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Business Essentials 13th Edition by Ronald J. Ebert, ISBN-13: 978-0136862680

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Business Essentials 13th Edition by Ronald J. Ebert, ISBN-13: 978-0136862680

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  • Publisher: ‎ Pearson; 13th edition (January 26, 2021)
  • Language: ‎ English
  •  695 pages
  • ISBN-10: ‎ 0136862683
  • ISBN-13: ‎ 978-0136862680

Business Essentials captures the widespread significance of recent developments in domestic and global economies and presents their implications on companies today. The 13th Edition includes new real-world examples and research findings, showing you how entrepreneurs are putting into practice the concepts in the text.

Table of Contents:

Business Essentials
Business Essentials
Brief Contents
Contents
Preface
New to This Edition
About the Authors
Part 1 The Contemporary Business World
Chapter 1 The U.S. Business Environment
Learning Objectives
Business, Profit, and the External Environment
Business and Profit
Consumer Choice and Demand
Opportunity and Enterprise
The Benefits of Business
The External Environments of Business
Domestic Business Environment
Global Business Environment
Technological Environment
Political-Legal Environment
Sociocultural Environment
Economic Environment
Economic Systems
Factors of Production
Labor
Capital
Entrepreneurs
Physical Resources
Information Resources
Types of Economic Systems
Planned Economies
Market Economies
Mixed Market Economies
The Economics of Market Systems
Demand and Supply in a Market Economy
The Laws of Demand and Supply
Private Enterprise and Competition in a Market Economy
Degrees of Competition
Economic Indicators
Economic Growth, Aggregate Output, and Standard of Living
Gross Domestic Product
Productivity
Economic Stability
Inflation
Unemployment
Managing the U.S. Economy
Developing Skills in Your Career
Summary of Learning Objectives
Objective 1-1
Objective 1-2
Objective 1-3
Objective 1-4
Objective 1-5
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Competition in the New Mobile Economy
Background Information
Team Activity
Follow-Up Questions
Exercising Your Ethics
Getting Caught Out in the Cold
The Situation
The Dilemma
Questions to Address
Cases
Reinventing an American Icon
Questions for Discussion
Game Theory in the Video Game Console Industry
Questions for Discussion
Endnotes
Chapter 2 Understanding Business Ethics and Social Responsibility
Learning Objectives
Ethics in the Workplace
Individual Ethics
The Law and the Real World
Individual Values and Morals
Business and Managerial Ethics
Behavior Toward Employees
Behavior Toward the Organization
Behavior Toward Other Economic Agents
Assessing Ethical Behavior
Company Practices and Business Ethics
Adopting Written Codes
Instituting Ethics Programs
Social Responsibility
The Stakeholder Model of Responsibility
Customers
Employees
Investors
Suppliers
Local and International Communities
Contemporary Social Consciousness
Areas of Social Responsibility
Responsibility Toward the Environment
Air Pollution
Water Pollution
Land Pollution
Responsibility Toward Customers
Consumer Rights
Unfair Pricing
Ethics in Advertising
Responsibility Toward Employees
Legal and Social Commitments
Ethical Commitments: The Special Case of Whistle-Blowers
Responsibility Toward Investors
Insider Trading
Misrepresentation of Finances
Implementing Social Responsibility Programs
Approaches to Social Responsibility
Obstructionist Stance
Defensive Stance
Accommodative Stance
Proactive Stance
Social Responsibility and the Small Business
The Government and Social Responsibility
How Governments Influence Business
Direct Regulation
Indirect Regulation
How Business Influences Government
Personal Contacts
Lobbying
Political Action Committees
Favors
Managing Social Responsibility
Formal Organizational Dimensions
Legal Compliance
Ethical Compliance
Philanthropic Giving
Informal Organizational Dimensions
Organization Leadership and Culture
Whistle-Blowing
Evaluating Social Responsibility
Summary of Learning Objectives
Objective 2-1
Objective 2-2
Objective 2-3
Objective 2-4
Objective 2-5
Objective 2-6
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
How Far Would You Go?
Background Information
Method
Follow-Up Questions
Exercising Your Ethics
You Can’t Have Your Cake
The Situation
The Dilemma
Questions to Address
Cases
Epipen: Balancing Morals and Profits
Questions for Discussion
When Mother Nature Storms In
Questions for Discussion
Endnotes
Chapter 3 Entrepreneurship, New Ventures, and Business Ownership
Learning Objectives
What Is a Small Business?
