Understanding Business

Understanding Business

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Understanding Business ELEVENTH EDITION William G. Nickels University of Maryland

James M. McHugh St. Louis Community College at Forest Park

Susan M. McHugh Applied Learning Systems

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UNDERSTANDING BUSINESS, ELEVENTH EDITION

Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2016 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous edition © 2013, 2010, and 2008. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written con- sent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broad- cast for distance learning.

Some ancillaries, including electronic and print components, may not be available to customers outside the United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5

ISBN 978-0-07-802316-3 MHID 0-07-802316-5

Senior Vice President, Products & Markets: Kurt L. Strand Vice President, General Manager, Products & Markets: Michael Ryan Vice President, Content Design & Delivery: Kimberly Meriwether David Managing Director: Susan Gouijnstook Brand Manager: Anke Weekes Director, Product Development: Meghan Campbell Marketing Manager: Michael Gedatus Marketing Specialist: Liz Steiner Associate Market Development Manager: Andrea Scheive Product Developer: Kelly Delso Digital Product Analyst: Kerry Shanahan Director, Content Design & Delivery: Terri Schiesl Program Manager: Mary Conzachi Content Project Managers: Christine Vaughan , Danielle Clement, and Judi David Buyer: Carol A. Bielski Design: Srdjan Savanovic Content Licensing Specialist: Carrie Burger Cover Image: © Maureen McCutcheon Compositor: Laserwords Private Limited Typeface: 10/12 New Aster Printer: R. R. Donnelley

All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.

Library of Congress Cataloging-in-Publication Data Nickels, William G. Understanding business / William G. Nickels, James M. McHugh, Susan M. McHugh. —Eleventh edition. pages cm ISBN 978-0-07-802316-3 (alk. paper) 1. Industrial management. 2. Business. 3. Business—Vocational guidance. I. McHugh, James M. II. McHugh, Susan M. III. Title. HD31.N4897 2016 658—dc23 2014030245

The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.

www.mhhe.com

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To our families—Marsha, Joel, Carrie, Claire, Casey, Dan, Molly, Michael, Patrick, and Quinn. Thank you for making everything worth doing and giving us the support to do it well!

and To the team that made this edition possible, especially the instructors and students who gave us such valuable guidance as we developed the text and package.

dedication

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Bill Nickels is emeritus professor of business at the University of Maryland, College Park. He has over 30 years’ experience teaching graduate and undergraduate business courses, including introduction to business, marketing, and promotion. He has won the Outstanding Teacher on Campus Award four times and was nominated for the award many other times. He received his M.B.A. degree from Western Reserve University and his Ph.D. from The Ohio State University. He has written a marketing communications text and two marketing principles texts in addition to many articles in business publications. He has taught many seminars to businesspeople on subjects such as power communications, marketing, non-business marketing, and stress and life management. His son, Joel, is a professor of English at the University of Miami (Florida).

Jim McHugh holds an M.B.A. degree from Lindenwood University and has had broad experience in education, business, and government. As chairman of the Business and Economics Department of St. Louis Community College–Forest Park, Jim coordinated and directed the development of the business curriculum. In addition to teaching sev- eral sections of Introduction to Business each semester for nearly 30 years, Jim taught in the marketing and management areas at both the undergraduate and graduate levels. Jim enjoys conducting business seminars and consulting with small and large businesses. He is actively involved in the public service sector and served as chief of staff to the St. Louis County Executive.

Susan McHugh is a learning specialist with extensive training and experience in adult learning and curriculum development. She holds an M.Ed. degree from the Uni- versity of Missouri and completed her course work for a Ph.D. in education administra- tion with a specialty in adult learning theory. As a professional curriculum developer, she has directed numerous curriculum projects and educator training programs. She has worked in the public and private sectors as a consultant in training and employee development. While Jim and Susan treasure their participation in writing projects, their greatest accomplishment is their collaboration on their three children. Casey is carrying on the family’s teaching tradition as an adjunct professor at Washington Uni- versity. Molly and Michael are carrying on the family writing tradition by contributing to the development of several supplementary materials for this text.

A B

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H E

A U

T H

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The Platinum Experience

W A

L K

T H

R O

U G

H

Understanding Business has long been the MARKET LEADER. We’ve listened to you and your students and that’s helped us offer you:

Resources that were developed based directly on your feedback—all geared to make the most of your time and to help students succeed in this course. All the supplemental resources for Understanding Business are carefully reviewed by Bill, Jim, and Susan to ensure cohesion with the text.

Technology that leads the way and is consistently being updated to keep up with you and your students. Connect Business offers students a truly interactive and adaptive study arena. Interactive Presentations, Interactive Applications, SmartBook, and LearnSmart are designed to engage students and have been proven to increase grades by a full letter.

Support that is always available to help you in planning your course, working with technology, and meeting the needs of you and your students.

