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Letter
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As authors, we believe that success is measured not only by the grade you receive at the
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BUSINESS T wel f t h E d iti o n

William M. Pride
Texas A&M University

Robert J. Hughes
Dallas County Community Colleges

Jack R. Kapoor
College of DuPage

Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States

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 Business, Twelfth Edition © 2014, 2012 South-Western, Cengage Learning
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 To Nancy, Allen, Mike, Ashley, and Charlie Pride
To my wife Peggy and to my mother Barbara Hughes
To my wife Theresa; my children Karen, Kathryn, and Dave; and in
memory of my parents Ram and Sheela Kapoor

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 Brief CONtents

1 The Environment of Business 1

1. Exploring the World of Business and Economics 2
2. Being Ethical and Socially Responsible 35
3. Exploring Global Business 69

2 Business Ownership and Entrepreneurship 103

4. Choosing a Form of Business Ownership 104
5. Small Business, Entrepreneurship, and Franchises 133

3 Management and Organization 163

6. Understanding the Management Process 164
7. Creating a Flexible Organization 188
8. Producing Quality Goods and Services 211

4 Human Resources 243

9. Attracting and Retaining the Best Employees 244
10. Motivating and Satisfying Employees and Teams 273
11. Enhancing Union–Management Relations 302

5 Marketing 329
12. Building Customer Relationships Through Effective Marketing 330
13. Creating and Pricing Products That Satisfy Customers 357
14. Wholesaling, Retailing, and Physical Distribution 394
15. Developing Integrated Marketing Communications 423

6 Social Media, e-Business, and Accounting 455

16. Exploring Social Media and e-Business 456
17. Using Management and Accounting Information 486

7 Finance and Investment 519

18. Understanding Money, Banking, and Credit 520
19. Mastering Financial Management 550
20. Understanding Personal Finances and Investments 579

Glossary 615
Name Index 627
Subject Index 634

The following appendixes appear on the companion site www.cengage.brain.com

Appendix A: Careers in Business
Appendix B: Risk Management and Insurance
Appendix C: Business Law, Regulation, and Taxation

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deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 CONtents

1 The Environment of Business 1

Chapter 1: Exploring the World Chapter 2: Being Ethical and

of Business and Economics 2 Socially Responsible 35
Inside Business: Zynga Zooms into Business 3 Inside Business: Panera Cares About Its Communities 36

Your Future in the Changing World of Business 4 Business Ethics Defined 37

Why Study Business?, 5 Ethical Issues 37
Career Success: Show Off Your Skills with Digital Merit Badges 6 Fairness and Honesty, 38 • Organizational Relationships, 38 • Conflict of
Interest, 39 • Communications, 39
Special Note to Business Students, 8
Factors Affecting Ethical Behavior 39
Business: A Definition 10
Individual Factors Affecting Ethics, 40 • Social Factors Affecting Ethics, 40 •
The Organized Effort of Individuals, 10 • Satisfying Needs, 10 • Business Profit, 11 “Opportunity” as a Factor Affecting Ethics, 40
Sustaining the Planet: Honda: Not Just Another Automobile Encouraging Ethical Behavior 41
Manufacturer 12 Government’s Role in Encouraging Ethics, 41 • Trade Associations’ Role in
Types of Economic Systems 12 Encouraging Ethics, 41 • Individual Companies’ Role in Encouraging Ethics, 41
Entrepreneurial Success: Building a Million-Dollar App Business 13 Social Responsibility 44
Capitalism, 14 • Capitalism in the United States, 15 • Command Economies, 16 The Evolution of Social Responsibility in Business 47
Measuring Economic Performance 17 Historical Evolution of Business Social Responsibility, 47
The Importance of Productivity in the Global Marketplace, 18 • The Nation’s Gross Two Views of Social Responsibility 49
Domestic Product, 18 • Important Economic Indicators that Measure a Nation’s The Economic Model, 49 • The Socioeconomic Model, 49 • The Pros and Cons
Economy, 19 of Social Responsibility, 49
The Business Cycle 20 Consumerism 51
Types of Competition 21 The Six Basic Rights of Consumers, 51 • Major Consumerism Forces, 52
Perfect Competition, 22 • Monopolistic Competition, 23 • Oligopoly, 24 • Ethical Success or Failure?: Is Personal Data Really Private? 53
Monopoly, 24
Employment Practices 55
American Business Today 24
Affirmative Action Programs, 55 • Training Programs for the Hard-Core
Early Business Development, 25 • Business Development in the 1900s, 25 Unemployed, 56
• A New Century: 2000 and Beyond, 26 • The Current Business Environment, 26 Concern for the Environment 57
• The Challenges Ahead, 27
Effects of Environmental Legislation, 57
Return to Inside Business: Zynga 28
Sustaining the Planet: Social Responsibility at Xerox 59
Summary 29 Entrepreneurial Success: Social Entrepreneurs of Tomorrow 61
Key Terms 30
Who Should Pay for a Clean Environment?, 61
Review Questions 30
Discussion Questions 31 Implementing a Program of Social Responsibility 61
Video Case 1.1: Entertainment Means Profits for Nederlander Developing a Program of Social Responsibility, 61 • Funding the Program, 62
Concerts 31 Return to Inside Business: Panera Cares 63
Case 1.2: The Walt Disney Company Entertains the World 32
Building Skills for Career Success 32 Summary 63
Endnotes 33 Key Terms 64
Review Questions 64
Discussion Questions 65

