Chapter
Introduction*
From IntroductionToBusiness OP 8D04gAa
Concepts
- What questions help explain how economic systems and businesses operate?
"After reading this chapter, you should be able to answer these questions: How do businesses and not-for-profit organizations help create our standard of living? What are the sectors of the business e
- How does Team Rubicon combine disaster relief with support for military veterans?
"Accounting for a substantial amount of economic activity in the United States, not-for-profits are an undeniable force in the business world, even though their focus on goals other than profit falls
- What business practices and career opportunities support Team Rubicon’s nonprofit mission?
"Headquartered in the Los Angeles area, Team Rubicon is staffed by more than 60 employees who work in 10 regions around the country, along with more than 40,000 volunteers ready to deploy within 24 ho
- What questions does this chapter address about ethics and corporate social responsibility?
"After reading this chapter, you should be able to answer these questions: What philosophies and concepts shape personal ethical standards? How can organizations encourage ethical business behavior? W
- How does Hasbro integrate corporate social responsibility throughout its business?
"Hasbro is a global play and entertainment company that takes corporate social responsibility (CSR) very seriously. Founded nearly a century ago in Rhode Island, Hasbro integrates its CSR efforts thro
- How does Hasbro promote product safety and environmental sustainability?
"According to the company, product safety is its highest priority. Hasbro uses a five-step quality assurance process that starts with design and then moves to engineering, manufacturing, and packaging
- How does Hasbro support human rights and communities through its CSR efforts?
"Human rights and ethical sourcing remains a key ingredient of Hasbro’s CSR success. Treating people fairly is a core company value, as is working diligently to make great strides in diversity and inc
- What questions does this chapter address about competing in the global marketplace?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: Why is global trade important to the United States, and how is it measured? Why do nations tra
- How did Mike Schlater build Domino’s Pizza’s international business in Canada?
"Exhibit 3.1 (Credit: Xiquinho Silva /Flickr/ Attribution 2.0 Generic (CC BY 2.0)) Mike Schlater Domino’s Pizza Domino’s Pizza has more than 14,000 stores worldwide. As executive vice president of Dom
- How do master franchisees help Domino’s Pizza enter and operate in foreign markets?
"The master franchisees of Domino’s Pizza’s international business are individuals or entities who, under a specific licensing agreement with Domino’s, control all operations within a specific country
- What questions should you be able to answer about forms of business ownership?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: What are the advantages and disadvantages of the sole proprietorship form of business organiza
- How should you choose the right form of business organization?
"This chapter discusses sole proprietorships, as well as several other forms of business ownership, including partnerships and corporations, and compares the advantages and disadvantages of each. With
- Why did Jessica MacLean choose different forms of business organization throughout her career?
"Exhibit 4.1 (Credit: pxhere / Attribution CC0 Public Domain) Jessica MacLean Sole Proprietor In most any elementary school classroom, at least one child’s answer to the question, “What do you want to
- What will you learn about entrepreneurship and small-business ownership?
"After reading this chapter, you should be able to answer these questions: Why do people become entrepreneurs, and what are the different types of entrepreneurs? What characteristics do successful ent
- Why did Natalie Tessler become an entrepreneur and create Spa Space?
"Natalie Tessler has always had an entrepreneurial spirit. After she graduated from New York University’s law school, she began working as a tax attorney for a large firm in Chicago. But Tessler soon
- How did Natalie Tessler adapt Spa Space to overcome business challenges?
"But it hasn’t always been smooth sailing for Spa Space. Tessler had to steer the business through several obstacles, including the 9/11 tragedy just three months after the spa’s grand opening, and th
- How do entrepreneurs and small businesses contribute to the economy?
"Typical of many who catch the entrepreneurial bug, Natalie Tessler had a vision and pursued it single-mindedly. She is just one of thousands of entrepreneurs from all age groups and backgrounds. Even
- What should managers understand about management and leadership?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: What is the role of management? What are the four types of planning? What are the primary func
- How did Jalem Getz use planning and leadership to grow his businesses?
"As with most businesses, BuyCostumes.com and Wantable, Inc., are the result of careful planning. BuyCostumes.com was a response to what Getz saw as inherent flaws of resource allocation with the busi
- What should you be able to answer after reading this chapter?
"After reading this chapter, you should be able to answer these questions: What are the traditional forms of organizational structure? What contemporary organizational structures are companies using?
- How did Elise Eberwein’s role reflect American Airlines’ organizational structure?
"As executive vice president of people and communications at American Airlines, Elise Eberwein’s role within the structure of the organization might not be readily apparent. After all, you might ask,
- Why has corporate communication become a strategic leadership function?
"Corporation communications is no longer just about marketing. The importance of an effective communications strategy cannot be understated in today’s 24/7 business environment. Corporate communicatio
- What topics are covered in managing human resources and labor relations?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: What is the human resource management process, and how are human resource needs determined? Ho
- How did Andrea Herran’s education and experience prepare her for a career in human resources?
