Better Business 6th Edition Michael R. Solomon

Improved Business
Table of Contents
Dedication
Brief Contents
Contents
About the Authors
Reviewers
New to the Sixth Edition
Solving Teaching and Learning Challenges
Instructor Teaching Resources
Prologue Five Steps for Improved Business Success
Part 1 Considering the Business Environment
Chapter 1 Business Basics
Goals
The Business Scene
Business Defined
What precisely is a business?
Types of goods and services that businesses offer
Utilization of profits by businesses
Aspects of Nonprofits
Factors of Production
Resources that businesses utilize to create the products they vend
Common business predicaments and opportunities
Competition
Influence of competition on business
How competition encourages better businesses
Reaction of successful businesses to changes in their clients’ needs
Effect of social networking sites on business
Treatment of employees in competitive businesses
Social Setting
Impact of social environment on businesses
An Aging Population
Rising Workforce Diversity
The Green Movement
Social matters affecting one’s career
Globalization
Effect of globalization on businesses
Technological Changes
Reasons why the pace of technological change presents challenges to businesses today
Advantages technology provides to business
Internet’s role in technological growth
Popular e-commerce types
Effect of security issues on online businesses
Privacy’s challenge for online business
Business Types
Local and Regional Businesses
Characteristics of local or regional businesses
Unique challenges faced by local and regional businesses
National Businesses
Attributes of national businesses in the United States
Special challenges for national companies
Multinational (International) Businesses
Attributes of a company categorized as multinational (or international)
Special challenges faced by multinational corporations
Taking Business Personally
Life Skills for Business
Methods of fund acquisition
Expenses
Effect of social environment on life
Effect of globalization on life
Adjusting to new technology
Preferred e-commerce
Business security maintenance
Financial goals types
Chapter 1 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 2 Economics
Goals
Economics Definition
Significance of economics
Microeconomics
Macroeconomics
Economic Systems
Types of economic systems
Planned Economic Systems
Market Economies
Mixed Economies
Business and Economics
Significant concern of business managers with economics
Determining Price: Supply and Demand
Supply
Supply definition
Demand
Demand definition
Price Determining Factors
Factors affecting price determination
Factors Influencing Demand
Other factors apart from price influencing demand
Changes in Income Levels
Population Changes
Consumer Preferences
Complementary Goods
Substitute Goods
Factors Shifting Supply
Factors causing supply changes
Technology Changes
How has technology impacted the production process?
How does technology impact the design process?
Technology’s role in the manufacturing process
Influence of automation on overall productivity
Production Control
Production Process Controls
Scheduling’s effect on the production process
Tools to aid in scheduling
Tracking individual tasks within a process
What is a PERT chart?
Inventory Control
Methods managing inventory
Techniques used for inventory management
Anticipated issues with JIT management systems
Use of technology in streamlining inventory control
What is materials requirement planning?
What is enterprise resource planning?
Quality Management
Integration of quality control in operations control process
Enhancements in quality
Implementation of TQM
Prerequisites for implementing TQM
Benefits of TQM to customers
Alternate quality control method
Global quality standards?
ISO certification process
Benefits of ISO certification
Dealing with identified safety issue
Laws protecting consumers
Chapter 2 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 3 Business Ethics
Goals
Ethics Definition
Specifics of ethics
Ethical Conduct Systems
Distinct methods of ethical conduct
Personal Ethics
Characteristics of personal ethics
Techniques for defining personal ethics
Ethical life’s impact on professional success
Benefits of living ethically
Connection between ethical conduct and happiness
Connection between ethical conduct and health
Personal Ethics and Business Ethics
Personal ethics’ role in the business environment
Response to conflicts between personal ethics and business ethical behavior
Evaluating a Firm’s Ethics
Analyzing a company’s ethical aspects
Uncovering a company’s ethical conduct
Certified B Corporation
Corporate Social Responsibility
Corporate Social Responsibility Pillars
Definition of corporate social responsibility
Human rights and employment standards at the workplace
Ethical sourcing and procurement
Marketing and consumer issues
Environmental, health, and safety concerns
Community and good-neighbor policies
CSR conflict in business environment
Feasibility of a socially responsible corporation
CSR Advantages
Advantages of corporate social responsibility
Measuring CSR
Is a company’s CSR level measurable?
