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Business Essentials

by ;
Edition:
5th
ISBN13:

9780131441583

ISBN10:
0131441582
Format:
Paperback
Pub. Date:
1/1/2005
Publisher(s):
Pearson College Div
List Price: $98.60
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Summary

Thisbest-selling bookcontinues to present abrief "no-nonsense "approach to the fundamentals of business that spans the range of all functional areas management, marketing, operations, accounting, information systems, finance, and legal studies.Topics comprehensively covered include: the contemporary business environment; the business of managing; principles of marketing; managing information; people in organizations; and financial issues.An excellent reference resource for business managers and executives; also appropriate for entrepreneurs and others involved in business relations.

Table of Contents

Preface xix
PART I: UNDERSTANDING THE CONTEMPORARY BUSINESS ENVIRONMENT
CHAPTER 1: UNDERSTANDING THE U.S. BUSINESS ENVIRONMENT
2(32)
Chapter Opening Case: Megawatt Laundering and Other Bright Business Ideas
2(5)
The Concept of Business and the Concept of Profit
4(2)
The U.S. Economic System
6(5)
Factors of Production
6(2)
Types of Economic Systems
8(3)
The Economics of a Market System
11(7)
Demand and Supply in a Market Economy
11(5)
Private Enterprise and Competition in a Market Economy
16(2)
Understanding Economic Performance
18
Economic Growth
18(3)
Economic Stability
21(3)
Managing the U.S. Economy
24(1)
The Aftermath of 9/11
25
Boxed Features:
Say What You Mean: The Culture of Risk
7(4)
Self-Check Questions 1-3
11(3)
Entrepreneurship and New Ventures: Grinding Out Competitive Success
14(1)
Self-Check Questions 4-6
15(12)
Self-Check Questions 7-9
27(1)
End-of-Chapter Features:
Blackouts and Other Dark Forces
27(1)
Summary of Learning Objectives
28(1)
Key Terms
29(1)
Questions and Exercises
29(1)
Building Your Business Skills: Paying the Price of Doing E-Business
30(1)
Exercising Your Ethics: Prescribing a Dose of Competitive Medicine
31(1)
Crafting Your Business Plan: Exploring Software for a Winning Business Plan
31(1)
Video Exercise: Helping Businesses Do Business: U.S. Department of Commerce
32(2)
CHAPTER 2: CONDUCTING BUSINESS ETHICALLY AND RESPONSIBLY
34(34)
Chapter Opening Case: The Rules of Tipping
34(6)
Ethics in the Workplace
37(8)
Individual Ethics
37(1)
Business and Managerial Ethics
37(3)
Assessing Ethical Behavior
40(2)
Company Practices and Business Ethics
42(3)
Social Responsibility
45(5)
The Stakeholder Model of Responsibility
45(3)
Contemporary Social Consciousness
48(2)
Areas of Social Responsibility
50(8)
Responsibility Toward the Environment
50(3)
Responsibility Toward Customers
53(2)
Responsibility Toward Employees
55(2)
Responsibility Toward Investors
57(1)
Implementing Social Responsibility Programs
58
Approaches to Social Responsibility
59(2)
Managing Social Responsibility Programs
61(1)
Social Responsibility and the Small Business
61
Boxed Features:
Say What You Mean: The Ethical Soft-Shoe
40(4)
Entrepreneurship and New Ventures: The Electronic Equivalent of Paper Shredding
44(1)
Self-Check Questions 1-3
45(4)
Self-Check Questions 4-6
49(13)
Self-Check Questions 7-9
62(1)
End-of-Chapter Features: When Does a Stock Warrant Warrant a Warrant for Arrest?
62(6)
Summary of Learning Objectives
63(1)
Key Terms
64(1)
Questions and Exercises
64(1)
Building Your Business Skills: To Lie or Not to Lie: That Is the Question
65(1)
Exercising Your Ethics: Taking a Stance
66(1)
Crafting Your Business Plan: Going in the Ethical Direction
66(1)
Video Exercise: Doing the Right Thing: American Red Cross
67(1)
CHAPTER 3: UNDERSTANDING ENTREPRENEURSHIP AND BUSINESS OWNERSHIP
68(32)
Chapter Opening Case: The Competitor from Out of the Blue
68(7)
What Is a "Small" Business?