vi

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deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Video Case 2.1: Scholfield Honda—Going Green with Sustaining the Planet: 2degrees: A Global Community 85
Honda 65 Methods of Entering International Business 85
Case 2.2: Unilever’s Plan for Green and Clean Growth 66 Licensing, 85 • Exporting, 86 • Joint Ventures, 87 • Totally Owned Facilities, 87
Building Skills for Career Success 66
Endnotes 67 Going for Success: Services Team Up to Enter India 88
Strategic Alliances, 88 • Trading Companies, 89 • Countertrade, 89 •
Multinational Firms, 89
Chapter 3: Exploring Global Sources of Export Assistance 90
Business 69 Financing International Business 91
The Export-Import Bank of the United States, 91 • Multilateral Development
Inside Business: Volkswagen Speeds Along on Global Sales 70 Banks, 92 • The International Monetary Fund, 93 • The Challenges Ahead, 93

The Basis for International Business 71 Return to Inside Business: Volkswagen 94

Absolute and Comparative Advantage, 71 • Exporting and Importing, 72
Summary 94
Career Success: Want to Work Overseas? Get Ready Now! 74 Key Terms 95
Restrictions to International Business 74 Review Questions 95
Types of Trade Restrictions, 75 • Reasons for Trade Restrictions, 76 • Reasons Discussion Questions 96
Against Trade Restrictions, 77 Video Case 3.1: Keeping Brazil’s Economy Hot 96
The Extent of International Business 78 Case 3.2: Global Profits Are a Menu Mainstay at
McDonald’s 97
The World Economic Outlook for Trade, 78
Building Skills for Career Success 98
International Trade Agreements 81
The General Agreement on Tariffs and Trade and the World Trade Running a Business: Part 1: Graeter’s 99
Organization, 81 • World Trade and the Global Economic Crisis, 82 • Building a Business Plan: Part 1 100
International Economic Organizations Working to Foster Trade, 83 Endnotes 102

2 Business Ownership and Entrepreneurship 103

Chapter 4: Choosing a Form Cooperatives, Joint Ventures, and Syndicates 123

Cooperatives, 123 • Joint Ventures, 123 • Syndicates, 123
of Business Ownership 104
Corporate Growth 124
Inside Business: Kimpton Hotel & Restaurant Group Strives Growth from Within, 124 • Growth Through Mergers and Acquisitions, 124 •
for Perfection! 105 Merger and Acquisition Trends for the Future, 126

Sole Proprietorships 106 Return to Inside Business: Kimpton Hotel & Restaurant
Group 127
Advantages of Sole Proprietorships, 107 • Disadvantages of Sole
Proprietorships, 108 Summary 127
Entrepreneurial Success: Why Sell a Small Business to a Big Key Terms 128
Business? 109 Review Questions 129
Discussion Questions 129
Beyond the Sole Proprietorship, 109
Video Case 4.1: AT&T and T-Mobile: What Went Wrong with
Partnerships 110
Their Merger? 129
Types of Partners, 110 • The Partnership Agreement, 111 Case 4.2: The Conglomerate Success of Berkshire Hathaway 130
Advantages and Disadvantages of Partnerships 111 Building Skills for Career Success 131
Advantages of Partnerships, 111 • Disadvantages of Partnerships, 113 • Beyond the Endnotes 132
Partnership, 114
Corporations 114 Chapter 5: Small Business,
Corporate Ownership, 115 • Forming a Corporation, 115 • Corporate Structure, 117
Entrepreneurship, and Franchises 133
Ethical Success or Failure?: Do We Need More Women in the
Board Room? 118 Inside Business: Locker Lookz Looks for Higher Sales 134
Advantages and Disadvantages of Corporations 118
Small Business: A Profile 135
Advantages of Corporations, 119 • Disadvantages of Corporations, 119
The Small-Business Sector, 135 • Industries That Attract Small Businesses, 136
Social Media: Going Social with Score 120
The People in Small Businesses: The Entrepreneurs 137
Special Types of Business Ownership 121
Characteristics of Entrepreneurs, 137 • Other Personal Factors, 137 •
S-Corporations, 121 • Limited-Liability Companies, 121 • Not-for-Profit Motivation, 138 • Women as Small-Business Owners, 138
Corporations, 122

