11. Key Terms
12. Critical Thinking
13. Putting Principles to Work
1. PURPOSE
2. EXERCISE
14. Developing Career Skills
15. Career Exploration
16. Video Case
1. Expanding The Halal Guys through Franchising
17. Notes
9. Chapter 6: Entrepreneurship and Starting a Small Business
1. Introduction
2. The Job-Creating Power of Entrepreneurs in the United States
3. Why People Take the Entrepreneurial Challenge
1. What Does It Take to Be an Entrepreneur?
2. Turning Your Passions and Problems into Opportunities
3. Entrepreneurial Teams
4. Entrepreneurship within Firms
5. Micropreneurs and Home-Based Businesses
6. Online Businesses
7. Encouraging Entrepreneurship: What Government Can Do
4. Getting Started in Small Business
1. Small versus Big Business
2. Importance of Small Businesses
3. Small-Business Success and Failure
5. Learning about Small-Business Operations
1. Learn from Others
2. Get Some Experience
3. Take Over a Successful Firm
6. Managing a Small Business
1. Planning Your Business
2. Financing Your Small Business
3. Knowing Your Customers
4. Managing Your Employees
5. Keeping Records
6. Looking for Help
7. Going Global: Small-Business Prospects
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Cousins Maine Lobster: From Small Partnership to Successful Franchisor
15. Notes
10. Chapter 7: Management and Leadership
1. Introduction
1. Management and Leadership
2. Managers’ Roles Are Evolving
3. The Four Functions of Management
4. Planning and Decision Making
1. Decision Making: Finding the Best Alternative
5. Organizing: Creating a Unified System
1. Tasks and Skills at Different Levels of Management
2. Staffing: Getting and Keeping the Right People
6. Leading: Providing Continuous Vision and Values
1. Leadership Styles
2. Empowering Workers
3. Managing Knowledge
7. Controlling: Making Sure It Works
1. A Key Criterion for Measurement: Customer Satisfaction
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case 1
1. Rosetta Stone: Leader in Language Learning
15. Video Case 2
1. Ensuring Diversity at Best Buy
16. Notes
11. Chapter 8: Structuring Organizations for Today’s Challenges
1. Introduction
2. Organizing for Success
1. Building an Organization from the Bottom Up
3. The Changing Organization
1. The Development of Organizational Design
2. Turning Principles into Organizational Design
4. Decisions to Make in Structuring Organizations
1. Choosing Centralized or Decentralized Authority
2. Choosing the Appropriate Span of Control
3. Choosing between Tall and Flat Organizational Structures
4. Weighing the Advantages and Disadvantages of Departmentalization
5. Organizational Models
1. Line Organizations
2. Line-and-Staff Organizations
3. Matrix-Style Organizations
4. Cross-Functional Self-Managed Teams
5. Going beyond Organizational Boundaries
6. Managing the Interactions among Firms
1. Transparency and Virtual Organizations
7. Adapting to Change
1. Restructuring for Empowerment
2. Creating a Change-Oriented Organizational Culture
3. Managing the Informal Organization
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Zoom Builds a Culture of Caring