70(4)
The Importance of Small Business in the U.S. Economy
71(1)
Popular Areas of Small-Business Enterprise
72(2)
Entrepreneurship
74(1)
Distinctions Between Entrepreneurship and Small Business
74(1)
Entrepreneurial Characteristics
74(1)
Starting and Operating the Small Business
75(3)
Crafting a Business Plan
75(1)
Starting the Small Business
76(1)
Financing the Small Business
77(1)
Franchising
78(2)
Advantages and Disadvantages of Franchising
79(1)
Success and Failure in Small Business
80(5)
Trends in Small-Business Start-Ups
80(3)
Reasons for Failure
83(1)
Reasons for Success
84(1)
Noncorporate Business Ownership
85(3)
Sole Proprietorships
86(1)
Partnerships
86(2)
Corporations
88
The Corporate Entity
88(1)
Types of Corporations
89(1)
Managing a Corporation
90(1)
Special Issues in Corporate Ownership
91
Boxed Features:
Self-Check Questions 1-3
75(7)
Entrepreneurship and New Ventures: Food for Thought
82(2)
Say What You Mean: The Wide World of Risk
84(1)
Self-Check Questions 4-6
85(8)
Self-Check Questions 7-9
93(1)
End-of-Chapter Features:
How High Can an Airline Fly?
93(1)
Summary of Learning Objectives
94(1)
Key Terms
95(1)
Questions and Exercises
96(1)
Building Your Business Skills: Working the Internet
96(1)
Exercising Your Ethics: Breaking Up Is Hard to Do
97(1)
Crafting Your Business Plan: Fitting the Entrepreneurial Mold
98(1)
Video Exercise: Doing Business Privately: Amy's Ice Cream
98(2)
CHAPTER 4: UNDERSTANDING THE GLOBAL CONTEXT OF BUSINESS
100(32)
Chapter Opening Case: Where Does Management Stand on Beer Breaks?
100(15)
The Rise of International Business
102(13)
The Contemporary Global Economy
102(3)
The Major World Marketplaces
105(4)
Forms of Competitive Advantage
109(1)
Import-Export Balances
110(2)
Exchange Rates
112(3)
International Business Management
115(5)
Going International
116(1)
Levels of Involvement
117(1)
International Organizational Structures
118(2)
Barriers to International Trade
120
Social and Cultural Differences
120(1)
Economic Differences
121(1)
Legal and Political Differences
121
Boxed Features:
Self-Check Questions 1-3
115(2)
Entrepreneurship and New Ventures: Rolling in the Worldwide Dough
117(3)
Self-Check Questions 4-6
120(1)
Say What You Mean: Playing by the Rules of Engagement
121(3)
Self-Check Questions 7-9
124(1)
End-of-Chapter Features:
Mariachi Bands and Other Weapons of the Retail Wars
125(1)
Summary of Learning Objectives
126(1)
Key Terms
127(1)
Questions and Exercises
127(1)
Building Your Business Skills: Finding Your Place
128(1)
Exercising Your Ethics: Paying Heed to Foreign Practices
129(1)
Crafting Your Business Plan: Considering the World
129(1)
Video Exercise: Globalizing the Long Arm of the Law: Printrak
130(1)
Planning for Your Career: Knowing What You Want
131(1)
PART II: UNDERSTANDING THE BUSINESS OF MANAGING
CHAPTER 5: MANAGING THE BUSINESS ENTERPRISE
132(32)
Chapter Opening Case: Yellow Delivers the Goods
132(9)
Setting Goals and Formulating Strategy
136(8)
Setting Business Goals
137(2)
Formulating Strategy
139(3)
Contingency Planning and Crisis Management
142(2)
The Management Process
144(3)
Planning
144(1)
Organizing
145(1)
Directing
145(1)
Controlling
146(1)
Types of Managers
147(3)
Levels of Management
147(1)
Areas of Management
148(2)
Basic Management Skills
150(4)
Management Skills for the Twenty-First Century
152(2)
Management and the Corporate Culture
154
Communicating the Culture and Managing Change
154
Boxed Features:
Entrepreneurship and New Ventures: Sam Adams Makes Headway
141(2)
Self-Check Questions 1-3
143(7)
Self-Check Questions 4-6
150(6)
Say What You Mean: Communicating the Corporate Message
156(1)
Self-Check Questions 7-9
156(1)
End-of-Chapter Features:
"Our Business Really Isn't about Moving Freight':
157(1)
Summary of Learning Objectives
157(2)
Key Terms
159(1)
Questions and Exercises
159(1)
Building Your Business Skills: Speaking with Power
160(1)
Exercising Your Ethics: Making Room for Alternative Actions
161(1)
Crafting Your Business Plan: Furnishing Yourself with Management Skills
161(1)
Video Exercise: Imaginative Management: Creative Age Publications
162(2)
CHAPTER 6: ORGANIZING THE BUSINESS ENTERPRISE
164(28)
Chapter Opening Case: Cooking Up a New Structure
164(8)
What Is Organizational Structure?