Contents vii

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deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Career Success: Is Entrepreneurship in Your Future? 139 Franchising 151
Teenagers as Small-Business Owners, 139 • Why Some Entrepreneurs What Is Franchising?, 151 • Types of Franchising, 151
and Small Businesses Fail, 140 The Growth of Franchising 153
The Importance of Small Businesses in Our Economy 140 Are Franchises Successful?, 153 • Advantages of Franchising, 154 • Disadvantages
Providing Technical Innovation, 141 • Providing Employment, 141 of Franchising, 154
Sustaining the Planet: Green Citizenship on a Smaller Scale 142 Global Perspectives in Small Business 155
Providing Competition, 142 • Filling Needs of Society and Other Return to Inside Business: Locker Lookz 156
Businesses, 142
The Pros and Cons of Smallness 142 Summary 157
Key Terms 157
Advantages of Small Business, 143 • Disadvantages of Small Business, 143 • The
Review Questions 158
Importance of a Business Plan, 144
Discussion Questions 158
Entrepreneurial Success: Students by Day, Entrepreneurs Video Case 5.1: Murray’s Cheese: More Cheese Please 158
by Night 145 Case 5.2: Warby Parker’s Business Vision 159
Components of a Business Plan, 145 Building Skills for Career Success 160
The Small Business Administration 147
Running a Business: Part 2: Graeter’s 161
SBA Management Assistance, 147 • Help for Minority-Owned Small Businesses, 148 • Building a Business Plan: Part 2 162
SBA Financial Assistance, 150 • State of Small Business During the Recession, 150 Endnotes 162

3 Management and Organization 163

Review Questions 183

Chapter 6: Understanding the Discussion Questions 184
Management Process 164 Video Case 6.1: L.L.Bean Relies on Its Core Values and Effective
Leadership 184
Inside Business: IBM’s New CEO Feels Technological Case 6.2: What’s next for “Earth’s Biggest Bookstore”? 185
Leadership Is Key 165 Building Skills for Career Success 186
Endnotes 187
What Is Management? 165
Basic Management Functions 167
Planning, 167
Chapter 7: Creating a
Ethical Success or Failure?: Digging Deep to Research
Flexible Organization 188
Competitors 169
Inside Business: Crafting a Split of Snacks and Groceries at
Organizing the Enterprise, 171 • Leading and Motivating, 171 • Controlling Kraft 189
Ongoing Activities, 172
Kinds of Managers 172 What Is an Organization? 190
Levels of Management, 172 • Areas of Management Specialization, 173 Developing Organization Charts, 190 • Major Considerations for Organizing a
Business, 192
Going for Success: Steve Jobs: Futurist Extraordinaire 174
Job Design 192
Key Skills of Successful Managers 175
Job Specialization, 192 • The Rationale for Specialization, 192 • Alternatives to Job
Conceptual Skills, 175 • Analytic Skills, 176 • Interpersonal Skills, 176 • Technical
Specialization, 192
Skills, 176 • Communication Skills, 176
Departmentalization 193
Leadership 177
By Function, 193 • By Product, 193 • By Location, 193 • By Customer, 193 •
Formal and Informal Leadership, 177 • Styles of Leadership, 177 • Which
Combinations of Bases, 194
Leadership Style Is the Best?, 178
Delegation, Decentralization, and Centralization 194
Managerial Decision Making 179
Delegation of Authority, 194
Identifying the Problem or Opportunity, 179 • Generating Alternatives, 179 •
Selecting an Alternative, 179 Going for Success: Dell Restructures to Jump-Start
Social Media: Through Social Media, Do Workers Create Innovation 195
Problems for Their Employers? 180 Decentralization of Authority, 195
Implementing and Evaluating the Solution, 180 The Span of Management 196
Managing Total Quality 181 Wide and Narrow Spans of Management, 197 • Organizational Height, 197
Forms of Organizational Structure 198
Return to Inside Business: IBM 182
The Line Structure, 198 • The Line-and-Staff Structure, 198 • The Matrix
Summary 182 Structure, 199 • The Network Structure, 201
Key Terms 183 Corporate Culture 201