The Importance of Small Business in the U.S. Economy
Job Creation
Innovation
Contributions to Big Business
Popular Areas of Small Business Enterprise
Services
Retailing
Construction
Wholesaling
Finance and Insurance
Manufacturing
Transportation
Other
Entrepreneurship
Entrepreneurship Goals
Entrepreneurial Characteristics
Starting and Operating a New Business
Understanding Distinctive Competencies
Identifying Niches in Established Markets
Identifying New Markets
First-Mover Advantages
Crafting a Business Plan
Setting Goals and Objectives
Sales Forecasting
Financial Planning
Starting the Small Business
Buying an Existing Business
Franchising
Starting from Scratch
Financing the Small Business
SBA Financial Programs
Other Sources of Financing
Trends, Successes, and Failures in New Ventures
Trends in Small Business Start-Ups
Emergence of E-Commerce
Crossovers from Big Business
Opportunities for People of Color and Women
Global Opportunities
Better Survival Rates
Reasons for Failure
Reasons for Success
Noncorporate Business Ownership
Sole Proprietorships
Advantages of Sole Proprietorships
Disadvantages of Sole Proprietorships
Partnerships
Advantages of Partnerships
Disadvantages of Partnerships
Alternatives to General Partnerships
Cooperatives
Corporations
The Corporate Entity
Advantages of Incorporation
Disadvantages of Incorporation
Types of Corporations
Managing a Corporation
Stock Ownership and Stockholders’ Rights
Boards of Directors
Officers
Special Issues in Corporate Ownership
Joint Ventures and Strategic Alliances
Employee Stock Ownership Plans
Institutional Ownership
Mergers, Acquisitions, Divestitures, and Spin-Offs
Summary of Learning Objectives
Objective 3-1
Objective 3-2
Objective 3-3
Objective 3-4
Objective 3-5
Objective 3-6
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
A Tasty Idea
Background Information
Team Activity
Follow-Up Questions
Exercising Your Ethics
Breaking Up is Hard to Do
The Situation
The Dilemma
Questions to Address
Cases
Staying Ahead of the Curve
Questions for Discussion
Ice Cream Headache
Questions for Discussion
Endnotes
Chapter 4 Understanding the Global Context of Business
Learning Objectives
The Contemporary Global Economy
The Major World Marketplaces
Distinctions Based on Wealth
Geographic Clusters
Trade Agreements and Alliances
North American Free Trade Agreement/United States–Mexico–Canada Agreement
The European Union
The Association of Southeast Asian Nations
The World Trade Organization
International Trade
Balance of Trade
Balance of Payments
Exchange Rates
Forms of Competitive Advantage
Absolute Advantage
Comparative Advantage
National Competitive Advantage
International Business Management
Going International
Gauging International Demand
Adapting to Customer Needs
Outsourcing and Offshoring
Levels of International Involvement
Exporters and Importers
International Firms
Multinational Firms
International Organization Structures
Independent Agents
Licensing Arrangements
Branch Offices
Strategic Alliances
Foreign Direct Investment
Understanding the Cultural Environment
Values, Symbols, Beliefs, and Language
Employee Behavior Across Cultures
Barriers to International Trade
Economic Differences
Legal and Political Differences
Quotas, Tariffs, and Subsidies
The Protectionism Debate
Local Content Laws
Business Practice Laws
Summary of Learning Objectives
Objective 4-1
Objective 4-2
Objective 4-3
Objective 4-4
Objective 4-5
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Weighing the Trade-Offs
The Situation
The Dilemma
Team Activity
Exercising Your Ethics
Paying Heed to Foreign Practices
The Situation
The Dilemma
Questions to Address
Cases
Nothing Magical About Alibaba
Questions for Discussion
General Motors Outsourcing to Mexico
Questions for Discussion
Endnotes
Part 1 Integrative Learning Portfolio
Crafting a Business Plan
Case
Finding Your Path
Part 2 Managing the Business
Chapter 5 Managing the Business
Learning Objectives
The Management Process
Basic Management Functions
Planning
Organizing
Leading
Controlling
The Science and the Art of Management
The Science of Management
The Art of Management
Becoming a Manager
The Role of Education
The Role of Experience
Types of Managers
Levels of Management
Top Managers
Middle Managers
First-Line Managers
Areas of Management
Human Resource Managers
Operations Managers
Marketing Managers
Information Managers
Financial Managers
Other Managers
Management Roles and Skills
Managerial Roles
Interpersonal Roles
Informational Roles
Decisional Roles
Basic Management Skills
Technical Skills
Human Relations Skills
Conceptual Skills
Decision-Making Skills
Time Management Skills
Global Management Skills
Management and Technology Skills
Strategic Management: Setting Goals and Formulating Strategy
Setting Business Goals
Purposes of Goal Setting
Kinds of Goals
Types of Strategy
Corporate Strategy
Business (or Competitive) Strategy
Functional Strategy
Formulating Strategy
A Hierarchy of Plans
Contingency Planning and Crisis Management
Contingency Planning
Crisis Management
Management and the Corporate Culture
Building and Communicating Culture
Changing Culture
Summary of Learning Objectives
Objective 5-1
Objective 5-2
Objective 5-3
Objective 5-4
Objective 5-5
Objective 5-6
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Dreams Can Come True
The Situation
Team Activity
Action Steps
Exercising Your Ethics
People Problems
The Situation
The Dilemma
Questions to Address
Cases
Alphabet Soup
Questions for Discussion
Team Red White & Blue
Questions for Discussion
Endnotes
Chapter 6 Organizing the Business
Learning Objectives
What Is Organizational Structure?