KEEPING UP WITH WHAT’S NEW Users of Understanding Business have always appreciated the currency of the material and the large number of examples from companies of all sizes and industries (e.g., service, manufacturing, nonprofit, and profit) in the United States and around the world. A glance at the Chapter Notes will show you that almost all of them are from 2013 or 2014. Accord- ingly, this edition features the latest business practices and other developments affecting business including:

• U.S. economic status post-financial crisis and recession

• Growing income inequality

• Gross output (GO)

• Core inflation

• Trans-Pacific Partnership

• Types of social commerce

• JOBS Act of 2012

• Crowdinvesting vs. crowdfunding

• Big data

• Nanomanufacturing

• Generation Z

• Alpha Generation

• Affordable Care Act (Obamacare)

• Ethnographic segmentation

• Mobile/social/on-demand marketing

• Bitcoin and other cryptocurrencies

• Net neutrality

• Internet of Things (IoT)

• And much, much more

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RESULTS-DRIVEN TECHNOLOGY FOR STUDENTS Across the country, instructors and students continue to raise an important question: How can introduction to business courses further support students throughout the learning process to shape future business leaders? While there is no one solution, we see the impact of new learning technologies and innovative study tools that not only fully engage students in course material but also inform instructors of the students’ skill and comprehension levels.

Interactive learning tools, including those offered through McGraw-Hill Connect, are being implemented to increase teaching effectiveness and learning efficiency in thousands of colleges and universities. By facilitating a stronger connec- tion with the course and incorporating the latest technologies—such as McGraw-Hill LearnSmart, an adaptive learning program—these tools enable students to succeed in their college careers, which will ultimately increase the percentage of students completing their postsecondary degrees and create the business leaders of the future.

Connect McGraw-Hill Con- nect is the leading online assignment

and assessment solution that connects students with the tools and resources they need to achieve success while providing instructors with tools to quickly pick content and assignments according to the learning objectives they want to emphasize.

Connect improves student learning and retention by adapting to the individual student, reinforcing concepts with engaging presenta- tions and activities that prepare students for class, help them master concepts, and review for exams. You can learn more about what is in Connect on the next page.

Grade Distribution

Without LearnSmart

A 30.5%

B 33.5%

C 22.6%

A 19.3%

B 38.6%

C 28.0%

With LearnSmart

58% more As with LearnSmart

With LearnSmart

Without LearnSmart

Student Pass Rate

25% more students passed with LearnSmart

SmartBook Achieve A revolution in reading Fueled by LearnSmart, SmartBook Achieve is the first and only adaptive reading experi- ence available today. SmartBook per- sonalizes content for each student in a continuously adapting reading experi- ence. Reading is no longer a passive and linear experience, but an engaging and dynamic one where students are more likely to master and retain impor- tant concepts, coming to class better prepared.

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Leveraging a continuously adaptive learning path, the program adjusts to each stu- dent individually as he or she progresses through the program, creating just-in-time learn- ing experiences by presenting interactive content that is tailored to each student’s needs. This model is proven to accelerate learning and strengthen memory recall. A convenient time-management feature and turnkey reports for instructors also ensure student’s stay on track.

Interactive Presentations Aid for Visual Learners These visual pre- sentations within Connect are designed to rein- force learning by offering a visual presentation of the learning objectives highlighted in every chapter of the text. Interactive presentations are engaging, online, professional presentations (fully Section 508 compliant) covering the same core concepts directly from the chapter, while offer- ing additional examples and graphics. Interactive Presentations teach students learning objectives in a multimedia format, bringing the course and the book to life. Interactive Presentations are a great prep tool for students—when the students are bet- ter prepared, they are more engaged and better able to participate in class.

Click and Drag exercises allow students to reinforce key models/processes by requiring stu- dents to label key illustrations and models from the text or build a process, and then demonstrate application-level knowledge.

Interactive Applications A higher level of learning These exercises require students to APPLY what they have learned in a real-world scenario. These online exercises will help students assess their understanding of the concepts.

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Decision generators require students to make real business decisions based on specific real- world scenarios and cases.

Comprehensive Cases encourage students to read a case and answer open-ended discussion questions to demonstrate writing and critical- thinking skills.

Manager’s Hotseat ( Connect Library)— short video cases that show 15 real managers applying their years of experience in confronting certain management and organizational behavior issues. Students assume the role of the manager as they watch the video and answer multiple-choice questions that pop up during the segment, forc- ing them to make decisions on the spot. Students learn from the managers’ unscripted mistakes

and successes, and then do a report critiquing the managers’ approach by defending their reasoning.

Video Cases Real-world assignments Industry-leading video support helps students understand concepts and see how real companies and professionals implement business principles in the workplace. The video cases highlight companies from a broad range of industries, sizes, and geographic locations, giving students a perspective from a variety of businesses.

Video cases give students the opportunity to watch case videos and apply chapter concepts to a real-world business scenario as the scenario unfolds.

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PLATINUM EXPERIENCE STUDENT-FRIENDLY FEATURES Learning Objectives Everything in the text and supplements package ties back to the chapter learning objectives. The learning objectives listed throughout the chapter help students preview what they should know after reading the chapter. Chapter summaries test students’ knowledge by asking ques- tions related to the learning objectives. The Test Bank, Instructor’s Manual, PowerPoints, Online Course, and Connect are all organized according to the learning objectives.

Getting to Know Business Professionals Every chapter in the text opens with the pro- file of a business professional whose career relates closely to the material in the chapter. These business professionals work for a vari- ety of businesses from small businesses and nonprofit organizations to large corporations. These career profiles are an engaging way to open the chapter and to introduce students to a variety of business career paths.

name that company

This Swiss-based company has many foreign subsidiaries including Jenny Craig (weight management), Ralston Purina, Chef America (maker of Hot Pockets), and Dreyer’s Ice Cream in the United States, as well as Perrier in France. The company employs over 328,000 people and has operations in almost every country in the world. Name that company. (Find the answer in the chapter.)