viii Contents

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deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Ethical Success or Failure?: Internships—Who Benefits? 203 Where Do New Products and Services Come From? 218
Sustaining the Planet: Take the “R” For Tomorrow 203 Research and Development, 219 • Product Extension and Refinement, 219
Committees and Task Forces 204 Career Success: If at First You Don’t Succeed . . . 220
The Informal Organization and the Grapevine 204 How Do Managers Plan Production? 220
Return to Inside Business: Kraft Foods 205 Design Planning, 220
Sustaining the Planet: Saving Energy—And the Environment 222
Summary 205
Key Terms 206 Site Selection and Facilities Planning, 222 • Operational Planning, 223
Review Questions 207 Operations Control 225
Discussion Questions 207 Purchasing, 225
Video Case 7.1: At Numi Organic Tea, Teams and Organizational Entrepreneurial Success: Africa’s New Role in Socially-
Culture Are Critical 207 Responsible Production 226
Case 7.2: HP’s Corporate Challenge: To Remain Agile and
Inventory Control, 226 • Scheduling, 227 • Quality Control, 229
Responsive in an Ever-Changing Environment 208
Building Skills for Career Success 209 Improving Productivity with Technology 232
Endnotes 210 Productivity Trends, 232 • Improving Productivity Growth, 232 • The Impact of
Automation, Robotics, and Computers on Productivity, 233 • Sustainability and
Technological Displacement, 234
Chapter 8: Producing Quality Goods
and Services 211 Return to Inside Business: Unilever 235
Summary 235
Inside Business: Unilever: Producing Quality Goods the Key Terms 237
Green Way 212 Review Questions 237
Discussion Questions 237
What Is Production? 213
Video Case 8.1: Burton Snowboards’ High-Quality
How American Manufacturers Compete in the Global Marketplace, 213 • Careers in Standards 237
Operations Management, 215
Case 8.2: Inside Boeing’s Jet Factories 238
The Conversion Process 215 Building Skills for Career Success 239
Factors That Affect a Conversion Process, 215
The Increasing Importance of Services 217 Running a Business: Part 3: Graeter’s 240
Building a Business Plan: Part 3 241
Planning Quality Services, 217 • Evaluating the Quality of a Firm’s Services, 218
Endnotes 242

4 Human Resources 243

Chapter 9: Attracting and Training and Development 260

Analysis of Training Needs, 260 • Training and Development Methods, 261 •
Retaining the Best Employees 244 Evaluation of Training and Development, 261
Performance Appraisal 261
Inside Business: Companies and Job Candidates Get
LinkedIn 245 Social Media: Nuts About Southwest 261
Common Evaluation Techniques, 262 • Performance Feedback, 263
Human Resources Management: An Overview 246
The Legal Environment of HRM 264
HRM Activities, 246 • Responsibility for HRM, 246
National Labor Relations Act and Labor–Management Relations Act, 264
Human Resources Planning 247
• Fair Labor Standards Act, 264 • Equal Pay Act, 264 • Civil Rights Acts, 265
Forecasting Human Resources Demand, 247 • Forecasting Human Resources • Age Discrimination in Employment Act, 265 • Occupational Safety and Health
Supply, 248 • Matching Supply with Demand, 248 Act, 266 • Employee Retirement Income Security Act, 266 • Affirmative Action,
Cultural Diversity in Human Resources 249 266 • Americans with Disabilities Act, 266

Going for Success: What Does a Chief Diversity Officer Do? 250 Return to Inside Business: LinkedIn 267
Job Analysis 251
Summary 267
Recruiting, Selection, and Orientation 252
Key Terms 268
Recruiting, 252 • Selection, 253 Review Questions 268
Career Success: Click Here to Be Tested 255 Discussion Questions 269
Orientation, 256 Video Case 9.1: Whirlpool’s Award-Winning Diversity Program Is
Compensation and Benefits 256 Facilitated Through Employee Network 269
Case 9.2: High Tech Recruiting Is a No-Brainer at Intel 269
Compensation Decisions, 256 • Comparable Worth, 257 • Types of
Building Skills for Career Success 270
Compensation, 258 • Employee Benefits, 259
Endnotes 271

Contents ix

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deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Chapter 10: Motivating and The Historical Development of Unions 304
Early History, 304 • Evolution of Contemporary Labor Organizations, 305
Satisfying Employees and Teams 273
Organized Labor Today 306
Inside Business: REI Remains True to Its Roots 274 Union Membership, 306
Social Media: Union Tweeting 307
What Is Motivation? 275
Union–Management Partnerships, 308
Historical Perspectives on Motivation 275
Labor—Management Legislation 309
Scientific Management, 275 • The Hawthorne Studies, 276 • Maslow’s Hierarchy of
Needs, 277 • Herzberg’s Motivation–Hygiene Theory, 278 • Theory X and Norris–LaGuardia Act, 309 • National Labor Relations Act, 309 • Fair Labor
Theory Y, 279 • Theory Z, 280 • Reinforcement Theory, 281 Standards Act, 309
Contemporary Views on Motivation 282 Ethical Success or Failure?: Should Public-Sector Unions Have
Equity Theory, 282 Collective Bargaining Rights? 310
Going for Success: The Gamification of Motivation 283 Labor–Management Relations Act, 310 • Landrum–Griffin Act, 310