Organization Charts
Determinants of Organizational Structure
The Building Blocks of Organizational Structure
Job Specialization
Departmentalization
Functional Departmentalization
Product Departmentalization
Process Departmentalization
Customer Departmentalization
Geographic Departmentalization
Multiple Forms of Departmentalization
Establishing the Decision-Making Hierarchy
Distributing Authority: Centralization and Decentralization
Centralized Organizations
Decentralized Organizations
Tall and Flat Organizations
Span of Control
The Delegation Process
Three Forms of Authority
Line Authority
Staff Authority
Committee and Team Authority
Basic Forms of Organizational Structure
Functional Structure
Divisional Structure
Matrix Structure
International Structure
New Forms of Organizational Structure
Team Organization
Virtual Organization
Learning Organization
Informal Organization
Informal Groups
Organizational Grapevine
Intrapreneuring
Summary of Learning Objectives
Objective 6-1
Objective 6-2
Objective 6-3
Objective 6-4
Objective 6-5
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Getting with the Program
Background Information
Method
Follow-Up Questions
Exercising Your Ethics
Avoiding Confrontation
The Situation
The Dilemma
Questions to Address
Cases
The Skinny
Questions for Discussion
Heard it Through the Grapevine
Questions for Discussion
Endnotes
Chapter 7 Operations Management and Quality
Learning Objectives
What Does Operations Mean Today?
Growth in the Services and Goods Sectors
Creating Value Through Operations
Differences Between Service and Goods Manufacturing Operations
Interacting with Customers
Services Can Be Intangible and Unstorable
Customers’ Presence in the Operations Process
Intangibles Count for Service Quality
Operations Processes
Goods Production Processes: Make-to-Order versus Make-to-Stock Processes
Service Production Processes: Extent of Customer Contact
Business Strategy as the Driver of Operations
The Many Faces of Production Operations
Business Strategy Determines Operations Capabilities
Expanding into Additional Capabilities
Operations Planning
Capacity Planning
Location Planning
Layout Planning
Process Layouts
Product Layouts
Fixed-Position Layouts
Quality Planning
Methods Planning
Improving Process Flows
Improving Customer Service
Operations Scheduling
The Master Operations Schedule
Detailed Schedules
Staff Schedules and Computer-Based Scheduling
Project Scheduling
The Gantt Graphical Method
Project Scheduling with PERT Charts
Operations Control
Materials Management
Materials Management Activities for Physical Goods
Lean Production Systems
Inventory Management Is Crucial for Producing Services
Quality Control
Quality Improvement and Total Quality Management
The Quality-Productivity Connection
Managing for Quality
The Cost of Poor Quality
Quality Ownership: Taking Responsibility for Quality
Tools for Total Quality Management
Value-Added Analysis
Quality Improvement Teams
Getting Closer to the Customer
The ISO Series
Business Process Reengineering
Adding Value Through Supply Chains
The Supply Chain Strategy
Supply Chain Management
Reengineering Supply Chains for Better Results
Outsourcing and Global Supply Chains
Summary of Learning Objectives
Objective 7-1
Objective 7-2
Objective 7-3
Objective 7-4
Objective 7-5
Objective 7-6
Objective 7-7
Objective 7-8
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Calculating the Cost of Competition
The Situation
The Dilemma
Follow-Up Questions
Exercising Your Ethics
Promises, Promises
The Situation
The Dilemma
Questions to Address
Cases
Made from Scratch
Questions for Discussion
Telecommuting Boosts Quality and Productivity . . . or Does it?