Social audits
Ratings and rankings
Self-reporting
Corporate philanthropy
CSR and Social Networking
Connection between social networking and CSR
CSR Challenges
Challenges encountered with CSR
CSR Effects on Society
Effect of CSR on society as a whole
Environmental effects
Economic effects
Impact on employee morale
Effects on social justice
Individual Effects on CSR
Influence of individuals on ethical corporate operations
Hazards of Weak Ethical Focus
Legal Regulations and Legal Compliance
Company legal regulation
Occurrences of profitable law breaches
Recovery from ethical misconduct
Business Opportunities Created by Ethical Needs
Emergence of new markets with an ethical focus
Creation of Clean Fuel
Manufacturing Medical Vaccines
Lessening Ocean Pollution
Green Direction Taken by Businesses
How businesses benefit from going green
Businesses Establishing an Ethical Environment
Initiating an ethical corporate culture
Sustaining ethical corporate conduct policies in the workplace
Chapter 3 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 4 Business in a Global Economy
Goals
Globalization Definition
Impacts of globalization on the United States
Greater marketing opportunities offered by globalization
Cheaper manufacturing product costs due to globalization
Trends in Global Business
Quickened globalization reasons
Implications of global business trends
International Trade
International Competition
Theory of comparative advantage
Means of achieving an edge in world markets
Means of enhancing business competitiveness
International Trade Benefits and Costs
Advantages and disadvantages of international trade
Do benefits outweigh the costs?
Free Trade and Protectionism
Kinds of trade barriers
Winners and losers of trade barriers
Favorable arguments supporting protectionist trade barriers
Economists’ views on protectionist trade barriers
Nationalism’s role in forming protectionist trade barriers
International Organizations Promoting Free Trade
Groups advancing free trade
Potential problems arising from free trade
Regional Free Trade Agreements
Definition of regional free-trade agreements
The European Union
The United States–Mexico–Canada Agreement (USMCA)
Other Free-Trade Areas
Carrying out Business Internationally
International Business Strategies
Strategies of international businesses
Penetration of Foreign Markets
Entry strategies for foreign markets
Exporting
Turnkey Projects
Franchising
Licensing
Joint Ventures
Strategic Alliances
Contract Manufacturing
Wholly Owned Subsidiaries
Advantages and disadvantages of different entry modes to foreign markets
Economic Factors and Challenges for International Business
Exchange Rate Role
Effect of exchange rate on export and import prices
Impact of trade deficit or surplus on export and import costs
Variance between fixed and freely floating exchange rate systems
Knowledge of nonconvertible currency
Other Economic Challenges for International Business
Other economic challenges for international business
Establishing Successful International Businesses
Challenges for Businesses in International Markets
Influence of culture on business
Significance of aesthetics in international business
Other relevant cultural biases for success in foreign lands
Language inadequacy
Political challenges to conducting international business
Legal challenges to conducting international business
Chapter 4 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Mini Chapter Chapter 1 Business Law
The U.S. Legal System
Sources of Law
Effects of laws on businesses
Running a Business: Essential Business Law Concepts
Contract Law
Contract elements
Meaning of being in breach of a contract
Tort Law
Intellectual Property Laws
Sales Law
Antitrust Laws
Environmental Laws
Laws for Consumers and Employees
Advertising Laws
Employment and Labor Law
Laws Governing Business Closures
Bankruptcy
Key Terms
Endnotes
Part 2 Commencing and Structuring a Business
Chapter 5 Small Business and the Entrepreneur
Goals
Small Business and the Economy
Small business definition
Significance of small businesses to the economy
How small businesses encourage innovation
Small Business and the Workforce
Types of employees small businesses hire
Opportunities for minorities in small businesses
Impact of the gig economy on small businesses
Advantages of working in small businesses
Small Business and Technology
Effect of technology on new business opportunities
Reasons for starting a small business
Entrepreneurship
Characteristic traits of successful entrepreneurs
Types of Entrepreneurs
Different types of entrepreneurs
Franchise Purchasing and Existing Business Acquisition
Franchise Basics
Franchise advantages
Franchise disadvantages
Franchise Considerations
Buying an Existing Business
Advantages of purchasing an existing business
Disadvantages of acquisition
Necessary preparation before acquiring a business
Risks of Small Businesses and Support Resources
Reasons why small businesses fail
Consequences of poor fiscal management
Small business advice locations
Small business training
Small business support services
Support options for small business advice and assistance
In the event of a natural or unforeseen disaster, assistance location