Expectancy Theory, 283 • Goal-Setting Theory, 284

The Unionization Process 311
Key Motivation Techniques 285 Why Some Employees Join Unions, 311 • Steps in Forming a Union, 311 • The Role
of the NLRB, 313
Management by Objectives, 285
Collective Bargaining 313
Career Success: Are You Ready for Frequent Feedback? 287 The First Contract, 313 • Later Contracts, 314
Job Enrichment, 287 • Behavior Modification, 288 • Flextime, 288 Union–Management Contract Issues 314
• Part-Time Work and Job Sharing, 289 Going for Success: Arbitration Down Under 315
Sustaining the Planet: Cash for Conservation? 290 Employee Pay, 315 • Working Hours, 316 • Security, 316 • Management
Telecommuting, 290 • Employee Empowerment, 291 • Employee Ownership, 291 Rights, 317 • Grievance Procedures, 317
Teams and Teamwork 292 Union and Management Negotiating Tools 318
What Is a Team?, 292 • Types of Teams, 292 • Developing and Using Effective Strikes, 318 • Slowdowns and Boycotts, 319 • Lockouts and Strikebreakers, 320 •
Teams, 293 • Roles Within a Team, 294 • Team Cohesiveness, 295 • Team Mediation and Arbitration, 320
Conflict and How to Resolve It, 295 • Benefits and Limitations of Teams, 295
Return to Inside Business: National Basketball Association 321
Return to Inside Business: REI  296
Summary 321
Summary 296 Key Terms 322
Key Terms 297 Review Questions 322
Review Questions 297 Discussion Questions 322
Discussion Questions 298 Video Case 11.1: Understanding Labor Unions with the Writers
Video Case 10.1: At L.L.Bean, Everyone Is Family 298 Guild of America 323
Case 10.2: Culture of Caring Pays Off at The Container Store 299 Case 11.2: When Nurses and Hospitals Don’t Agree 323
Building Skills for Career Success 299 Building Skills for Career Success 324
Endnotes 300
Running a Business: Part 4: Graeter’s 325
Building a Business Plan: Part 4 327
Chapter 11: Enhancing Union– Endnotes 327
Management Relations 302
Inside Business: Saving the National Basketball
Association’s Season 303

5 Marketing 329

Chapter 12: Building Customer Utility: The Value Added by Marketing 333
The Marketing Concept 334
Relationships Through
Evolution of the Marketing Concept, 335 • Implementing the Marketing
Effective Marketing 330 Concept, 335
Markets and Their Classification 336
Inside Business: At $62 a Pound, Single-Serve Coffee is
Developing Marketing Strategies, 337 • Target Market Selection
Hot! 331
and Evaluation, 337 • Creating a Marketing Mix 340
Managing Customer Relationships 332 Marketing Strategy and the Marketing Environment 341
Ethical Success or Failure?: The Customer Is Always Right—Or Not 333 Social Media: Online Videos Add Vitality to Marketing Mix 342

x Contents

Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has
deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Developing a Marketing Plan 342 Pricing Business Products 385
Market Measurement and Sales Forecasting 343 Geographic Pricing, 386 • Transfer Pricing, 386 • Discounting, 386
Marketing Information 344
Return to Inside Business: PepsiCo 387
Marketing Information Systems, 344 • Marketing Research, 344
Summary 387
Going for Success: Using Neuroscience for Marketing Research 346
Key Terms 388
Using Technology to Gather and Analyze Marketing Information, 346 Review Questions 389
Types of Buying Behavior 348 Discussion Questions 389
Consumer Buying Behavior, 348 • Business Buying Behavior, 349 Video Case 13.1: From Artistic Roots, Blu Dot Styles Marketing
Strategy 390
Return to Inside Business: Nespresso 350
Case 13.2: Will the “G” Branding Initiatives for Gatorade
Summary 350 Work? 390
Key Terms 352 Building Skills for Career Success 391
Review Questions 352 Endnotes 392
Discussion Questions 352
Video Case 12.1: Raleigh Wheels Out Steel Bicycle
Marketing 352
Chapter 14: Wholesaling, Retailing,
Case 12.2: PepsiCo Tailors Tastes to Tantalize Tastebuds of and Physical Distribution 394
Target Markets 353
Building Skills for Career Success 354 Inside Business: Through Distribution, Chobani Climbs to
Endnotes 355 Number One 395