Questions for Discussion
Endnotes
Part 2 Integrative Learning Portfolio
Crafting a Business Plan
Case
Finding Your Path
Part 3 People in Organizations
Chapter 8 Employee Behavior and Motivation
Learning Objectives
Forms of Employee Behavior
Performance Behaviors
Organizational Citizenship
Counterproductive Behaviors
Individual Differences Among Employees
Personality at Work
The “Big Five” Personality Traits
The Myers-Briggs Framework
Emotional Intelligence
Other Personality Traits at Work
Attitudes at Work
How Attitudes Are Formed
Attitude Structure
Cognitive Dissonance
Key Work-Related Attitudes
Matching People and Jobs
Psychological Contracts
The Person-Job Fit
Basic Motivation Concepts and Theories
Classical Theory
Early Behavioral Theory
Human Resources Model: Theories X and Y
Maslow’s Hierarchy of Needs Model
Two-Factor Theory
Other Important Needs
Contemporary Motivation Theory
Expectancy Theory
Equity Theory
Strategies and Techniques for Enhancing Motivation
Reinforcement/Behavior Modification
Using Goals to Motivate Behavior
Participative Management and Empowerment
Work Teams and Team Structures
Job Enrichment and Job Redesign
Job Enrichment Programs
Job Redesign Programs
Modified Work Schedules and Alternative Workplaces
Work-Share Programs
Flextime Programs
Alternative Workplaces
Advantages and Disadvantages of Modified Schedules and Alternative Workplaces
Summary of Learning Objectives
Objective 8-1
Objective 8-2
Objective 8-3
Objective 8-4
Objective 8-5
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Too Much of a Good Thing
The Situation
Method
Exercising Your Ethics
Too Much of a Good Thing
The Situation
The Dilemma
Questions to Address
Cases
A Living Wage
Questions for Discussion
Searching for a Great Place to Work
Questions for Discussion
Endnotes
Chapter 9 Leadership and Decision Making
Learning Objectives
The Nature of Leadership
Leadership and Management
Leadership and Power
Early Approaches to Leadership
Trait Approaches to Leadership
Behavioral Approaches to Leadership
The Situational Approach to Leadership
Leadership Through the Eyes of Followers
Transformational Leadership
Charismatic Leadership
Special Issues in Leadership
Leadership Substitutes
Leadership Neutralizers
The Changing Nature of Leadership
Leaders as Coaches
Gender and Leadership
Cross-Cultural Leadership
Emerging Issues in Leadership
Strategic Leadership
Ethical Leadership
Virtual Leadership
Leadership, Management, and Decision Making
The Nature of Decision Making
Types of Decisions
Decision-Making Conditions
Rational Decision Making
Recognizing and Defining the Decision Situation
Identifying Alternatives
Evaluating Alternatives
Selecting the Best Alternative
Implementing the Chosen Alternative
Following Up and Evaluating the Results
Behavioral Aspects of Decision Making
Political Forces in Decision Making
Intuition
Escalation of Commitment
Risk Propensity and Decision Making
Summary of Learning Objectives
Objective 9-1
Objective 9-2
Objective 9-3
Objective 9-4
Objective 9-5
Objective 9-6
Objective 9-7
Objective 9-8
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Managing Changes in Strategic Direction
The Situation
Team Activity
Action Steps
Exercising Your Ethics
Painted into a Corner
The Situation
The Dilemma
Questions to Address
Cases
Authentic Leadership
Questions for Discussion
The Man Behind the Genius
Questions for Discussion
Endnotes
Chapter 10 Human Resource Management and Labor Relations
Learning Objectives
The Foundations of Human Resource Management
The Strategic Importance of HRM
HR Planning
Job Analysis
Forecasting HR Demand and Supply
Matching HR Supply and Demand
The Legal Context of HRM
Equal Employment Opportunity
Compensation and Benefits
Labor Relations
Health and Safety
Other Legal Issues
Sexual Harassment
Employment at Will
The Patriot Act
Staffing the Organization
Recruiting Employees
Internal Recruiting
External Recruiting
Selecting Employees
Application Forms
Tests
Interviews
Other Techniques
Compensation and Benefits
Wages and Salaries
Incentive Programs
Company-Wide Incentives
Benefits Programs
Retirement Plans
Containing the Costs of Benefits
Developing the Workforce
Training and Development
Assessing Training Needs
Common Training Methods
Evaluation of Training
Performance Appraisal
Common Appraisal Methods
Errors in Performance Appraisal
Performance Feedback
New Challenges in the Changing Workplace
Managing Workforce Diversity
Managing Knowledge Workers
Contingent and Temporary Workers
Trends in Contingent and Temporary Employment
Managing Contingent and Temporary Workers
Dealing with Organized Labor
Unionism Today
The Future of Unions
Collective Bargaining
Reaching Agreement on Contract Terms
Contract Issues
When Bargaining Fails
Mediation and Arbitration
Summary of Learning Objectives
Objective 10-1
Objective 10-2
Objective 10-3
Objective 10-4
Objective 10-5
Objective 10-6
Objective 10-7
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
The Downside of Downsizing
The Situation
Team Activity
Action Steps
Exercising Your Ethics
Operating Tactically
The Situation
The Dilemma
Questions to Address
Cases
A Unique Partnership Drives Wegmans
Questions for Discussion
Finding the Work/Life Balance
Questions for Discussion
Endnotes
Part 3 Integrative Learning Portfolio
Crafting a Business Plan
Case
Finding Your Path
Part 4 Principles of Marketing: Building Relationships with Customers for Competitive Advantage
Chapter 11 Marketing Processes and Consumer Behavior
Learning Objectives
What Is Marketing?