166(2)
Determinants of Organization
167(1)
Chain of Command
167(1)
The Building Blocks of Organizational Structure
168(4)
Specialization
168(1)
Departmentalization
169(3)
Establishing the Decision-Making Hierarchy
172(7)
Assigning Tasks: Responsibility and Authority
173(1)
Performing Tasks: Delegation and Accountability
173(1)
Distributing Authority: Centralization and Decentralization
174(3)
Three Forms of Authority
177(2)
Basic Forms of Organizational Structure
179(3)
Functional Organization
179(1)
Divisional Organization
179(1)
Matrix Organization
180(1)
International Organization
181(1)
Organizational Design for the Twenty-First Century
182
Informal Organization
185(1)
Formal Versus Informal Organizational Systems
185(1)
Intrapreneuring
186
Boxed Features:
Self-Check Questions 1-3
172(5)
Entrepreneurship and New Ventures: The Dragon Lady Comes to the Rescue
177(2)
Self-Check Questions 4-6
179(4)
Say What You Mean: What to Call the Boss
183(4)
Self-Check Questions 7-9
187(1)
End-of-Chapter Features:
Is There Synergy among Baked Goods, Shoe Polish, and Underwear?
187(1)
Summary of Learning Objectives
188(1)
Key Terms
188(1)
Questions and Exercises
189(1)
Building Your Business Skills: Getting with the Program
189(1)
Exercising Your Ethics: Minding Your Own Business
190(1)
Crafting Your Business Plan: Doctoring the Organization
190(1)
Video Exercise: Juicing up the Organization: Nantucket Nectars
191(1)
CHAPTER 7: MANAGING OPERATIONS AND IMPROVING QUALITY
192(34)
Chapter Opening Case: A Supersonic Project Gets off the Ground
192(6)
Goods and Service Operations
194(2)
Growth in the Service and Goods Sectors
194(1)
The Growth of Global Operations
195(1)
Creating Value Through Operations
196(5)
Operations Processes
197(2)
Differences Between Service and Manufacturing Operations
199(2)
Operations Planning
201(5)
Capacity Planning
201(2)
Location Planning
203(1)
Layout Planning
203(1)
Quality Planning
204(1)
Methods Planning
205(1)
Operations Scheduling
206(3)
Scheduling Goods Operations
207(1)
Scheduling Service Operations
207(2)
Operations Control
209(2)
Materials Management
209(1)
Tools for Operations Process Control
209(2)
Quality Improvement
211(5)
Managing for Quality
212(1)
Tools for Total Quality Management
213(3)
Adding Value Through Supply Chains
216
The Supply Chain Strategy
217
Boxed Features:
Entrepreneurship and New Ventures: One Businessperson's Trash Is Another's New Venture
198(3)
Self-Check Questions 1-3
201(5)
Self-Check Questions 4-6
206
Say What You Mean: To Be or Not To Be On Time
201(17)
Self-Check Questions 7-9
218
End-of-Chapter Features:
"We're Using a Lot of Neat Stuff"
214(6)
Summary of Learning Objectives
220(1)
Key Terms
221(1)
Questions and Exercises
221(1)
Building Your Business Skills: The One-on-One Entrepreneur
222(1)
Exercising Your Ethics: Calculating the Cost of Conscience
223(1)
Crafting Your Business Plan: Sporting a Friendlier Atmosphere
223(1)
Video Exercise: Managing Global Production: Body Glove
224(1)
Planning for Your Career: What Can You Manage?