"In college, Andrea Herran studied business administration and minored in psychology. Always interested in a business career, she initially took psychology simply because it was interesting. Little di
- What does Andrea Herran do as a human resources consultant?
"Andrea worked her way up in the corporate world, but entrepreneurship was more consistent with her desire for a fast-paced, changing environment, both in terms of what she does and who she works with
- How can behavior-oriented performance reviews support employee development?
"When Andrea was hired by Aquion Water Treatment Products, she was tasked with updating the company’s HR policies and procedures. The company’s performance reviews were very task-oriented versus behav
- What motivational topics does this chapter examine?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: What are the basic principles of Frederick Taylor’s concept of scientific management? What did
- How did Ciena Corporation’s employee band motivate collaboration and trust?
"Exhibit 9.1 (Credit: Jeff Turner /flickr / Attribution 2.0 Generic (CC BY 2.0)) Chuck Kaplan, Ciena Corporation Chuck Kaplan loves music and playing in a band, but he does not work in the music indus
- What should you be able to understand after studying production and operations management?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: Why is production and operations management important in both manufacturing and service firms?
- How does Caterpillar use Six Sigma to improve operations management and corporate culture?
"Exhibit 10.1 (Credit: U.S. Geological Survey / flickr/ Attribution 2.0 Generic (CC BY 2.0)) Deborah Butler, Caterpillar Deborah Butler is a certified Master Black Belt, but don’t expect to see her wo
- What topics are covered in this chapter?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: What is the marketing concept and relationship-building? How do managers create a marketing st
- How did Rachel Kuhr begin working with Mark Cuban's investments?
"Rachel Kuhr: Mark Cuban’s Shark Tank Empire Rachel Kuhr is the product innovation and development specialist for Mark Cuban’s investments in the ABC show Shark Tank. Two years ago, after watching an
- What should you learn about distributing and promoting products and services?
"After reading this chapter, you should be able to answer these questions: What is the nature and function of distribution (place)? What is wholesaling, and what are the types of wholesalers? What are
- How do distribution systems enhance the value of products and services?
"This chapter continues to reveal the role of marketing, starting with a discussion of the distribution system and concluding with a look at traditional and nontraditional marketing channels. It explo
- How does Harley-Davidson use experience and community to promote its products?
"Steve Piehl, who was the director of communications at Harley-Davidson before retiring in 2015, helped shape people’s dreams for more than 25 years. He used traditional marketing channels such as pri
- What should you be able to answer after reading this chapter?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: How has information technology transformed business and managerial decision-making? Why are co
- How does technology support financial management services?
"Exhibit 13.1 (Credit: OIST / flickr / Attribution 2.0 Generic (CC BY 2.0)) John Daly, Daly Investment Management, LLC When meeting with a Daly Investment ( https://www.dalyinvestment.com ) financial
- Why are financial reports and accounting information important to businesses?
"After reading this chapter, you should be able to answer these questions: Why are financial reports and accounting information important, and who uses them? What are the differences between public an
- How did accounting software help Theresa Lee manage Future Glory?
"Theresa Lee always knew she would start her own business; it was just a matter of time. In 2013, after working as a designer in the Bay Area for more than a decade, Lee cofounded Future Glory, which
- How can cloud-based accounting support business growth and community goals?
"As Lee points out, using a cloud-based accounting program has helped her gain control over company finances and provided insight into key business components such as profit and loss, cost of goods so
- What topics will this chapter help you understand?
"After reading this chapter, you should be able to answer these questions: What is money, what are its characteristics and functions, and what are the three parts of the U.S. money supply? How does th
- How has Michelle Moore built a career focused on exceptional banking service?
"Michelle Moore Bank of America Technology continues to change every facet of daily life, including how consumers interact with banks and other financial institutions. Whether large or small, banks ha
- How did Bank of America use technology to improve its digital banking services?
"Like other major financial institutions, Bank of America did not have a stellar reputation when it came to digital or mobile banking. Although customers used the bank’s digital offerings, the service
- What should you be able to explain after studying financial management and securities markets?
"After reading this chapter, you should be able to answer these questions: How do finance and the financial manager affect a firm’s overall strategy? What types of short-term and long-term expenditure
- How do financial managers contribute to a firm’s strategy and value?
"In today’s fast-paced global economy, managing a firm’s finances is more complex than ever. For financial managers, a thorough command of traditional finance activities—financial planning, investing
- How is SheEO supporting women-owned businesses through alternative venture funding?
"Many women dream of starting their own business. But this involves a large investment of time, dedication, creativity—and money. Even the best ideas fall flat without strong financial backing and fis
- What skills and strategies will you learn in this chapter?
"Introduction Learning Outcomes After reading this chapter, you should be able to answer these questions: How can you enhance your interpersonal skills? Why is learning to plan so important in school
- Why is earning a college degree important for career and financial success?
"You Are a Winner Because You Elected to Go to College! Never Quit Until You Have Your Degree in Hand! What makes someone a winner in life? A winner is someone who goes through the various stages of l