Delivering Value
Value and Benefits
Value and Utility
Goods, Services, and Ideas
Relationship Marketing and Customer Relationship Management
The Marketing Environment
Political-Legal Environment
Sociocultural Environment
Technological Environment
Economic Environment
Competitive Environment
Developing the Marketing Plan
Marketing Strategy: Planning the Marketing Mix
Product
Pricing
Place (Distribution)
Promotion
Blending It All Together: Integrated Strategy
Marketing Strategy: Target Marketing and Market Segmentation
Identifying Market Segments
Geographic Segmentation
Demographic Segmentation
Geo-Demographic Segmentation
Psychographic Segmentation
Behavioral Segmentation
Marketing Research
The Research Process
Research Methods
Understanding Consumer Behavior
Influences on Consumer Behavior
The Consumer Buying Process
Problem or Need Recognition
Information Seeking
Evaluation of Alternatives
Purchase Decision
Postpurchase Evaluation
Organizational Marketing and Buying Behavior
Business Marketing
Services Market
Industrial Market
Reseller Market
Government and Institutional Market
B2B Buying Behavior
Differences in Buyers
Differences in the Buyer–Seller Relationship
Social Media and Marketing
Viral Marketing and Social Networking
Web-Driven Revenue with Social Networking
The International Marketing Mix
International Products
International Pricing
International Distribution
International Promotion
Small Business and the Marketing Mix
Small-Business Products
Small-Business Pricing
Small-Business Distribution
Small-Business Promotion
Summary of Learning Objectives
Objective 11-1
Objective 11-2
Objective 11-3
Objective 11-4
Objective 11-5
Objective 11-6
Objective 11-7
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Finding the Silver Lining
Team Activity
Exercising Your Ethics
The 480 Million Dollar Question
The Situation
The Dilemma
Questions to Address
Cases
Building a Brand with Social Media
Questions for Discussion
Shaving off the Profits
Questions for Discussion
Endnotes
Chapter 12 Developing and Pricing Products
Learning Objectives
What Is a Product?
The Value Package
Classifying Goods and Services
Classifying Consumer Products
Classifying Organizational Products
The Product Mix
Developing New Products
The New Product Development Process
Product Mortality Rates
The Seven-Step Development Process
Variations in the Process for Services
Product Life Cycle
Stages in the PLC
Extending Product Life: An Alternative to New Products
Identifying Products
Branding Products
Types of Brand Names
Packaging Products
Determining Prices
Pricing to Meet Business Objectives
Profit-Maximizing Objectives
Market Share (Market Penetration) Objectives
Pricing for E-Business Objectives
Price-Setting Tools
Cost-Oriented Pricing
Breakeven Analysis: Cost-Volume-Profit Relationships
Pricing Strategies and Tactics
Pricing Strategies
Pricing Existing Products
Pricing New Products
Fixed Versus Dynamic Pricing for Online Business
Bundling
Pricing Tactics
International Pricing
Summary of Learning Objectives
Objective 12-1
Objective 12-2
Objective 12-3
Objective 12-4
Objective 12-5
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
The Price is Right
Team Activity
Exercising Your Ethics
Driving a Legitimate Bargain
The Situation
The Dilemma
Questions to Address
Cases
The Thirty-Thousand Dollar Handbag
A Penney for Your Thoughts
Questions for Discussion
Endnotes
Chapter 13 Distributing and Promoting Products
Learning Objectives
The Distribution Mix
Intermediaries and Distribution Channels
Distribution of Goods and Services
The Pros and Cons of Nondirect Distribution
Distribution Strategies
Channel Conflict and Channel Leadership
Channel Conflict
Channel Leadership
Wholesaling
Merchant Wholesalers
Agents and Brokers
The E-Intermediary
Syndicated Sellers
Shopping Agents
Business-to-Business Brokers
Retailing
Types of Brick-and-Mortar Retail Outlets
Product-Line Retailers
Bargain Retailers
Convenience Stores
Nonstore Retailing
Online Retailing
Electronic Catalogs
Electronic Storefronts and Cybermalls
Interactive and Video Retailing
Physical Distribution
Warehousing Operations
Transportation Operations
Distribution Through Supply Chains as a Marketing Strategy
The Importance of Promotion
Promotional Objectives
Promotional Strategies
The Promotional Mix
Advertising
Advertising Media
Real-Time Ad Tracking
Personal Selling
Personal Selling Tasks
The Personal Selling Process
Sales Promotions
Direct (or Interactive) Marketing
Publicity and Public Relations
Summary of Learning Objectives
Objective 13-1
Objective 13-2
Objective 13-3
Objective 13-4
Objective 13-5
Objective 13-6