15. Notes
12. Chapter 9: Production and Operations Management
1. Introduction
2. Manufacturing and Services in Perspective
1. Manufacturers and Service Organizations Become More Competitive
3. From Production to Operations Management
1. Operations Management in the Service Sector
4. Production Processes
1. The Need to Improve Production Techniques and Cut Costs
2. Computer-Aided Design and Manufacturing
3. Flexible Manufacturing
4. Lean Manufacturing
5. Mass Customization
6. Robotics
7. 3D Printing
8. Using Sensing, Measurement, and Process Control
5. Operations Management Planning
1. Facility Location
2. Facility Location for Manufacturers
3. Interfirm Operations Management
4. Facility Location in the Future
5. Facility Layout
6. Materials Requirement Planning
7. Purchasing
8. Just-in-Time Inventory Control
9. Quality Control
10. The Baldrige Awards
11. ISO 9001 and ISO 14001 Standards
6. Control Procedures: PERT and Gantt Charts
7. Preparing for the Future
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case 1
1. Production in the 21st Century
15. Video Case 2
1. Transforming Production at Nissan
16. Notes
13. Chapter 10: Motivating Employees
1. Introduction
1. Motivating Employees
2. The Value of Motivation
1. Frederick Taylor: The “Father” of Scientific Management
2. Elton Mayo and the Hawthorne Studies
3. Motivation and Maslow’s Hierarchy of Needs
4. Herzberg’s Motivating Factors
5. McGregor’s Theory X and Theory Y
1. Theory X
2. Theory Y
6. Ouchi’s Theory Z
7. Goal-Setting Theory and Management by Objectives
8. Meeting Employee Expectations: Expectancy Theory
9. Treating Employees Fairly: Equity Theory
10. Putting Theory into Action
1. Motivating through Job Enrichment
2. Motivating through Open Communication
3. Applying Open Communication in Self-Managed Teams
4. Recognizing a Job Well Done
11. Personalizing Motivation
1. Motivating Employees across the Globe
2. Motivating Employees across Generations
12. Summary
13. Key Terms
14. Critical Thinking
15. Putting Principles to Work
1. PURPOSE
2. EXERCISE
16. Developing Career Skills
17. Career Exploration
18. Video Case 1
1. Enriching Employees at Taco Bell
19. Video Case 2
1. Workhuman Brings Humanity to the Workplace
20. Notes
14. Chapter 11: Human Resource Management Finding and Keeping the Best Employees
1. Introduction
2. Working with People Is Just the Beginning
1. Developing the Ultimate Resource
2. The Human Resource Challenge
3. Laws Affecting Human Resource Management
1. Laws Protecting Employees with Disabilities and Older Employees
2. Effects of Legislation
4. Determining a Firm’s Human Resource Needs
5. Recruiting Employees from a Diverse Population
6. Selecting Employees Who Will Be Productive
1. Hiring Contingent Workers
7. Training and Developing Employees for Optimum Performance
1. Management Development
2. Networking
3. Diversity in Management Development
8. Appraising Employee Performance to Get Optimum Results
9. Compensating Employees: Attracting and Keeping the Best
1. Pay Systems
2. Compensating Teams
3. Fringe Benefits
10. Scheduling Employees to Meet Organizational and Employee Needs
1. Flextime Plans
2. Home-Based Work
3. Job-Sharing Plans
11. Moving Employees up, over, and Out
1. Promoting and Reassigning Employees
2. Terminating Employees
3. Retiring Employees
4. Losing Valued Employees
12. Summary
13. Key Terms
14. Critical Thinking
15. Putting Principles to Work
1. PURPOSE
2. EXERCISE
16. Developing Career Skills
17. Career Exploration
18. Video Case 1
1. Hiring and Developing Employees at Enterprise
19. Video Case 2
1. Embracing Diversity and Inclusion at Adobe
20. Notes
15. Chapter 12: Dealing with Employee–Management Issues
1. Introduction
2. Employee–Management Issues
3. Labor Unions Yesterday and Today
1. The History of Organized Labor
2. Labor Legislation and Collective Bargaining
3. Union Organizing Campaigns
4. Objectives of Organized Labor over Time
5. Resolving Labor–Management Disagreements
6. Mediation and Arbitration
4. Tactics Used in Labor–Management Conflicts
1. Union Tactics
2. Management Tactics
3. The Future of Unions and Labor–Management Relations
5. Controversial Employee–Management Issues
1. Executive Compensation
2. Pay Equity
3. Sexual Harassment
4. Child Care
5. Elder Care
6. Substance Use Disorders and Drug Testing
7. Violence and Bullying in the Workplace
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Video Case
1. Working with Unions at Freeman
13. Notes
16. Chapter 13: Marketing: Helping Buyers Buy