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Name That Company Every text chapter opens with a Name That Company challenge. The answer for the challenge can be found somewhere in the chapter.

Test Prep Questions help students understand and retain the material in the chapters. These questions stop them at important points in the chapter to assess what they’ve learned before they continue reading and help them prep for exams.

• What are the advantages to a firm of using licensing as a method of entry in global markets? What are the disadvantages?

• What services are usually provided by an export-trading company?

• What is the key difference between a joint venture and a strategic alliance?

• What makes a company a multinational corporation?

• What are the advanta

test prep ges to aa firm ofges

Use LearnSmart t o help retain

what you have lear ned. Access

your instructor’s C onnect course

to check out Learn Smart, or go to

learnsmartadvanta ge.com for help.

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Seeking Sustainability boxes highlight corporate responsibility and help students understand the various ways business activities affect the environment.

seeking sustainability

When it comes to sustainable products, making sure an item is environmentally sound is just the first step. After all, the word “sustainability” implies that something will last for a long time. A shoddy product that needs to be replaced often takes a hefty toll on resources, which can cancel out the envi- ronmental benefits of even the greenest production methods.

That’s why Rickshaw Bagworks in San Francisco makes sustainable accessories designed to last for the long term. For instance, at first the com- pany began producing bags using expensive Italian wool herring- bone tweed. Although the fabric was beautiful and environmentally friendly, the prototypes wore out in a manner of weeks. So Rickshaw teamed up with an

upholstery mill to create its own fabric, Rickshaw Performance Tweed. Made from recycled plas- tic bottles, this synthetic fabric ended up being stronger and more eco-friendly while still look- ing gorgeous as a handbag.

Rickshaw employees and executives abide by the compa- ny’s “three Fs” of sustainable design: form, function and foot- print. Not only must a product make as small a carbon footprint as possible, it must also serve a long-term practical function and look great doing it. That’s why Rickshaw’s messenger bags are designed in a way that ensures every piece of fabric cut by the

company makes it into the bag. The company’s dedication to sustainability is even incorpo-

rated in its name, which means “human powered vehicle” in Japanese. Do you think more com- panies should be as dedicated to sustainability as Rickshaw?

Sources: Mark Dwight, “How to Build a Sustainable Business,” Inc., November 2013; and http://blog.rickshawbags.com/the-rickshaw-story/ , accessed February 2014.

www.rickshawbags.com

Sustainability’s in the Bag

y

ex ny de pr m as lo lo Ri de ev

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Media-Rich E-Book Connect provides students with a cost-saving alternative to the traditional textbook. A seamless integration of a media-rich e-book features the following:

• A web-optimized e-book, allowing for anytime, anywhere online access to the textbook.

• Our iSee It! animated video explanations of the most often confused topics can be accessed within this e-book.

• Highlighting and note-taking capabilities.

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Human Resource Management: Finding and Keeping the

Best Employees

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Learning Objectives AFTER YOU HAVE READ AND STUDIED THIS CHAPTER, YOU SHOULD BE ABLE TO

LO 11-1 Explain the importance of human resource management, and describe current issues in managing human resources.

LO 11-2 Illustrate the effects of legislation on human resource management.

LO 11-3 Summarize the five steps in human resource planning.

LO 11-4 Describe methods that companies use to recruit new employees, and explain some of the issues that make recruitment challenging.

LO 11-5 Outline the six steps in selecting employees.

LO 11-6 Illustrate employee training and development methods.

LO 11-7 Trace the six steps in appraising employee performance.

LO 11-8 Summarize the objectives of employee compensation programs, and evaluate pay systems and fringe benefits.

LO 11-9 Demonstrate how managers use scheduling plans to adapt to workers’ needs.

LO 11-10 Describe how employees can move through a company: promotion, reassignment, termination, and retirement.

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Tony Hsieh

• CEO of Zappos

• Created an offbea t but efficient

workplace

• Empowers staffers to wow

customers

www.zappos.com

@zappos

A lthough online shopping sites are becoming the dominant force in the retail world, they often fall short of their brick- and-mortar rivals in terms of customer service. At the online shoe vendor Zap- pos, however, a unique company culture ensures customers don’t have to sacri- fice quality service for convenience.

When Tony Hsieh joined Zappos as CEO, he wanted to change the corporate work environment for the better. After sell- ing his first company to Microsoft for a whopping $265 million, Hsieh didn’t want a job in a gray, cubicle-filled office. “For me, I didn’t want to be part of a company where I dreaded going into the office,” said Hsieh. To set Zappos apart from other online retailers, he wanted his ser- vice representatives to wow customers with their energy and expertise. To do that Hsieh needed upbeat employees who were motivated by the love of their work. He gave his call center staffers remark- able freedom, allowing them to talk to customers for hours at a time or send flowers and thank-you notes on the com- pany’s dime.