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Making a Difference
Team Activity
Action Steps
Exercising Your Ethics
The Chain of Responsibility
The Dilemma
Questions to Address
Cases
Chaos Theory at Work
Questions for Discussion
The Long Tail, Revisited
Questions for Discussion
Endnotes
Part 4 Integrative Learning Portfolio
Crafting a Business Plan
Case
Finding Your Path
Part 5 Managing Information for Better Business Decisions
Chapter 14 Information Technology (IT) for Business
Learning Objectives
Information Technology Impacts: A Driver of Changes for Business
Creating Portable Offices: Providing Remote Access to Instant Information
Enabling Better Service by Coordinating Remote Deliveries
Creating Leaner, More Efficient Organizations
Enabling Increased Collaboration
Enabling Global Exchange
Providing Flexibility for Customization
Providing New Business Opportunities
Improving the World and Our Lives
IT Building Blocks: Business Resources
The Internet and Other Communication Resources
Intranets
Extranets
Electronic Conferencing
VSAT Satellite Communications
Networks: System Architecture
Wide Area Networks (WANs)
Local Area Networks (LANs)
Wireless Networks
Wi-Fi
Information Systems: Harnessing the Competitive Power of IT
Leveraging Information Resources: Data Warehousing and Data Mining
Data Mining
Information Linkages with Suppliers
Types of Information Systems
Information Systems for Knowledge Workers
Information Systems for Managers
IT Risks and Threats
Hackers
Identity Theft
Intellectual Property Theft
Computer Viruses, Worms, and Trojan Horses
Spyware
Spam
IT Protection Measures
Preventing Unauthorized Access: Firewalls
Preventing Identity Theft
Preventing Infectious Intrusions: Antivirus Software
Protecting Electronic Communications: Encryption Software
Avoiding Spam and Spyware
Ethical Concerns in IT
Summary of Learning Objectives
Objective 14-1
Objective 14-2
Objective 14-3
Objective 14-4
Objective 14-5
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
New Age Help Desk
The Situation
Questions for Discussion
Exercising Your Ethics
To Read or Not To Read
The Situation
The Dilemma
Questions to Address
Cases
Think Before you Click
Questions for Discussion
Selling Customer Search Data
Questions for Discussion
Endnotes
Chapter 15 The Role of Accountants and Accounting Information
Learning Objectives
What Is Accounting, and Who Uses Accounting Information?
Financial Versus Managerial Accounting
Financial Accounting
Managerial Accounting
Certified Public Accountants
The “Big Four” Public Accounting Firms
CPA Services
Noncertified Public Accountants
The CPA Vision Project
Private Accountants and Management Accountants
Forensic Accountants
Investigative Accounting
Litigation Support
Federal Restrictions on CPA Services and Financial Reporting: Sarbox
The Accounting Equation
Assets and Liabilities
Owners’ Equity
Financial Statements
Balance Sheets
Assets
Liabilities
Owners’ Equity
Income Statements
Revenues
Cost of Revenues (Cost of Goods Sold)
Operating and Net Income
Statements of Cash Flows
The Budget: An Internal Financial Statement
Reporting Standards and Practices
Revenue Recognition and Activity Timing
Full Disclosure
Analyzing Financial Statements
Solvency Ratios: Borrower’s Ability to Repay Debt
The Current Ratio and Short-Term Solvency
Long-Term Solvency
Profitability Ratios: Earnings Power for Owners
Activity Ratios: How Efficiently Is the Firm Using Its Resources?
Bringing Ethics into the Accounting Equation
AICPA’s Code of Professional Conduct
Violations of Accounting Ethics and GAAP
Internationalizing Accounting
International Accounting Standards Board
Why One Set of Global Practices?
Example Areas Targeted for Aligning U.S. GAAP and IASB
Timetable for Implementation
Summary of Learning Objectives
Objective 15-1
Objective 15-2
Objective 15-3
Objective 15-4
Objective 15-5
Objective 15-6
Objective 15-7
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
An American Legend
Questions for Discussion
Exercising Your Ethics
Give and Take with Accounting Clients
The Situation
The Dilemma
Questions to Address
Cases
CSI: Wall Street
Questions for Discussion
The Modern Accountant
Questions for Discussion
Endnotes
Part 5 Integrative Learning Portfolio
Crafting a Business Plan
Case
Finding Your Path
Part 6 The Financial System and Issues in Financial Management
Chapter 16 Understanding Money and the Role of Banking
Learning Objectives
What Is Money?
The Characteristics of Money
The Functions of Money
M-1: The Spendable Money Supply
M-2: M-1 Plus the Convertible Money Supply
Credit Cards and Debit Cards: Plastic Money?