225(1)
PART III: UNDERSTANDING PEOPLE IN ORGANIZATIONS
CHAPTER 8: MANAGING HUMAN RESOURCES AND LABOR RELATIONS
226(32)
Chapter Opening Case: From Hard Bargains to Hard Times
226(4)
The Foundations of Human Resource Management
228(3)
The Strategic Importance of HRM
228(1)
Human Resource Planning
229(2)
Staffing the Organization
231(3)
Selecting Human Resources
232(2)
Developing the Workforce
234(1)
Training
234(1)
Performance Appraisal
234(1)
Compensation and Benefits
235(3)
Wages and Salaries
236(1)
Incentive Programs
236(1)
Benefits Programs
237(1)
The Legal Context of HR Management
238(3)
Equal Employment Opportunity
238(1)
Contemporary Legal Issues in HR Management
239(2)
New Challenges in the Changing Workplace
241(4)
Managing Workforce Diversity
242(1)
Managing Knowledge Workers
243(1)
Contingent and Temporary Workers
244(1)
Dealing with Organized Labor
245(3)
Unionism Today
246(2)
Collective Bargaining
248
Reaching Agreement on Contract Terms
248(1)
Contract Issues
249(1)
When Bargaining Fails
250
Boxed Features:
Entrepreneurship and New Ventures: The Guru for Fun Takes a Meeting with the V.P. of Buzz
230(4)
Self-Check Questions 1-3
234(7)
Self-Check Questions 4-6
241(1)
Say What You Mean: Top-Down Sensitivity
242(10)
Self-Check Questions 7-9
252(1)
End-of-Chapter Features:
Time Out on the Labor Front
252(1)
Summary of Learning Objectives
253(1)
Key Terms
254(1)
Questions and Exercises
255(1)
Building Your Business Skills: A Little Collective Brainstorming
255(1)
Exercising Your Ethics: Operating Tactically
256(1)
Crafting Your Business Plan: Taking the Occasion to Deal with Labor
256(1)
Video Exercise: Managing the Human Side of Business: Park Place Entertainment
257(1)
CHAPTER 9: MOTIVATING, SATISFYING, AND LEADING EMPLOYEES
258(30)
Chapter Opening Case: Bringing the Bounty Back to P&G
258(5)
Psychological Contracts in Organizations
260(1)
The Importance of Satisfaction and Morale
261(3)
Recent Trends in Managing Satisfaction and Morale
262(2)
Motivation in the Workplace
264(5)
Classical Theory
264(1)
Behavior Theory: The Hawthorne Studies
264(1)
Contemporary Motivational Theories
265(4)
Strategies for Enhancing Job Satisfaction and Morale
269(8)
Reinforcement/Behavior Modification Theory
269(2)
Management by Objectives
271(1)
Participative Management and Empowerment
272(1)
Team Management
272(1)
Job Enrichment and Job Redesign
273(1)
Modified Work Schedules
274(3)
Managerial Styles and Leadership
277
Managerial Styles
278(1)
The Contingency Approach to Leadership
279(1)
Motivation and Leadership in the Twenty-First Century
280
Boxed Features:
Say What You Mean: Signaling Sensitivity
263(1)
Self-Check Questions 1-3
263(7)
Entrepreneurship and New Ventures: Keeping Pleasant Company
270(7)
Self Check Questions 4-6
277(4)
Self-Check Questions 7-9
281(1)
End-of-Chapter Features:
Turning the Tide
282(1)
Summary of Learning Objectives
283(1)
Key Terms
283(1)
Questions and Exercises
284(1)
Building Your Business Skills: Too Much of a Good Thing
284(1)
Exercising Your Ethics: Practicing Controlled Behavior
285(1)
Crafting Your Business Plan: Making Reservations and Other Plans
285(1)
Video Exercise: Computing Family Values: Kingston Technology
286(1)
Planning for Your Career: Managing Your Human Resources
287(1)
PART IV: UNDERSTANDING PRINCIPLES OF MARKETING
CHAPTER 10: UNDERSTANDING MARKETING PROCESSES AND CONSUMER BEHAVIOR
288(34)
Chapter Opening Case: XBox Spots the Market
288(8)
What Is Marketing?
290(7)
Providing Value and Satisfaction
290(1)
Goods, Services, and Ideas
291(1)
The Marketing Environment
292(2)
Strategy: The Marketing Mix
294(3)
Target Marketing and Market Segmentation
297(2)
Identifying Market Segments
297(2)
Understanding Consumer Behavior
299(3)
Influences on Consumer Behavior
299(1)
The Consumer Buying Process
300(1)
Data Warehousing and Data Mining
301(1)
Organizational Marketing and Buying Behavior
302(1)
Organizational Markets
302(1)
Organizational Buying Behavior
302(1)
What Is a Product?