1. Introduction
1. Marketing: Helping Buyers Buy
2. What Is Marketing?
1. The Evolution of Marketing
2. Nonprofit Organizations and Marketing
3. The Marketing Mix
1. Applying the Marketing Process
2. Designing a Product to Meet Consumer Needs
3. Setting an Appropriate Price
4. Getting the Product to the Right Place
5. Developing an Effective Promotional Strategy
4. Providing Marketers with Information
1. The Marketing Research Process
5. The Marketing Environment
1. Global Factors
2. Technological Factors
3. Sociocultural Factors
4. Competitive Factors
5. Economic Factors
6. Two Different Markets: Consumer and Business-to-Business (B2B)
7. The Consumer Market
1. Segmenting the Consumer Market
2. Reaching Smaller Market Segments
3. Building Marketing Relationships
4. The Consumer Decision-Making Process
8. The Business-to-Business Market
1. Your Prospects in Marketing
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case 1
1. National Park Service: Using the Four Ps to Help You Find Your Park
16. Video Case 2
1. Bombas: Putting Your Best Foot Forward
17. Notes
17. Chapter 14: Developing and Pricing Goods and Services
1. Introduction
2. Product Development and the Total Product Offer
1. Distributed Product Development
2. Product Lines and the Product Mix
3. Product Differentiation
1. Marketing Different Classes of Consumer Goods and Services
2. Marketing Industrial Goods and Services
4. Packaging Changes the Product
1. The Growing Importance of Packaging
5. Branding and Brand Equity
1. Brand Categories
2. Generating Brand Equity and Loyalty
3. Creating Brand Associations
4. Brand Management
6. The New-Product Development Process
1. Generating New-Product Ideas
2. Product Screening
3. Product Analysis
4. Product Development and Testing
5. Commercialization
7. The Product Life Cycle
1. Example of the Product Life Cycle
2. Using the Product Life Cycle
8. Competitive Pricing
1. Pricing Objectives
2. Cost-Based Pricing
3. Demand-Based Pricing
4. Competition-Based Pricing
5. Break-Even Analysis
6. Other Pricing Strategies
7. How Market Forces Affect Pricing
9. Nonprice Competition
10. Summary
11. Key Terms
12. Critical Thinking
13. Putting Principles to Work
1. PURPOSE
2. EXERCISE
14. Developing Career Skills
15. Career Exploration
16. Video Case 1
1. Developing an Electric, Head-Turning Mustang
17. Video Case 2
1. The Minnesota Lynx Go beyond Basketball
18. Notes
18. Chapter 15: Distributing Products
1. Introduction
2. The Emergence of Marketing Intermediaries
1. Why Marketing Needs Intermediaries
2. How Intermediaries Create Exchange Efficiency
3. The Value versus the Cost of Intermediaries
3. The Utilities Created by Intermediaries
1. Form Utility
2. Time Utility
3. Place Utility
4. Possession Utility
5. Information Utility
6. Service Utility
4. Wholesale Intermediaries
1. Merchant Wholesalers
2. Agents and Brokers
5. Retail Intermediaries
1. Retail Distribution Strategy
6. Online Retailing and Other Nonstore Retailing
1. Online Retailing
2. Telemarketing
3. Vending Machines, Kiosks, Carts, and Pop-Ups
4. Direct Selling
5. Multilevel Marketing
6. Direct Marketing
7. Building Cooperation in Channel Systems
1. Corporate Distribution Systems
2. Contractual Distribution Systems
3. Administered Distribution Systems
4. Supply Chains
8. Logistics: Getting Goods to Consumers Efficiently
1. Trains Are Great for Large Shipments
2. Trucks Are Good for Small Shipments to Remote Locations
3. Water Transportation Is Inexpensive but Slow
4. Pipelines Are Fast and Efficient
5. Air Transportation Is Fast but Expensive
6. Intermodal Shipping Involves Multiple Modes
7. The Storage Function
8. Tracking Goods
9. What All This Means to Your Career
10. Summary
11. Key Terms
12. Critical Thinking
13. Putting Principles to Work
1. PURPOSE
2. EXERCISE
14. Developing Career Skills
15. Career Exploration
16. Video Case
1. Tuft & Needle
17. Notes
19. Chapter 16: Using Effective Promotions
1. Introduction
2. Promotion and the Promotion Mix
3. Advertising: Informing, Persuading, and Reminding
1. Online Advertising
2. Social Media Advertising
3. Digital Out-of-Home Advertising
4. Television Advertising
5. Product Placement
6. Infomercials
7. Global Advertising
4. Personal Selling: Providing Personal Attention
1. Steps in the Selling Process
2. The Business-to-Consumer Sales Process
5. Public Relations: Building Relationships
1. Publicity: The Talking Arm of PR
6. Sales Promotion: Giving Buyers Incentives
7. Word of Mouth and Other Promotional Tools