The U.S. Financial System
Financial Institutions
Commercial Banks
Savings Institutions
Savings and Loan Associations
Mutual Savings Banks
Credit Unions
Nondeposit Institutions
The Growth of Financial Services
Pension and Trust Services
International Services
Financial Advice and Brokerage Services
Electronic Funds Transfer
How Financial Institutions Create Money and Are Regulated
How Money Is Created
How Banks Are Regulated
The Federal Reserve System
The Structure of the Fed
The Board of Governors
Reserve Banks
Open Market Committee
Member Banks
Other Depository Institutions
The Functions of the Fed
The Government’s Bank
The Bankers’ Bank
Check Clearing
Controlling the Money Supply
The Tools of the Fed
Reserve Requirements
Interest Rate Controls
Open-Market Operations
The Changing Money and Banking System
Government Intervention for Stabilizing the U.S. Financial System
Government Emergency Investment
Assurances of Repayment
Anticrime and Antiterrorism Regulations
The Impact of Electronic Technologies
Automated Clearing House (ACH) Network
Check 21: Making the Paper Check Go Away
Blink Credit Card
Debit Cards
Smart Cards
International Banking and Finance
Currency Values and Exchange Rates
Strong Currency or Weak: Which Is Better?
Bank Policies Influence Currency Values
The International Payments Process
International Bank Structure
Summary of Learning Objectives
Objective 16-1
Objective 16-2
Objective 16-3
Objective 16-4
Objective 16-5
Objective 16-6
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Virtual Banking: An Idea Whose Time Has Come?
The Situation
The Dilemma
Team Activity
Action Steps
Exercising Your Ethics
Telling the Ethical from the Strictly Legal
The Situation
The Dilemma
Questions to Address
Cases
Where Did All the Money Go?
Global Trading Partner Resets Its Economic Compass
Questions for Discussion
Endnotes
Chapter 17 Managing Business Finances
Learning Objectives
Maximizing Capital Growth
The Time Value of Money and Compound Growth
The Rule of 72
Making Better Use of Your Time Value
Common Stock Investments
Investment Traits of Common Stock
Dividends
Investing to Fulfill Financial Objectives
Reasons for Investing
Most Mutual Funds Don’t Match the Market
Exchange-Traded Funds
The Business of Trading Securities
Primary and Secondary Securities Markets
Stock Exchanges
The Trading Floor
The Major Stock Exchanges
International Consolidation and Cross-Border Ownership
Nonexchange Trading: Electronic Communication Networks
Individual Investor Trading
Stock Brokers
Discount Brokers
Full-Service Brokers
Online Investing
Tracking the Market Using Stock Indexes
The Dow
The S&P 500
The NASDAQ Composite
The Russell 2000
Index-Matching ETFs
The Risk–Return Relationship
Investment Dividends (or Interest), Appreciation, and Total Return
Dividends
Price Appreciation
Total Return
Fantasy Stock Markets
Managing Risk with Diversification and Asset Allocation
Diversification
Asset Allocation
Performance Differences for Different Portfolios
Financing the Business Firm
Secured Loans for Equipment
Working Capital and Unsecured Loans from Banks
Angel Investors and Venture Capital
Sale of Corporate Bonds
Characteristics of Corporate Bonds
Default and Bondholders’ Claim
Risk Ratings
Flawed Ratings Misread Recession Risks
Becoming a Public Corporation
Going Public Means Selling Part Ownership of the Company
Stock Valuation
Why Shares Are Different Prices
Comparing Prices of Different Stocks
Market Capitalization
Choosing Equity Versus Debt Capital
Pros and Cons of Debt Financing
Pros and Cons for Equity Financing
Regulating Securities Markets
The Securities and Exchange Commission
Regulations Against Insider Trading
Summary of Learning Objectives
Objective 17-1
Objective 17-2
Objective 17-3
Objective 17-4
Objective 17-5
Objective 17-6
Objective 17-7
Key Terms
Questions & Exercises
Questions for Review
Questions for Analysis
Application Exercises
Building a Business: Continuing Team Exercise
Assignment
Team Exercise
Market Ups and Downs
Background Information
Questions for Analysis
Exercising Your Ethics
Are you Endowed with Good Judgment?
The Situation
The Dilemma
Questions to Address
Cases
Fire on the Ground
Time to Gogo?
Questions for Discussion
Endnotes
Part 6 Integrative Learning Portfolio
Crafting a Business Plan
Case
Finding Your Path
Appendix I Risk Management
Coping with Risk
Insurance as Risk Management
Insurable Versus Uninsurable Risks
Special Forms of Insurance for Business
Appendix II The Legal Context of Business
The U.S. Legal and Judicial Systems
Types of Law
Common Law
Statutory Law
Regulatory Law
Keeping an Eye on Business
Trends in Deregulation and Regulation
The U.S. Judicial System
The Court System
Business Law
Contract Law
Breach of Contract
Tort Law
Intentional Torts
Negligence Torts
Product Liability Torts
Property Law
Protection of Intellectual Rights
Restrictions on Property Rights
Agency Law
Authority of Agents
Responsibilities of Principals
Commercial Law
Bankruptcy Law
Business Bankruptcy
The International Framework of Business Law
Appendix III Managing Your Personal Finances
Building Your Financial Plan
Assessing Your Current Financial Condition
Developing Your Financial Goals
Making Better Use of the Time Value of Money
Planning for the “Golden Years”
Time Value as a Financial-Planning Tool
Conserving Money by Controlling It
Credit Cards: Keys to Satisfaction or Financial Handcuffs?