303(3)
The Value Package
304(1)
Classifying Goods and Services
304(2)
The Product Mix
306(1)
Developing New Products
306(3)
The New Product Development Process
307(1)
The Product Life Cycle
308(1)
Identifying Products
309(3)
Branding Products
309(2)
Packaging Products
311(1)
The International Marketing Mix
312(1)
Small Business and the Marketing Mix
313
Boxed Features:
Self-Check Questions 1-3
296(7)
Self-Check Questions 4-6
303(7)
Entrepreneurship and New Ventures: The Patriotic Entrepreneur
310(4)
Say What You Mean:
Never Give a German a Yellow Rose
314(1)
Self-Check Questions 7-9
314(1)
End-of-Chapter Features:
Microsoft's Great Xpectations
315(1)
Summary of Learning Objectives
316(1)
Key Terms
317(1)
Questions and Exercises
317(1)
Building Your Business Skills: Dealing with Variables
318(1)
Exercising Your Ethics: Driving a Legitimate Bargain
319(1)
Crafting Your Business Plan: Picking and Packaging the Right Products
319(9)
Video Exercise: Putting Yourself in the Consumer's Shoes: Skechers USA
328
CHAPTER 11: PRICING, DISTRIBUTING, AND PROMOTING PRODUCTS
322(34)
Chapter Opening Case: Congested? Stuffed Up? Try DTC
322(8)
Determining Prices
325(3)
Pricing to Meet Business Objectives
325(1)
Price-Setting Tools
326(2)
Pricing Strategies and Tactics
328(2)
Pricing Strategies
328(1)
Pricing Tactics
329(1)
The Distribution Mix
330(4)
Intermediaries and Distribution Channels
330(4)
Wholesaling
334(1)
Merchant Wholesalers
334(1)
The Advent of the E-Intermediary
335(1)
Retailing
335(4)
Types of Retail Outlets
336(1)
Nonstore and Electronic Retailing
337(2)
Physical Distribution
339(2)
Warehousing Operations
339(1)
Transportation Operations
339(1)
Physical Distribution and E-Customer Satisfaction
340(1)
Distribution as a Marketing Strategy
340(1)
The Importance of Promotion
341
Promotional Objectives
342(1)
The Promotional Mix
342(1)
Advertising Promotions
343(2)
Personal Selling
345(1)
Sales Promotions
346(1)
Publicity and Public Relations
347
Boxed Features:
Self-Check Questions 1-3
330(3)
Say What You Mean: Keeping Channels Clear
333(8)
Self-Check Questions 4-6
341(5)
Entrepreneurship and New Ventures: Capitalizing on the VirTus of Experience
346(2)
Self-Check Questions 7-9
348(1)
End-of-Chapter Features:
Do We Need Relief from DTC?
348(1)
Summary of Learning Objectives
349(2)
Key Terms
351(1)
Questions and Exercises
351(1)
Building Your Business Skills: Questions and Exercises
352(1)
Exercising Your Ethics: The Chain of Responsibility
353(1)
Crafting Your Business Plan: Getting the Caffeine into Your Cup
353(1)
Video Exercise: Through the Grapevine: Clos du Bois Winery
354(1)
Planning for Your Career: Selling Yourself
355(1)
PART V: MANAGING INFORMATION
CHAPTER 12: MANAGING INFORMATION SYSTEMS AND COMMUNICATION TECHNOLOGY
356(28)
Chapter Opening Case:
More Productive than a Speeding Locomotive
356(2)
Information Management: An Overview
358(1)
Information Systems
359(1)
New Business Technologies in the Information Age
359(9)
The Expanding Scope of Information Systems
359(1)
Electronic Business and Communication Technologies
360(5)
New Options for Organizational Design: The Networked Enterprise
365(3)
Types of Information Systems
368(5)
User Groups and System Requirements
368(5)
Databases and Software for the Information System
373(2)
Databases and Program Software
373(2)
Telecommunications and Networks
375
Multimedia Communication Systems
375(1)
System Architecture
376
Boxed Features:
Entrepreneurship and New Ventures: When to Put Your Incubator on Life Support
363(1)
Self-Check Questions 1-3
364(1)
Say What You Mean:
"Are You E-Mailing Me?"