Survival enhancement options for small businesses in a crisis
Startup Funding Considerations
Available funding sources
Reasonableness of crowdfunding sites for capital acquisition
Crowdfunding pros and cons
Use of credit cards for business financing
Small Business Loans and Grants
Grant application possibility for business inception
Financial assistance availability in disaster situations
Angel and Venture Capital Financing
Alternative fund sources through investors
Chapter 5 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 6 Forms of Business Ownership
Goals
Sole Proprietorships
Sole proprietorship benefits
Disadvantages of operating as a sole proprietorship
Operating considerations for sole proprietorship
Partnerships
Partnership benefits and disadvantages
Ideal partnership agreement content
Partnership types
Effect of liability on partnership decisions
Corporations
Corporate structure explanation
Reasoning behind the necessity of forming a corporation
Corporate structure details
Shareholder duties
Board of Directors role
Corporate officers responsibilities
Incorporation Advantages
Business owner asset protection
Corporation state upon owner departure
Easier corporation funding and capital raising
Uniformity of taxation for corporations
Incorporation jurisdiction importance
Incorporation Disadvantages
Potential drawbacks of structuring a business as a corporation
S Corporations
S Corporation definition
Differentiation between S Corporation and C Corporation
S Corporation personal liability handling
Universal business eligibility for S Corporation classification
Ideal timing for electing S Corporation status
Limited Liability Companies
Limited liability company explanation
Best-suited business types for LLC
Differences between LLC and S Corporation
Ownership Structures Comparison
Determining best ownership structure
Nonprofits, Not-for-Profits, and Cooperatives
Nonprofit and Not-for-Profit Organizations
Nonprofit organization explanation
Not-for-profit organization explanation
Nonprofit organizations adopting corporate norms
Nonprofit advantages
Cooperatives
Optimized structure for collective business goal groups
Cooperative structure explanation
Cooperatives classification as nonprofits
Cooperative benefits
Mergers and Acquisitions
Mergers versus Acquisitions
Difference between merger and acquisition
Mutual desire prevalence in all mergers and acquisitions
Advantages of Mergers and Acquisitions
Motive for company mergers and acquisitions
Driving force effect on merging companies
Merged leaders’ product line value-enhancement
Mergers types
Disadvantages of Mergers
Merging difficulties
Chapter 6 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Mini Chapter Chapter 2 Building an Impactful Business Plan
Its Never Too Late to Plan
Purpose of a Plan
Pre-Plan Business Findings
Business Plan Elements
The Cover and Contents
The Summary
The Company and Management Team
The Market Analysis
The Product Details
Sales and Promotion Plan
Financial Overview
Addendums
Conclusion
Endnotes
Part 3 Governing a Business and Employees
Chapter 7 Business Management and Organization
Goals
Invest in Management Foundations
Business Management
Effective management explanation
Four management functions
Management Levels
Management level diversity
Top management duties
Mid-management duties
Operation management influence
Successful Managerial Skills
Prerequisite managerial skills
Conceptual skills prerequisites
Necessary technical skills
Managerial time management prerequisites
Leadership role in relational skills
Deducing superior leadership proficiency
Management Functions: Planning
Strategic Planning
High level planning explanation
Strategic plan creation process
Vision and Mission Definition
Business direction defining factors
Business purpose defining methods
Effective mission statement characteristics
Vision and Mission Benefits
Vision and mission statement promotional gains
Social responsibility in business mission
SWOT Analysis
Business movement direction initiation
SWOT analysis clarification
Post-SWOT analysis activities
Tactical and Operational Planning
Strategies for tactical plan enactment
Strategic plan execution operational guidelines
Contingency Planning
Business unforeseen events covering methods
Contingency planning crisis surviving galvanization
Pandemic planning related to business concerns
Management Functions: Organizing
Organizational Structures
Business strategy execution walkthrough
Documentation of organization structure methodologies
Corporate power distribution explanation
Vertical structure pros and cons
Horizontal arrangement strengths and weaknesses
Organization structure fluidness
Alternative Organization Structures
Organization structure type description
Matrix organization functions
Upside-down business structure specifics
Intercompany working structure
Leading the Management Functions: Control
Control Strategies
Need for corporate adaptability
Company road-to-fulfillment measurement protocol
Commanding successful progress toward corporate conception
Multiple corporate performance indication tool usage
Adherence to product quality principles
Production Process Controls
Operation scheduling effect