Save Your Money: Lower Interest Rates and Faster Payments
Seeking Lower Interest Rates
Making Faster Payments
Declining Asset Value: A Borrower’s Regret
Financial Commitments of Home Ownership
How Much House Can You Afford?
PITI
Other Debt
Cashing Out from Tax Avoidance (Legally)
The IRA Tax Break
IRA Risks
Roth IRA Versus Traditional IRA
IRAs and Education
Protecting Your Net Worth
Why Buy Life Insurance?
What Does Life Insurance Do?
How Much Should I Buy?
Why Consider Term Insurance?
How Much Does It Cost?
Appendix IV Unions and Labor Management
Why Do Workers Unionize?
The Evolution of Unionism in the United States
Early Unions
The Emergence of the Major Unions
The American Federation of Labor
The Congress of Industrial Organizations
The AFL-CIO
Unionism Today
Trends in Union Membership
Composition of the Workforce
Anti-Unionization Activities
Trends in Union-Management Relations
Trends in Bargaining Perspectives
The Future of Unions
Contemporary Union Structure
Locals
Laws Governing Labor-Management Relations
The Major Labor Laws
Norris-LaGuardia Act
National Labor Relations (Wagner) Act
Fair Labor Standards Act
Taft-Hartley Act
Landrum-Griffin Act
How Unions Are Organized and Certified
Collective Bargaining
Reaching Agreement on Contract Terms
Contract Issues
Compensation
Benefits
Job Security
Other Union Issues
Management Rights
When Bargaining Fails
Union Tactics
Management Tactics
Mediation and Arbitration
Administering a Labor Agreement
Endnotes
Glossary
Index

Ronald J. Ebert is Emeritus Professor at the University of Missouri–Columbia. Professor Ebert’s work has been based on more than thirty years of teaching experience at such schools as Sinclair College, University of Washing-ton, University of Missouri, Lucian Blaga University of Sibiu (Romania), and Consortium International University (Italy). His consulting alliances have included such firms as Mobay Corporation, Kraft Foods, Oscar Mayer, Atlas Powder, and John Deere. He has designed and conducted management development programs for such diverse clients as the American Public Power Association, the US Savings and Loan League, and the Central Missouri Manufacturing Training Consortium.

His experience as a practitioner fostered an advocacy for integrating concepts with best business practices in business education. The five business books he has coauthored have been translated into Spanish, Chinese (Simplified), Chinese (Traditional), Malaysian, Bahasa Indonesian, and Romanian languages. Professor Ebert has served as the Editor of the Journal of Operations Management. He is a Past President and Fellow of the Decision Sciences Institute. He has served as consultant and external evaluator for Quantitative Reasoning for Business Studies, an introduction-to-business project sponsored by the National Science Foundation. Professor Ebert retired from his role as co-author of this book after the publication of its 11th edition, but his imprint and myriad contributions can still be found in many different places throughout the text.

Ricky Griffin joined the faculty at Texas A&M University in 1981. During his career at Texas A&M, he has taught undergraduate and graduate courses in management, organizational behavior, human resource management, and international business. Professor Griffin’s research interests include workplace aggression and violence, organizational security, workplace culture, and leadership. His work has been published in such journals as Academy of Management Review, Academy of Management Journal, Administrative Science Quarterly, and Journal of Management. He served as Associate Editor and then as Editor of Journal of Management.

Professor Griffin has led executive development programs and/or consulted with such firms as Halliburton, Concho, KBR, Ascend, Shell Oil Company, Six Flags, and WinCo. He has also delivered invited presentations in England, Italy, France, Switzerland, Poland, Saudi Arabia, South Africa, Hong Kong, and Australia. He has also served as a consulting expert in numerous legal cases involving workplace violence and bullying and general human resource and talent management practices.

In addition, Professor Griffin has authored or coauthored several leading textbooks and coedited three scholarly books. His books have been used at more than 500 colleges and universities on five continents and have been translated into Spanish, Russian, Polish, and Chinese. He has served the Academy of Management as Chair of the Organizational Behavior Division and as Program Chair of the Research Methods Division. He also has served as President of the Southwest Division of the Academy of Management and on the Board of Directors of the Southern Management Association. Professor Griffin is a Fellow of both the Academy of Management and the Southern Management Association. He has also won several awards for research and has been supported by more than $1,500,000 in external research funding. Professor Griffin has served as Director of the Center for Human Resource Management and Head of the Department of Management at Texas A&M University. He has also served as Executive Associate Dean and Interim Dean at the Mays Business School.

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