Channels of Distribution 396

Chapter 13: Creating and Pricing Channels for Consumer Products, 396 • Multiple Channels for Consumer
Products That Satisfy Customers 357 Products, 396 • Channels for Business Products, 397
Level of Market Coverage 397
Inside Business: PepsiCo’s Pantry of Billion-Dollar Brands 358 Partnering Through Supply-Chain Management 399
Vertical Marketing Systems 399
Classification of Products 359
Marketing Intermediaries: Wholesalers 400
Consumer Product Classifications, 359 • Business Product Classifications, 359
Justifications for Marketing Intermediaries, 400 • Wholesalers’ Services to
The Product Life-Cycle 360 Retailers, 401 • Wholesalers’ Services to Manufacturers, 401
Stages of the Product Life-Cycle, 361 • Using the Product Life-Cycle, 363 Types of Wholesalers 402
Product Line and Product Mix 363 Merchant Wholesalers, 402 • Commission Merchants, Agents, and Brokers, 403 •
Managing the Product Mix 364 Manufacturers’ Sales Branches and Sales Offices, 403
Managing Existing Products, 364 • Deleting Products, 365 • Developing New Marketing Intermediaries: Retailers 403
Products, 365 Classes of In-Store Retailers, 404
Entrepreneurial Success: Yak to the Future: From the Himalayas Entrepreneurial Success: Small Business Saturday, a Day to
to the World 366 Shop Local 405
Why Do Products Fail?, 369 Kinds of Nonstore Retailing, 407
Branding, Packaging, and Labeling 369
Going for Success: Next-Generation Vending Machines 410
What Is a Brand?, 369 • Types of Brands, 370 • Benefits of Branding, 370
Planned Shopping Centers 410
Social Media: Social Networking for Success: Small Businesses Lifestyle Shopping Centers, 411 • Neighborhood Shopping Centers, 411 •
Turn to Social Media for Effective Marketing 372 Community Shopping Centers, 411 • Regional Shopping Centers, 411
Choosing and Protecting a Brand, 372 • Branding Strategies, 373 • Brand Physical Distribution 412
Extensions, 373 • Packaging, 373 • Labeling, 375 Inventory Management, 412 • Order Processing, 413 • Warehousing, 413 •
Pricing Products 375 Materials Handling, 414 • Transportation, 414
The Meaning and Use of Price, 375 • Supply and Demand Affects Prices, 376 • Sustaining the Planet: Green Logistics 414
Price and Non-Price Competition, 377 • Buyers’ Perceptions of Price, 377
Pricing Objectives 378 Return to Inside Business: Chobani 417
Survival, 378 • Profit Maximization, 378 • Target Return on Investment, 378 • Summary 417
Market-Share Goals, 378 • Status-Quo Pricing, 378 Key Terms 418
Pricing Methods 378 Review Questions 418
Cost-Based Pricing, 379 • Demand-Based Pricing, 379 Discussion Questions 419
Ethical Success or Failure?: Amazon’s Price-Check App: Is This OK? 381 Video Case 14.1: Taza Cultivates Channel Relationships with
Chocolate 419
Competition-Based Pricing, 381
Case 14.2: Dell Direct and Not-So-Direct 420
Pricing Strategies 381
Building Skills for Career Success 421
New-Product Pricing, 382 • Differential Pricing, 382 • Psychological Pricing, 383 • Customer Survey 422
Product-Line Pricing, 384 • Promotional Pricing, 385 Endnotes 422

Contents xi

Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has
deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Chapter 15: Developing Integrated Sales Promotion 439
Sales Promotion Objectives, 439 • Sales Promotion Methods, 439
Marketing Communications 423
Public Relations 442
Inside Business: By Incorporating Hot Guys and Humor, Types of Public-Relations Tools, 442 • The Uses of Public Relations, 442
Old Spice Heats Up on Profits 424 Promotion Planning 443
Promotion and Marketing Objectives, 444 • Developing the Promotion Mix, 444
What Is Integrated Marketing Communications? 425
Criticisms of Promotion 445
The Role of Promotion 425
The Promotion Mix: An Overview 426 Return to Inside Business: Old Spice 446
Advertising 427 Summary 447
Types of Advertising by Purpose, 427 • Advertising Media 428 Key Terms 448
Going for Success: IKEA Remodels Perceptions with Fix This Review Questions 448
Kitchen 431 Discussion Questions 449
Video Case 15.1: L.L.Bean Employs a Variety of Promotion
Social Media: The Best Snacks on Earth 432
Methods to Communicate with Customers 449
Major Steps in Developing an Advertising Campaign 432 Case 15.2: Rebuilding Trust at Toyota 450
Entrepreneurial Success: Via Ad Agency 435 Building Skills for Career Success 451
Advertising Agencies, 435 Running a Business: Part 5: Graeter’s 452
Personal Selling 436 Building a Business Plan: Part 5 453
Kinds of Salespersons, 436 • The Personal-Selling Process, 437 • Managing Endnotes 454
Personal Selling, 438