365(7)
Self-Check Questions 4-6
372(5)
Self-Check Questions 7-9
377(1)
End-of-Chapter Features:
Remote Damage Control
377(1)
Summary of Learning Objectives
378(1)
Key Terms
379(1)
Questions and Exercises
380(1)
Building Your Business Skills: The Art and Science of Point-and-Click Research
380(1)
Exercising Your Ethics: Supplying the Right Answers
381(1)
Crafting Your Business Plan: Getting Wired for Better Information
382(1)
Video Exercise: Space Age Information Systems: Boeing Satellite Systems
382(2)
CHAPTER 13: UNDERSTANDING PRINCIPLES OF ACCOUNTING
384(34)
Chapter Opening Case: Humpty-Dumpty Time at Arthur Andersen
384(8)
What Is Accounting and Who Uses Accounting Information?
386(1)
Who Are Accountants and What Do They Do?
387(6)
Financial Versus Managerial Accounting
387(1)
Certified Public Accountants
388(1)
Private Accountants
389(1)
The CPA Vision Project
389(4)
Tools of the Accounting Trade
393(1)
The Accounting Equation
393(1)
Double-Entry Accounting
394(1)
Financial Statements
394(9)
Balance Sheets
394(2)
Income Statements
396(2)
Statements of Cash Flows
398(1)
The Budget: An Internal Financial Statement
399(1)
Reporting Standards and Practices
400(3)
Analyzing Financial Statements
403(5)
Short-Term Solvency Ratios
404(1)
Long-Term Solvency Ratios
404(1)
Profitability Ratios
405(1)
Activity Ratios
405(3)
International Accounting
408
Foreign Currency Exchange
408(1)
International Transactions
408(1)
International Accounting Standards
408
Boxed Features:
Self-Check Questions 1-3
392(9)
Entrepreneurship and New Ventures: How Can You Account for a Good Beer?
401(2)
Self-Check Questions 4-6
403(3)
Say What You Mean: Technically Speaking
406(3)
Self-Check Questions 7-9
409(1)
End-of-Chapter Features:
Is Anybody Holding Auditors Accountable?
409(1)
Summary of Learning Objectives
410(2)
Key Terms
412(1)
Questions and Exercises
412(1)
Building Your Business Skills: Putting the Buzz in Billing
413(1)
Exercising Your Ethics: Confidentially Yours
413(2)
Crafting Your Business Plan: The Profitability of Planning
415(1)
Video Exercise: Accounting for Billions of Burgers: McDonald's
415(1)
Planning for Your Careen Presenting Yourself Online
416(2)
PART VI: UNDERSTANDING FINANCIAL ISSUES
CHAPTER 14: UNDERSTANDING MONEY AND BANKING
418(30)
Chapter Opening Case: Argentines No Longer Bank on the Peso
418(6)
What Is Money?
420(5)
The Characteristics of Money
420(1)
The Functions of Money
421(1)
The Spendable Money Supply: M-1
421(1)
M-1 Plus the Convertible Money Supply: M-2
422(1)
Credit Cards: Plastic Money?
423(2)
The U.S. Financial System
425(6)
Financial Institutions
425(3)
Special Financial Services
428(2)
Banks as Creators of Money
430(1)
Regulation of Commercial Banking
430(1)
The Federal Reserve System
431(5)
The Structure of the Fed
431(1)
The Functions of the Fed
432(2)
The Tools of the Fed
434(2)
The Changing Money and Banking System
436(2)
Deregulation
436(1)
Interstate Banking
436(1)
The Impact of Electronic Technologies
437(1)
International Banking and Finance
438
The International Payments Process
439(1)
International Bank Structure
440
Boxed Features:
Say What You Mean: Money Talks
424(1)
Self-Check Questions 1-3
424(7)
Self-Check Questions 4-6
431(3)
Entrepreneurship and New Ventures: "Your check is not in the mail"
434(6)
Self-Check Questions 7-9
440(1)
End-of-Chapter Features:
There's No Accounting for Financial Systems
441(1)
Summary of Learning Objectives
442(1)
Key Terms
443(1)
Questions and Exercises
443(1)
Building Your Business Skills: Four Economists in a Room
444(1)
Exercising Your Ethics: Telling the Ethical from the Strictly Legal
445(1)
Crafting Your Business Plan: How to Bank on Your Money
445(1)
Video Exercise: Funding the Business World: Coast Business Credit
446(2)
CHAPTER 15: UNDERSTANDING SECURITIES AND INVESTMENTS
448(33)
Chapter Opening Case: The Street Hits the Wall
448(7)
Securities Markets
450(10)
Primary and Secondary Securities Markets
450(1)
Stocks
451(1)
Common Stocks
451(2)
Preferred Stock
453(1)
Stock Exchanges
454(6)
Bonds
460(2)
U.S. Government Bonds
460(1)
Municipal Bonds
460(1)
Corporate Bonds
461(1)
Mutual Funds
462(1)
Making Choices for Diversification, Asset Allocation, and Risk Reduction
463(1)
Buying and Selling Securities
463(6)
Financial Information Services
463(6)
Placing Orders
469(1)
Financing Purchases
469(2)
Securities Market Regulation
471
The Securities and Exchange Commission
472
Boxed Features:
Say What You Mean: Swimming Against the Tide of Trust
455(4)
Self-Check Questions 1-3
459(1)
Self-Check Questions 4-6
460(4)
Entrepreneurship and New Ventures: The Personality of a Risk Taker
464(8)
Self-Check Questions 7-9
472(1)
End-of-Chapter Features:
Bearing Up
473(1)
Summary of Learning Objectives
474(1)
Key Terms
475(1)
Questions and Exercises
475(1)
Building Your Business Skills: Market Ups and Downs
476(1)
Exercising Your Ethics: Are You Endowed with Good Judgment?