1. Social Media
2. Blogging
3. Podcasting
4. Email Promotions
5. Mobile Marketing
8. Managing the Promotion Mix: Putting It all Together
1. Promotional Strategies
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case
1. Using Integrated Marketing Communication at Chipotle
16. Notes
20. Chapter 17: Understanding Accounting and Financial Information
1. Introduction
1. Understanding Accounting and Financial Information
2. The Role of Accounting Information
1. What Is Accounting?
3. The Accounting Cycle
1. Using Technology in Accounting
4. Understanding Key Financial Statements
1. The Fundamental Accounting Equation
2. The Balance Sheet
3. Classifying Assets
4. Liabilities and Owners’ Equity Accounts
5. The Income Statement
6. Revenue
7. Cost of Goods Sold
8. Operating Expenses
9. Net Profit or Loss
10. The Statement of Cash Flows
11. The Need for Cash Flow Analysis
5. Analyzing Financial Performance Using Ratios
1. Liquidity Ratios
2. Leverage (Debt) Ratios
3. Profitability (Performance) Ratios
4. Activity Ratios
6. Accounting Disciplines
1. Financial Accounting
2. Managerial Accounting
3. Auditing
4. Tax Accounting
5. Government and Not-for-Profit Accounting
7. Summary
8. Key Terms
9. Critical Thinking
10. Putting Principles to Work
1. PURPOSE
2. EXERCISE
11. Developing Career Skills
12. Career Exploration
13. Video Case
1. Understanding Accounting with Plante Moran
14. Notes
21. Chapter 18: Financial Management
1. Introduction
2. The Role of Finance and Financial Managers
1. The Value of Understanding Finance
2. What Is Financial Management?
3. Financial Planning
1. Forecasting Financial Needs
2. Working with the Budget Process
3. Establishing Financial Controls
4. The Need for Operating Funds
1. Managing Day-by-Day Needs of the Business
2. Controlling Credit Operations
3. Acquiring Needed Inventory
4. Making Capital Expenditures
5. Alternative Sources of Funds
5. Obtaining Short-Term Financing
1. Trade Credit
2. Family and Friends
3. Commercial Banks
4. Different Forms of Short-Term Loans
5. Factoring Accounts Receivable
6. Commercial Paper
7. Credit Cards
6. Obtaining Long-Term Financing
1. Debt Financing
2. Equity Financing
3. Comparing Debt and Equity Financing
4. Lessons Learned from the Financial Crisis and Great Recession
7. Summary
8. Key Terms
9. Critical Thinking
10. Putting Principles to Work
1. PURPOSE
2. EXERCISE
11. Developing Career Skills
12. Career Exploration
13. Video Case 1
1. Threadless: Setting VIDEO CASE 1 the Financial Design
14. Video Case 2
1. Portillo’s Grows with an IPO
15. Notes
22. Chapter 19: Using Securities Markets for Financing and Investing Opportunities
1. Introduction
2. The Function of Securities Markets
1. The Role of Investment Bankers
3. Stock Exchanges
1. Securities Regulations and the Securities and Exchange Commission
2. Foreign Stock Exchanges
4. How Businesses Raise Capital by Selling Stock
1. Advantages and Disadvantages of Issuing Stock
2. Issuing Shares of Common Stock
3. Issuing Shares of Preferred Stock
5. How Businesses Raise Capital by Issuing Bonds
1. Learning the Language of Bonds
2. Advantages and Disadvantages of Issuing Bonds
3. Different Classes of Bonds
4. Special Bond Features
6. How Investors Buy Securities
1. Investing through Online Brokers
2. Choosing the Right Investment Strategy
3. Reducing Risk by Diversifying Investments
7. Investing in Stocks
1. Stock Splits
2. Buying Stock on Margin
3. Understanding Stock Quotations
8. Investing in Bonds
1. Investing in High-Risk (Junk) Bonds
9. Investing in Mutual Funds and Exchange-Traded Funds
10. Understanding Stock Market Indicators
1. Riding the Market’s Roller Coaster
11. Summary
12. Key Terms
13. Critical Thinking
14. Putting Principles to Work
1. PURPOSE
2. EXERCISE
15. Developing Career Skills
16. Career Exploration
17. Video Case
1. Investment Advice from the Motley Fool
18. Notes
23. Chapter 20: Money, Financial Institutions, and the Federal Reserve
1. Introduction
2. Why Money Is Important
1. What Is Money?
2. Managing Inflation and the Money Supply
3. The Global Exchange of Money
3. Control of the Money Supply
1. Basics about the Federal Reserve
2. The Reserve Requirement
3. Open-Market Operations
4. The Discount Rate
5. The Federal Reserve’s Check-Clearing Role
4. The History of Banking and the Need for the Fed
1. Banking and the Great Depression
5. The U.S. Banking System
1. Commercial Banks
2. Services Provided by Commercial Banks
3. Services to Borrowers
4. Savings and Loan Associations (S&Ls)