Not only does this strategy do won- ders for customer satisfaction, it also keeps employee morale sky high. In order to succeed at this job, Zappos’s service reps must be creative, energetic, generous, and understanding. But this commitment to excellence doesn’t end with the company’s spirited call center employees. When candidates for depart- ments like marketing or management reach the interview stage, Hsieh starts testing them before they even set foot in the company’s Las Vegas headquarters. “A lot of our job candidates are from out of town, and we’ll pick them up from the airport in a Zappos shuttle, give them a tour, and then they’ll spend the rest of the day interviewing,” said Hsieh. “At the end of the day of interviews, the recruiter will circle back to the shuttle driver and ask how he or she was treated. It doesn’t matter how well the

day of interviews went, if our shuttle driver wasn’t treated well, then we won’t hire that person.” The examination doesn’t end once the person lands the job. Regardless of their position, new hires must spend their first month help- ing customers in the call center. If they can’t thrive, they’re gone.

A long with creating open and acces- sible work environments, Hsieh also tries to break down as many barriers between employees and management as possi- ble. Zappos executives are affectionately referred to as “monkeys,” and the best view from the company’s 10-story Vegas high-rise is reserved for the call center workers. In fact, Hsieh puts so much faith in his staff that in 2014 he announced Zappos would be eliminating most of its traditional managers, corporate titles, and hierarchy entirely. Instead, the com- pany will be replacing its standard chain of command with a “hol- acracy.” This new company structure splits employees into overlapping but mostly self- ruling “circles” that allow them to have a greater voice in how the company is run. Although time will tell whether or not this radical system works, Tony Hsieh’s commitment to an offbeat but efficient workplace has already grown Zappos into a $2 billion company. If anybody can pull off such an unorthodox office structure, it’s Hsieh.

In this chapter, you’ll learn how businesses that succeed like Zappos recruit, manage, and make the most of their employees.

Sources: Jena McGregor, “Zappos Says Goodbye to Bosses,” The Washington Post, January 3, 2014; Edward Lewine, “Tony Hsieh’s Office: Welcome to the Rain Forest,” The New York Times, December 28, 2013; Max Nisen, “Tony Hsieh’s Brilliant Strategy for Hiring Kind People,” Business Insider, November 22, 2013; Kim Bhasin, “Tony Hsieh: Here’s Why I Don’t Want My Employees to Work From Home,” Business Insider, March 6, 2013; and Adam Bryant, “On a Scale of 1 to 10, How Weird Are You?” The New York Times, January 9, 2010.

Getting to know  Tony Hsieh

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reaching beyond our borders

For decades McDonald’s has been the undisputed king of global food fran- chising. With more than 34,000 restaurants in over 118 countries, Mickey D’s serves more than 69 mil- lion customers every day.

So how did McDonald’s become such a global powerhouse? It certainly didn’t get there through hamburgers alone. Since it first began expanding overseas, McDonald’s has been careful to include regional tastes on its menus along with the usual Big Mac and French fries. For instance, in Thailand patrons can order the Samurai Burger, a pork-patty sandwich marinated in teriyaki sauce and topped with mayon- naise and a pickle. If fish is more your taste, try the Ebi Filet-o shrimp sandwich from Japan.

McDonald’s is also careful to adapt its menus to local customs and culture. In Israel, all meat served in the chain’s restaurants is 100 percent kosher beef. The com- pany also closes many of its restau- rants on the Sabbath and religious holidays. McDonald’s pays respect

to religious sentiments in India as well by not including any beef or pork on its menu. For more exam- ples, go to www.mcdonalds.com and explore the various McDonald’s international franchises websites. Notice how the company blends the culture of each country into the restaurant’s image.

McDonald’s main global market concern as of late has been Asia. So far McDonald’s strategy seems to be working. In Shanghai the company’s Hamburger University attracts top-level college graduates to be trained for management posi- tions. Only about eight out of every 1,000 applicants makes it into the

program, an acceptance rate even lower than Harvard’s! McDonald’s is reaching out further in Asia and in 2014 opened its first store in Vietnam. The Vietnamese location in Ho Chi Minh City is the coun- try’s very first drive-thru restaurant. Bringing McDonald’s to Vietnam is a dream come true for Henry Nguyen, founder of Good Day Hospitality, who has been wanting to introduce

the brand to Vietnam for over a decade. Nguyen brought in 20 top McDonald’s employees from Australia to help aid in the opening while also sending pro- spective Vietnamese employees to Queensland to learn the ropes in a real-life restaurant setting. In the end, one can only hope that McDonald’s remains dedicated to quality as it continues adapting and expanding into the global market.

Sources: Erin Smith, “Some McSkills to Share,” The Warwick Daily News, February 4, 2014; Kate Taylor, “New Year, New Expansion: McDonald’s to Open First Restaurant in Vietnam,” Entrepreneur, December 23, 2013; Vivian Giang, “McDonald’s Hamburger University: Step inside the Most Exclusive School in the World,” Business Insider, April 7, 2012; and McDonald’s, www.mcdonalds .com , accessed February 2014.

www.mcdonalds.com

McDonald’s: Over 100 Cultures Served

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Reaching Beyond Our Borders boxes focus on global issues surrounding business.

Making Ethical Decisions boxes offer students eth- ical dilemmas to consider.

making ethical decisions

The Affordable Care Act (ACA) may bring some relief to astro- nomical insurance costs. But as premiums continue to rise at home, overseas in countries like Thailand, Colombia, and India, health care is not only affordable, it’s also high quality. For instance, in the United States it would cost Patrick Follett, an avid skier, at least $65,000 for his hip replace- ment surgery. Unlike some Americans, Follett had medical insurance and would have part of the procedure covered. However, it would have still cost him at least

$10,000 out-of-pocket. Follett, like 1.6 million other Americans, started looking for treatment else- where. In March of 2012, he underwent surgery in Mexico and was back on the California ski slopes in March of 2013. His total bill: $10,000, all of which was cov- ered by his company.