477(1)
Crafting Your Business Plan: A Capital Idea
477(1)
Video Exercise: Information Pays Off: Motley Fool
478(1)
Planning for Your Career: The Application Letter
479(2)
Appendix I: Understanding Financial Risk and Risk Management 481(14)
Appendix II: Understanding the Legal Context of Business 495(12)
Answers to Self-Check Questions 507(4)
Notes, Sources, and Credits 511(12)
Glossary 523(18)
Name, Company, Product Index 541(6)
Subject Index 547

Excerpts

As we gathered our thoughts for preparing this revision, we were impressed by the vast flow of new developments taking place alongside traditional, long-established business practices. In assessing the landscape of current practices, we often found ourselves returning to the question, "What's really new in business, and what's not?" New investment strategies, for example, are seriously challenging the traditional principle of investing for long-term results in today's fast-paced markets. Commenting on long-term investing in the stock market, Peter L. Bernstein recently remarked, "We've reached a funny position where long run doesn't work . . . . the long-run evidence doesn't fit circumstances as they are today. Forget investing for the long haul. The long run, right now, is irrelevant." We suspect that Mr. Bernstein isn't advocating that investors forget about long-term strategies altogether but, instead, that they study and understand alternative approaches, so they can adapt to new conditions and goals. The same holds true in all areas of business: Successful practitioners recognize that "new versus old" isn't the crucial issue so much as how to combine the best of both as circumstances change. History tells us that we can expect accelerating changes from dramatic events that will reshape the ways we live, work, and prepare for the future. The foremost business dilemma is how to provide some sort of stability--for employees, owners, suppliers, and consumers--while steering through new uncharted paths. The answer lies in businesses maintaining an adaptive organizational culture, one that expects change as a way of life and builds processes for change into its business strategy. More than ever before, leading businesses have learned how to anticipate new developments and how to respond quickly and creatively. Therefore, for our introductory business students, there is great value to be gained from understanding how business, government, and citizens, together influence the ways that business is conducted in different societies. Students need to gain a fundamental working knowledge about every aspect of business and the environment in which business prospers. And make no mistake about it, we have prosperity despite occasional, sometimes even violent, disruptions. Through it all, businesses continue to adapt; the rules of the game are constantly changing throughout the business environment and across the range of business practices. Nowadays, companies come together on short notice for collaborative projects and then, just as quickly, return to their original shapes as separate (and often competing) entities. Employees and companies share new ideas about work--about how it gets done, about who determines roles and activities in the workplace. With communications technologies having shattered the barriers of physical distance, tight-knit teams with members positioned around the world share information just as effectively as groups huddled together in the same room. In nearly every aspect of business today, from relationships with customers and suppliers to employees and stockholders, there are new ways of doing things, and a lot of them are surpassing traditional business practices, with surprising speed and often with better competitive results. Along with new ways come a host of unique ethical and legal issues to challenge the leadership, creativity and judgment of people who do business. For all of these reasons we, as authors and teachers, felt a certain urgency when it became obvious that, in revisingBusiness Essentialsfor its fifth edition, we had to capture the flavor and convey the excitement of business in all of its evolving practices.


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