Assistance tools for scheduling initiation
Task tracking protocol
PERT chart construction
Inventory Control
Business inventory management techniques
Tactful inventory coding and decoding protocols
Just-in-Time management potential issues
Inventory control technological exploitation
Mandatory material necessity identification
Enterprise resource chain planning addition
Quality Management
Quality control chronological history
Quality improvement methods explanation
TQM applicability techniques
TQM prerequisite features
Customer-centric quality treatment procedures
Alternate exceptional quality management method
International quality level standardizations
ISO certification process exploration
Corporate quality certification paybacks
Ethical predicaments influence detection
Consumer regulatory laws revelation
Chapter 7 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 8 Impetus, Governance, and Teamwork
Goals
Motivation
Personal Anderson Motivation
Individual maximum motivation drives
Employee enhancement stimulant
Classical Motivation Theories
Standard practical motive elucidation
Distinct motivation hike methods
Modern Workplace Motivation Theories
Applied practical motivation theoretical study
Worker motivation augmentation measures
Modern thoughtful incentive strategies
Managerial decisions weighing methods
Teamwork
Company teams benefit elaboration
Standardized developmental process
Generational variance assessment objectivity
Top Team Practices
Maximum performance predictor practices
Top team achievement pursuit
Cross-field collaborations
Modern teamwork cooperative design examination
Establishing robust virtual employee pack
Individualistic Team Role
Key value-added member role handling
Maximized collaborative obligation list
Chapter 8 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 9 Human Resources Management
Goals
Staffing Management
Corporate evolution workforce maneuver tactics
Necessary employee correction assessment
Necessary company personnel pinpoint maneuver
Unfamiliar employee nomination and recruitment protocol
Social network effect on recruiting strategy
Company recruiting strategy judiciousness
Hiring Protocol
Hiring task logging
Official requisites during the hiring process
New employees extensive endowment protocol
Bespoke manager training protocol
Industrialist performance capability grant tactics
Employee Evaluation
Staff instructional regularities
Personal and incumbent virtuosities idyllic acknowledgment
Stipulated training module conforming
Industrialist regularities adaptability maneuver
Ongoing performance assessment alienation
Future performance assessment facsimile
Personnel Compensation, Tabulation, Promotion, and Discharge Protocol
Compensation Strategies
Employee uniform payment channel handling
Employee retirement and payment plan selectivity
Employee value-added pay flexibility assessment
Work/life standards representation form
Employee perks prevalent abidance list
Employee payment benefits fluctuation feasibility
Scheduling Variance and Extraneous Operations Arrangements
Non-traditionally accepted work congruity variance
Operational efficiency step reduction gain
Global economic outsourcing foundational explanation
Toffee workday economy lesson prep
Gig economy fiction assessment
Contingent Employee Management
False claim data of particular work recruitment
Temporary work scheme uniform applications
Work extension demographic maximal factor
Employee demography impact query
Internal temporal scheme abstraction
Enhanced Industrial Procedure Footnotes
Tangible material declaration
Vague employee management procedural recommendation
Impending hardware setup explanation
Work precondition and communication
Current condensed hardware urge handling
Capital flow joint venture initiation
Employee office hardware requisition process
Software formulation detail
Current automation employment proclamation
Organizational productivity augmentation rate
Office software software implication function
Efficient workflow positivity
Performance worth checking
Composite result substructure positioning
Chapter 9 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 10 Available-Arms Business and Technology Conduct
Goals
Online Commerce
Online Business Crafting
Company global commerce impetus assessment
Company commerce macro climate impact
Company product retail increase query
Decease online publicity protocol
Commerce structure climatic changes
Commerce data organization macro accessibility
Supply Stringing Overseer
Shipping mechanism examination feat
Disposable commerce replication evaluation
Market stringing conversation hatching
Eva commerce jeopardize tabulating
Transport Influentiality computation influences
Commerce Derivatives
Revenue event coveting
Unrestricted commerce curve that’s loquacious
Trans-private commerce directive
Commerce chunk assessment conspiracy
Commerce world scalability adjustment
Commerce data compliance
Cash-flow silver-lining
Business revenue uplift managing
Electronic International commerce furrow
Chapter 10 Summary
Key Terms
Self-Assessment
Multiple Choice
True/False
Critical Thinking Questions
Endnotes
Chapter 11 Manufacture, Operations,