6 Social Media, e-Business, and Accounting 455

Chapter 16: Exploring Social Sustaining the Planet: Lululemon Develops Lasting
Legacies 477
Media and e-Business 456
Return to Inside Business: Angry Birds 479
Inside Business: The Big Business of Angry Birds 457
Summary 479
Why Is Social Media Important? 458 Key Terms 481
What Is Social Media and How Popular Is It?, 458 • Why Businesses Use Social
Review Questions 481
Media, 459 Discussion Questions 481
Social Media Tools for Business Use 460 Video Case 16.1: Luke’s Lobster: Entrepreneurs Use Social
Networking to Claw Their Way up the Food Chain 482
Business Use of Blogs, 460 • Photos, Videos, and Podcasts, 461 • Social Media
Case 16.2: Facebook’s Rise From Dorm Room to Board
Ratings, 461 • Social Games, 461
Room 483
Achieving Business Objectives Through Social Media 462
Building Skills for Career Success 483
Social Media Communities, 462 • Crisis and Reputation Management, 463 • Endnotes 484
Listening to Stakeholders, 463 • Targeting Customers, 463 • Social Media
Marketing, 464 • Generating New Product Ideas, 465
Career Success: Make a Good Impression Using Social
Chapter 17: Using Management
Media 466 and Accounting Information 486
Recruiting Employees, 466
Inside Business: PricewaterhouseCoopers Innovates
Developing a Social Media Plan 467
Through PowerPitch 487
Steps to Build a Social Media Plan, 467 • Measuring and Adapting a Social
Media Plan, 469 How Can Information Reduce Risk When Making a
Defining e-Business 470 Decision? 488
Organizing e-Business Resources, 470 • Satisfying Needs Online, 471 • Creating Information and Risk, 488 • Information Rules, 489 • The Difference Between Data
e-Business Profit, 472 and Information, 489 • Knowledge Management, 489
Fundamental Models of e-Business 473 What Is a Management Information System? 490
Going for Success: Macy’s and m-Commerce 474 A Firm’s Information Requirements, 490 • Size and Complexity of the System, 491
Business-to-Business (B2B) Model, 474 How Do Employees Use a Management Information
System? 492
Business-to-Consumer (B2C) Model, 475
Step 1: Collecting Data, 492 • Step 2: Storing Data, 493 • Step 3: Updating
The Future of the Internet, Social Media, and e-Business 475
Data, 493 • Step 4: Processing Data, 493 • Step 5: Presenting Information, 494
Internet Growth Potential, 476 • Ethical and Legal Concerns, 476 • Future
Challenges for Computer Technology, Social Media, and e-Business, 477

xii Contents

Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has
deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
Going for Success: Information Technology and the Tablet 496 Evaluating Financial Statements 508
Making Smart Decisions, 496 Comparing Financial Data, 508 • Financial Ratios, 510
Why Accounting Information Is Important 497
Return to Inside Business: PricewaterhouseCoopers 511
Why Audited Financial Statements Are Important, 497 • Reform: The Sarbanes–
Oxley Act of 2002, 498 • Different Types of Accounting, 498 • Careers in Summary 511
Accounting, 499 Key Terms 513
Social Media: The Big Four Go Social 499 Review Questions 513
Discussion Questions 513
The Accounting Equation and the Balance Sheet 500
Video Case 17.1: Information Helps Level the Playing Field for
The Accounting Equation, 500 • The Balance Sheet, 500 • Assets, 501 • Liabilities The Little Guys 514
and Owners’ Equity, 503
Case 17.2: Making the Numbers or Faking the Numbers? 514
The Income Statement 504 Building Skills for Career Success 515
Revenues, 505 • Cost of Goods Sold, 506 • Operating Expenses, 506 • Net
Income, 506 Running a Business: Part 6: Graeter’s 516
Building a Business Plan: Part 6 518
Entrepreneurial Success: Accounting for First-Time
Endnotes 518
Entrepreneurs 507
The Statement of Cash Flows 507