Right now, few American com- panies include medical tourism in their health care plans, but some of the larger companies like Aetna and WellPoint are working with companies to include inter- national coverage. It’s even

expected to become a booming industry with worldwide annual growth estimated between 20 and 30 percent. Would it be ethi- cal to force patients to travel thousands of miles and be sepa- rated from friends and family in a time of crisis in order to save money?

Sources: Medical Tourism Association, “Medical Tourism Sample Surgery Cost Chart,” www .medicaltourismassociation.com/en/for-patients. html , accessed March 2014; Kevin Gray, “Medical Tourism: Overseas and Under the Knife,” Men’s Journal, November 2013; and Elisabeth Rosenthal “The Growing Popularity of Having Surgery Overseas,” The New York Times, August 6, 2013.

www.medicaltourism.com

Making Your Operation Your Vacation

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PLATINUM EXPERIENCE INSTRUCTOR RESOURCES Connect offers instructors autogradable material in an effort to facilitate learning and to save time.

Student Progress Tracking

spotlight on small business

Although Americans love to watch sports, professional athletes often receive criticism for collecting enormous paychecks. After all, some sports stars make more money in a single season than many educators or nurses would see in a lifetime. But matters can change drastically for athletes once their playing days end. Suddenly skills that you’ve spent your entire life honing are obso- lete, often leading to confusion over what to do next.

When faced with this problem, the groundbreaking former NBA center Yao Ming opted to use his resources to start a business. Although this is a common post- retirement tactic for many ath- letes, Yao didn’t unveil a line of

athletic wear or open a chain of sports bars. Instead, he estab- lished a high-end winery in California’s famous Napa Valley. Although many wealthy Chinese celebrities have bought vine- yards, Yao has set himself apart by building a brand from scratch

rather than investing in an exist- ing operation. A national hero in China, Yao Family Wines uses the name recognition of its seven- and-half-foot founder to appeal to the nation’s growing consumer class. Yao’s wines are intention- ally expensive: the cheapest vin- tage goes for about $87 while the priciest bottle, Yao Ming Family Reserve, lists for more than $1,000. With premium brands still a rarity in China, Yao could end up being just as influential in the Chinese business world as he was on the basketball court.

Sources: Jason Chow, “Yao Ming’s Napa Winery Stoops to Conquer China’s Middle Class,” The Wall Street Journal, September 5, 2013; and Michelle FlorCruz, “Yao Ming’s Wine Company Sets Sights on China’s Growing Middle Class,” International Business Times, September 6, 2013.

www.yaofamilywines.com

From Setting Picks to Picking Grapes

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Spotlight on Small Business boxes feature how the concepts in the chapter relate to small businesses.

Connect Insight is a powerful data analytics tool that allows instructors to leverage aggregated information about their courses and students to provide a more personalized teach- ing and learning experience.

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Connect’s Instructor Library Connect’s Instructor Library serves as a one-stop, secure site for essential course materi- als, allowing you to save prep time before class. The instructor site resources found in the library include:

• Instructor’s Manual

• PowerPoint Presentations

• Test Bank/EZ Test

• Monthly Bonus Activities

• Videos

• Video Guide

• Connect Instructor’s Manual

Instructor’s Manual: The authors have carefully reviewed all resources provided in the Instructor’s Manual to ensure cohesion with the text. It includes everything an instruc- tor needs to prepare a lecture, including lecture outlines, discussion questions, and teaching notes. More than 900 PowerPoint slides offer material from the text, as well as expanded coverage to supplement discussion.

PowerPoint Presentations: More than 900 PowerPoint slides offer material from the text, as well as expanded coverage to supplement discussion.

Test Bank and EZ Test Online: The Test Bank and Computerized Test Bank offer over 8,000 multiple-choice, true/false, short answer, essay, and application questions. ISBN: 0077474376

Monthly Bonus Activities: Monthly Bonus Activities contain a variety of tools to help freshen your classes: (1) links to interesting new videos; (2) abstracts of recent articles with accompanying critical-thinking questions to spark class discussion (sample answers included); and (3) a PowerPoint file that integrates these elements in an easy-to-use pack- age. If you’re a current adopter of the text, then we are already sending you the Monthly Bonus Activities. If you are not receiving them and would like to, please contact your McGraw-Hill Sales Representative.

Videos: Chapter-specific videos are provided to complement each chapter of the text. Eleven of the 20 videos have been updated to include interesting companies that students will identify with such as SXSW, Sonic, and Whole Foods.

Video Guide: The Video Guide offers additional detailed teaching notes to accompany the chapter videos, and provides essay-style and multiple-choice questions.

Connect Instructor’s Manual: This Instructor’s Manual offers instructors what they need to set up Connect for their courses. It explains everything from how to get started to suggestions of what to assign and ideas about assigning credit. This tool was developed by instructors who have used and continue to use Connect successfully in their course.