5. Credit Unions
6. Other Financial Institutions (Nonbanks)
6. The Banking Crisis of 2008 and How the Government Protects Your Money
1. Protecting Your Funds
2. The Federal Deposit Insurance Corporation (FDIC)
3. The Deposit Insurance Fund (DIF)
4. The National Credit Union Administration (NCUA)
7. Using Technology to Make Banking More Efficient
1. Online Banking
8. International Banking and Banking Services
1. Leaders in International Banking
2. The World Bank and the International Monetary Fund
9. Summary
10. Key Terms
11. Critical Thinking
12. Putting Principles to Work
1. PURPOSE
2. EXERCISE
13. Developing Career Skills
14. Career Exploration
15. Video Case
1. Understanding the Federal Reserve System
16. Notes
24. Bonus Chapter A: Working within the Legal Environment
1. Introduction
2. The Case for Laws
1. Statutory and Common Law
2. Administrative Agencies
3. Tort Law
1. Product Liability
4. Legally Protecting Ideas: Patents, Copyrights, and Trademarks
5. Sales Law: The Uniform Commercial Code
1. Warranties
2. Negotiable Instruments
6. Contract Law
1. Breach of Contract
7. Promoting Fair and Competitive Business Practices
1. The History of Antitrust Legislation
8. Laws to Protect Consumers
9. Tax Laws
10. Bankruptcy Laws
11. Deregulation versus Regulation
12. Summary
13. Key Terms
14. Critical Thinking
15. Putting Principles to Work
1. PURPOSE
2. EXERCISE
16. Developing Career Skills
17. Career Exploration
18. Notes
25. Bonus Chapter B: Using Technology to Manage Information
1. Introduction
2. The Role of Information Technology
1. Evolution from Data Processing to Business Intelligence
2. How Information Technology Changes Business
3. Technology Skills All Office Workers Need
3. Types of Information
1. Managing Information
2. Big Data and Data Analytics
3. Using Information from Social Media
4. The Heart of Knowledge Management: The Internet
1. Broadband Technology
2. 5G
3. Net Neutrality
4. Internet2
5. Web 2.0 and Social Media
6. Mobile Web
7. Immersive Internet and the Metaverse
8. Internet of Things
9. Web 3.0—Moving toward Decentralization
10. Who’s the “Boss” of the Internet?
5. Networks and Cloud Computing
6. Effects of Information Technology on Management
1. Human Resource Issues
2. Security Issues
3. Privacy Issues
4. Stability Issues
7. Technology and You
8. Summary
9. Key Terms
10. Critical Thinking
11. Putting Principles to Work
1. PURPOSE
2. EXERCISE
12. Developing Career Skills
13. Career Exploration
14. Video Case
1. Applying Tech with World Wide Technology
15. Notes
26. Bonus Chapter C: Managing Risk
1. Introduction
2. Understanding Business Risks
1. How Rapid Change Affects Risk Management
3. Managing Risk
1. Reducing Risk
2. Avoiding Risk
3. Self-Insuring
4. Buying Insurance to Cover Risk
5. What Risks Are Uninsurable?
6. What Risks Are Insurable?
4. Understanding Insurance Policies
1. Rule of Indemnity
2. Types of Insurance Companies
5. Insurance Coverage for Various Kinds of Risk
1. Health Insurance
2. Health Savings Accounts
3. Disability Insurance
4. Workers’ Compensation
5. Liability Insurance
6. Life Insurance for Businesses
7. Insurance Coverage for Home-Based Businesses
8. The Risk of Damaging the Environment
9. Protection from Cyber Attacks
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Notes
27. Bonus Chapter D: Managing Personal Finances and Investing
1. Introduction
2. The Need for Personal Financial Planning
1. Financial Planning Begins with Making Money
2. Six Steps to Controlling Your Assets
3. Building Your Financial Base
1. Real Estate: Historically, a Relatively Secure Investment
2. Tax Deductions and Home Ownership
3. Learning to Manage Credit
4. Where to Put Your Savings
4. Protecting Your Financial Base: Buying Insurance
1. Health Insurance
2. Disability Insurance
3. Homeowner’s or Renter’s Insurance
4. Other Insurance
5. Planning Your Retirement
1. Social Security
2. Individual Retirement Accounts (IRAs)
3. Simple IRAs
4. 401(k) Plans
5. Qualified Retirement Plans (Keoghs)
6. Financial Planners
7. Estate Planning
6. Summary
7. Key Terms
8. Critical Thinking
9. Putting Principles to Work
1. PURPOSE
2. EXERCISE
10. Developing Career Skills
11. Career Exploration
12. Notes
28. Getting the Job You Want
1. Getting the Job You Want
1. Job Search Strategy
2. Searching for Jobs Online
3. Job Search Resources
4. Writing Your Résumé
5. Putting Your Résumé Online
6. Writing a Cover Letter
7. Preparing for Job Interviews
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