7 Finance and Investment 519

Chapter 18: Understanding Review Questions 545

Discussion Questions 546
Money, Banking, and Credit 520 Video Case 18.1: Chase Bank Helps Small Business Owners 546
Case 18.2: Bank of Hawaii Says “Aloha” to Customers and
Inside Business: How Umpqua Bank Became “The World’s Communities 547
Greatest Bank” 521 Building Skills for Career Success 547
What Is Money? 522 Endnotes 549
The Functions of Money, 522 • Important Characteristics of Money, 524 • The
Supply of Money: M1 and M2, 524 Chapter 19: Mastering
The Federal Reserve System 525 Financial Management 550
Economic Crisis and the Fed’s Response, 526 • Regulation of Reserve
Requirements, 527 • Regulation of the Discount Rate, 528 • Open-Market Inside Business: How J. M. Smucker Manages Its Money 551
Operations, 528 • Other Fed Responsibilities, 529
The American Banking Industry 530 Why Financial Management? 552
Banking and Financial Reform: New Regulations, 530 • Commercial Banks, 531 • The Need for Financial Management, 552 • Financial Reform After the Economic
Other Financial Institutions, 531 • Careers in the Banking Industry, 533 Crisis, 553 • Careers in Finance, 553
Traditional Services Provided by Financial Institutions 533 The Need for Financing 554
Checking Accounts, 533 • Savings Accounts, 534 • Short- and Long-Term Short-Term Financing, 554 • Long-Term Financing, 556 • The Risk–Return
Loans, 534 Ratio, 556
Planning—The Basis of Sound Financial Management 556
Entrepreneurial Success: Kiva.org Connects Microloan
Borrowers and Lenders 535 Developing the Financial Plan, 556 • Monitoring and Evaluating Financial
Performance, 559
Social Media: Outsmart the Scam Artists 536 Sources of Short-Term Debt Financing 559
Credit Card and Debit Card Transactions, 536 Sources of Unsecured Short-Term Financing, 559 • Sources of Secured Short-Term
Innovative Banking Services 536 Financing, 561 • Factoring Accounts Receivable, 562 • Cost Comparisons, 562
Changes in the Banking Industry, 536 Sources of Equity Financing 563
Going for Success: Vying to Run Your Digital Wallet 537 Selling Stock, 563
Online, Mobile, and International Banking, 537 Going for Success: Investor Relations in the Social Media Era 565
The FDIC and NCUA 539 Social Media: Talk to Chuck 566
Effective Credit Management 540
Retained Earnings, 566
Getting Money from a Bank or Lender after the Economic Crisis, 540 • The Five C’s
of Credit Management, 541 • Checking Credit Information, 541 • Protection for Entrepreneurial Success: Looking for Venture Capital from
Consumers, 543 Corporations 567
Venture Capital and Private Placements, 567
Return to Inside Business: Umpqua Bank 543
Sources of Long-Term Debt Financing 568
Summary 544 Long-Term Loans, 568 • Corporate Bonds, 569 • Cost Comparisons, 571
Key Terms 545

Contents xiii

Copyright 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has
deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
 Return to Inside Business: The J. M. Smucker Company 572 Sustaining the Planet: Green Investing 593
Mutual Funds and Exchange-Traded Funds, 593 • Real Estate, 595 • The Most
Summary 573
Speculative Investment Techniques, 596
Key Terms 574
Review Questions 574 Sources of Financial Information 598
Discussion Questions 575 The Internet, 598 • Professional Advisory Services, 599 • Financial Coverage of
Video Case 19.1: Financial Planning Equals Profits for Securities Transactions, 599 • Other Sources of Financial Information, 602 •
Nederlander Concerts 575 Security Averages, 603
Case 19.2: Darden Restaurants Serve Up Long-Term Career Success: You’ll Need a License to Trade 603
Growth 576 How Investments Are Bought and Sold 603
Building Skills for Career Success 577 Purchasing Stocks and Bonds, 604 • Purchasing Mutual Funds, Real Estate, and
Endnotes 578 Other Investments, 605 • Regulation of Securities Trading, 606

Return to Inside Business: The Vanguard Group 607

Chapter 20: Understanding Personal
Finances and Investments 579 Summary 607
Key Terms 608
Review Questions 609
Inside Business: The Vanguard Group Thinks Low-Cost and
Discussion Questions 609
High-Tech 580
Video Case 20.1: Taming the Debt Monster One
Managing Your Personal Finances 581 Budget at a Time 609
Step 1: Tracking Your Income, Expenses, Assets, and Liabilities, 581 • Step 2: Case 20.2: Fidelity Helps Investors Prepare for Their Financial
Developing a Budget that Works, 581 • Step 3: Managing Credit Card Debt, 582 • Future 610
Investment Goals, 582 • A Personal Investment Program, 583 • Monitoring the Building Skills for Career Success 611
Value of Your Investment Program, 584
Running a Business: Part 7: Graeter’s 612
Important Factors in Personal Investment 584
Building a Business Plan: Part 7 613
Safety and Risk, 584 • Investment Income, 585 • Investment Growth, 585 • Endnotes 614
Investment Liquidity, 586
Factors That Can Improve Your Investment Decisions 586 Glossary 615
Portfolio Management, 587 • Asset Allocation, the Time Factor, and Your Name Index 627
Age, 587 • Your Role in the Investment Process, 588 Subject Index 634
Conservative Investment Alternatives 588
Bank Accounts, 588 • Corporate and Government Bonds, 588 The following appendixes appear on the companion site
Ethical Success or Failure?: Invest in Green Bonds? 589 www.cengage.brain.com
Appendix A: Careers in Business
More Speculative Investments 591
Appendix B: Risk Management and Insurance
Common Stock, 591 • Preferred Stock, 592 Appendix C: Business Law, Regulation, and Taxation

xiv Contents

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deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
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