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xiv

PLATINUM EXPERIENCE TEACHING OPTIONS AND SOLUTIONS

Blackboard Partnership McGraw-Hill Education and Blackboard have teamed up to simplify your life. Now you and your students can access Connect and Create right from within your Black- board course—all with one single sign-on. The grade books are seamless, so when a student completes an integrated Connect assignment, the grade for that assignment automatically (and instantly) feeds your Blackboard grade center. Learn more at www.domorenow.com.

Create Instructors can now tailor their teaching resources to match the way they teach! With McGraw-Hill Create, www.mcgrawhillcreate.com , instructors can easily rearrange

chapters, combine material from other content sources, and quickly upload and integrate their own content, like course syllabi or teaching notes. Find the right content in Create by searching through thousands of leading McGraw-Hill textbooks. Arrange the material to fit your teach-

ing style. Order a Create book and receive a complimentary print review copy in three to five business days or a complimentary electronic review copy via e-mail within one hour. Go to www.mcgrawhillcreate.com today and register.

Tegrity Campus Tegrity makes class time available 24/7 by automatically capturing every lecture in a searchable format for students to review when they study and complete assignments. With a simple one-click start-and-stop process, you capture all computer screens and

corresponding audio. Students can replay any part of any class with easy-to-use browser-based viewing on a PC or Mac. Educators know that the more students can see, hear, and experience class resources, the better they learn. In fact, studies prove it. With patented Tegrity “search anything” technology, students instantly

recall key class moments for replay online or on iPods and mobile devices. Instructors can help turn all their students’ study time into learning moments immediately supported by their lecture. To learn more about Tegrity, watch a two-minute Flash demo at http:// tegritycampus.mhhe.com .

McGraw-Hill Campus McGraw-Hill Campus is a new one-stop teaching and learning experience available to users of any learning management system. This institutional service allows faculty and students to enjoy single sign-on (SSO) access to all McGraw-Hill Higher Education

materials, including the award-winning McGraw-Hill Connect platform, from directly within the institution’s website. With McGraw-Hill Campus, faculty receive instant access to teaching materials (e.g., eTextbooks, test banks, Power Point slides, animations, learning objects, etc.), allowing them to browse,

search, and use any instructor ancillary content in our vast library at no additional cost to instructor or students.

®

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xv

COURSE DESIGN AND DELIVERY In addition, students enjoy SSO access to a variety of free content (e.g., quizzes, flash cards, narrated presentations, etc.) and subscription-based products (e.g., McGraw-Hill Connect). With McGraw-Hill Campus enabled, faculty and students will never need to create another account to access McGraw-Hill products and services. Learn more at www.mhcampus.com.

Assurance of Learning Ready Many educational institutions today focus on the notion of assurance of learning, an important element of some accreditation standards. Understanding Business is designed specifically to support instructors’ assurance of learning initiatives with a simple yet pow- erful solution. Each test bank question for Understanding Business maps to a specific chapter learning objective listed in the text. Instructors can use our test bank software, EZ Test and EZ Test Online, to easily query for learning objectives that directly relate to the learning outcomes for their course. Instructors can then use the reporting features of EZ Test to aggregate student results in similar fashion, making the collection and presenta- tion of assurance of learning data simple and easy.

AACSB Tagging McGraw-Hill Education is a proud corporate member of AACSB International. Under- standing the importance and value of AACSB accreditation, Understanding Business recognizes the curricula guidelines detailed in the AACSB standards for business accred- itation by connecting selected questions in the text and the test bank to the six general knowledge and skill guidelines in the AACSB standards. The statements contained in Understanding Business are provided only as a guide for the users of this textbook. The AACSB leaves content coverage and assessment within the purview of individual schools, the mission of the school, and the faculty. While the Understanding Business teaching package makes no claim of any specific AACSB qualification or evaluation, we have within Understanding Business labeled selected questions according to the six general knowledge and skills areas.

McGraw-Hill Customer Experience Group Contact Information At McGraw-Hill Education, we understand that getting the most from new technology can be challenging. That’s why our services don’t stop after you purchase our products. You can e-mail our Product Specialists 24 hours a day to get product training online. Or you can search our knowledge bank of Frequently Asked Questions on our support website. For Customer Support, call 800-331-5094 or visit www.mhhe.com/support . One of our Technical Support Analysts will be able to assist you in a timely fashion.

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xvii

Ashraf Almurdaah, Los Angeles City College

Lydia Anderson, Fresno City College

Chi Anyasi-Archibong, North Carolina A&T

Maria Aria, Camden County College

Michael Aubry, Cuyamaca College

Frank Barber, Cuyahoga Commu- nity College

Richard Bartlett, Columbus State Community College

Lorraine P. Bassette, Prince George’s Community College

Jim Beard, University of Arkansas–Fort Smith

Amy Beattie, Champlain College

Charles Beem, Bucks County Community College

Robert Bennett, Delaware County Community College

Michael Bento, Owens Community College

George H. Bernard, Seminole State College of Florida

Marilyn Besich, Montana State University–Great Falls

Dennis Brode, Sinclair Community College

Kathy Broneck, Pima Community College

Harvey Bronstein, Oakland Com- munity College

Jerri Buiting, Baker College–Flint

Bonnie Chavez, Santa Barbara City College

Savannah Clay, Central Piedmont Community College

Paul Coakley, Community College of Baltimore County

Patrick Conroy, Delgado Community College

James Darling, Central New Mexico Community College

Joseph Dutka, Ivy Tech Community College of Indiana

MaryBeth Furst, Howard Community College

Wayne Gawlik, Joliet Junior College

A C

K N

O W

L E

D G

M E

N T

S

O ur Senior Brand Manager, Anke Weekes, led the talented team at McGraw-Hill Educa- tion. We appreciate her dedication to the success of the project and her responsiveness to the demands of the market. Kelly Delso served as our product developer and kept everyone on task and on schedule. Molly and Michael McHugh contributed the new boxes and pro- files. Srdjan Savanovic created the new fresh, open interior design and extraordinary cover. Carrie Burger and Jen Blankenship carried out the extensive research for photos that was necessary to effectively reflect the concepts presented in the text. Lead project manager, Christine Vaughan, did a splendid job of keeping the production of the text on schedule. Danielle Clement expertly supervised Connect production.

Many dedicated educators made extraordinary contributions to the quality and utility of this text and package. For this edition, Molly McHugh did an exceptional job in prepar- ing the Test Bank and creating the quizzes for Connect. Molly also did a superb job of creating the PowerPoint slides and a useful and current Instructor’s Resource Manual. We also recognize the efforts of those who contributed to the creation of Connect materials, and to our LearnSmart “team” at Monroe Community College; Judy Bulin, John Striebich, and Donna Haeger who tirelessly worked to review and perfect LearnSmart content. Thank you to Chris Cole, Dayna Brown, Dan Mack, and the crew of Cole Creative Productions for the fabulous new videos they produced. Thank you to the Digital Faculty Consultants who have helped train and support so many instructors in the Introduction to Business course, as well as assist them in successfully implementing Connect into their courses: Chris Finnin, Drexel University; Todd Korol, Monroe Community College; John Striebich, Monroe Community College; and Marie Lapidus, Oakton Community College.

Our outstanding marketing manager, Michael Gedatus, was up to the challenge of once again guiding the text to market leadership. With the assistance of the market’s fin- est sales professionals, he led the text to record highs. We appreciate his commitment and the renowned product knowledge, service, and dedication of the McGraw-Hill Education sales reps. We want to thank the many instructors who contributed to the development of Understanding Business.

REVIEWERS We would like to thank the following instructors for sharing their opinions with us in an effort to improve this and previous editions:

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ACKNOWLEDGMENTSxviii

Ross Gittell, University of New Hampshire

Constance Golden, Lakeland Community College

Doug Greiner, University of Toledo–Scott Park

John Guess, Delgado Community College

Lisa E. Hadley, Southwest Tennessee Community College

Nancy Hernandez, Howard College

Maryanne Holcomb, Oakland Community College

Russell E. Holmes, Des Moines Area Community College

Janice Karlen, La Guardia Community College

James W. Marco, Wake Technical Community College

Theresa Mastrianni, Kingsborough Community College

Michelle Meyer, Joliet Junior College

Catherine Milburn, University of Colorado–Denver

Mihai Nica, University of Central Oklahoma

David Oliver, Edison Community College

Dyan Pease, Sacramento City College

Vincent Quan, Fashion Institute of Technology

David Robinson, University of California–Berkeley

Rieann Spence-Gale, Nova Community College

Kurt Stanberry, University of Houston

Marguerite Teubner, Nassau Community College

Rod Thirion, Pikes Peak Community College

William J. Wardrope, University of Central Oklahoma

David Washington, North Carolina State University

Ruby Barker, Tarleton State University

Rosalia (Lia) Barone, Norwalk Community College

Barbara Barrett, St. Louis Commu- nity College–Meramec

Barry Barrett, University of Wisconsin–Milwaukee

Lorraine Bassette, Prince George’s Community College

Robb Bay, College of Southern Nevada–West Charle

Charles Beavin, Miami Dade College North

Charles Beem, Bucks County Community College

Cathleen Behan, Northern Virginia Community College

Lori Bennett, Moorpark College

Ellen Benowitz, Mercer Commu- nity College

Patricia Bernson, County College of Morris

William Bettencourt, Edmonds Community College

Robert Blanchard, Salem State College

Nikolas Adamou, Borough of Manhattan Community College

Cathy Adamson, Southern Union State Community College

Gary Amundson, Montana State University–Billings

Kenneth Anderson, Borough of Manhattan Community College

Kenneth Anderson, Mott Community College

Lydia Anderson, Fresno City College

Narita Anderson, University of Central Oklahoma

Roanne Angiello, Bergen Community College

Chi Anyansi-Archibong, North Carolina A&T University

Michael Atchison, University of Virginia–Charlottesville

Andrea Bailey, Moraine Valley Community College

Sandra Bailey, Ivy Tech Commu- nity College of Indiana

Scott Bailey, Troy University

Wayne Ballantine, Prairie View A&M University

Mary Jo Boehms, Jackson State Community College

James Borden, Villanova University

Michael Bravo, Bentley College

Dennis Brode, Sinclair Community College

Harvey Bronstein, Oakland Com- munity College–Farmington Hills

Deborah Brown, North Carolina State University–Raleigh

Aaron A. Buchko, Bradley University

Laura Bulas, Central Community College–Hastings

Judy Bulin, Monroe Community College

Barry Bunn, Valencia Community College–West Campus

Bill Burton, Indiana Wesleyan University

Paul Callahan, Cincinnati State Technical and Community College

William Candley, Lemoyne Owen College

We would like to thank the following instructors and students who generously provided the input and advice that contrib- uted to the development of this text.

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xixACKNOWLEDGMENTS

Nancy Carr, Community College of Philadelphia

Ron Cereola, James Madison University

Bonnie Chavez, Santa Barbara City College

Susan Cisco, Oakton Community College

Margaret (Meg) Clark, Cincinnati State Technical and Community College

David Clifton, Ivy Tech Community College of Indiana

C. Cloud, Phoenix College

Doug Cobbs, JS Reynolds Com- munity College

Brooks Colin, University of New Orleans

Debbie Collins, Anne Arundel Community College

Andrew Cook, Limestone College

Bob Cox, Salt Lake Community College

Susan Cremins, Westchester Com- munity College

Julie Cross, Chippewa Valley Tech College

Geoffrey Crosslin, Kalamazoo Valley Community College

Douglas Crowe, Bradley University

John David, Stark State College of Technology

Peter Dawson, Collin County Community College

Joseph Defilippe, Suffolk County Community College–Brentwood

Tim DeGroot, Midwestern State University

Len Denault, Bentley College

Frances Depaul, Westmoreland County Community College

Donna Devault, Fayetteville Tech Community College

Sharon Dexter, Southeast Community College–Beatrice

John Dilyard, St. Francis College

Barbara Dinardo, Owens Community College

George Dollar, St. Petersburg College

Glenn Doolittle, Santa Ana College

Ron Dougherty, Ivy Tech Community College of Indiana

Michael Drafke, College of DuPage

Karen Eboch, Bowling Green State University

Brenda Eichelberger, Portland State University

Kelvin Elston, Nashville State Tech Community College

Robert Ettl, Stony Brook University

Nancy Evans, Heartland Community College

Michael Ewens, Ventura College

Hyacinth Ezeka, Coppin State University

Bob Farris, Mt. San Antonio College

Karen Faulkner, Long Beach City College

Gil Feiertag, Columbus State Community College

Joseph Flack, Washtenaw Community College

Lucinda Fleming, Orange County Community College

Jackie Flom, University of Toledo

Andrea Foster, John Tyler Community College

Michael Foster, Bentley College

Leatrice Freer, Pitt Community College

Alan Friedenthal, Kingsborough Community College

Charles Gaiser, Brunswick Community College

Ashley Geisewite, Southwest Tennessee Community College

Katie Ghahramani, Johnson County Community College

Debora Gilliard, Metropolitan State College–Denver

James Glover, Community College of Baltimore County–Essex

Constance Golden, Lakeland Community College

Toby Grodner, Union County College

Clark Hallpike, Elgin Community College

Geri Harper, Western Illinois University

Frank Hatstat, Bellevue Community College

Spedden Hause, University of Maryland–University College

Karen Hawkins, Miami-Dade College–Kendall

Travis Hayes, Chattanooga State Technical Community College

Jack Heinsius, Modesto Junior College

Charlane Held, Onondaga Community College

James Hess, Ivy Tech Community College of Indiana

Steve Hester, Southwest Tennessee Community College–Macon Campus

William Hill, Mississippi State University

Nathan Himelstein, Essex County College

Paula Hladik, Waubonsee Community College

David Ho, Metropolitan Community College

Douglas Hobbs, Sussex County Community College

Maryanne Holcomb, Antelope Valley College

Mary Carole Hollingsworth, Georgia Perimeter College

Russell Holmes, Des Moines Area Community College

Scott Homan, Purdue University–West Lafayette

Stacy Horner, Southwestern Michigan College

Dennis Hudson, University of Tulsa

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ACKNOWLEDGMENTSxx

Jo Ann Hunter, Community College Allegheny County in Pittsburgh

Kimberly Hurns, Washtenaw Community College

Victor Isbell, University of Nevada–Las Vegas

Deloris James, University of Maryland–University College

Pam Janson, Stark State College of Technology

William Jedlicka, Harper College

Carol Johnson, University of Denver

Gwendolyn Jones, University of Akron

Kenneth Jones, Ivy Tech Commu- nity College of Indiana

Marilyn Jones, Friends University

Michael Jones, Delgado Commu- nity College

Dmitriy Kalyagin, Chabot College

Jack Kant, San Juan College

Jimmy Kelsey, Seattle Central Community College

Robert Kemp, University of Virginia–Charlottesville

David Kendall, Fashion Institute of Technology

Kristine Kinard, Shelton State Community College

Sandra King, Minnesota State University–Mankato

John Kurnik, Saint Petersburg College

Jeff LaVake, University of Wisconsin–Oshkosh

Robert Lewis, Davenport University

Byron Lilly, DeAnza College

Beverly Loach, Central Piedmont Community College

Boone Londrigan, Mott Commu- nity College

Ladonna Love, Fashion Institute of Technology

Ivan Lowe, York Technical College

Yvonne Lucas, Southwestern College

Robert Lupton, Central Washington University

Megan Luttenton, Grand Valley State University

Elaine Madden, Anne Arundel Community College

Lawrence Maes, Davenport University

Niki Maglaris, Northwestern College

James Maniki, Northwestern College

Martin Markowitz, College of Charleston

Fred Mayerson, Kingsborough Community College

Stacy McCaskill, Rock Valley College

Vershun L. McClain, Jackson State University

Gina McConoughey, Illinois Central College

Patricia McDaniel, Central Piedmont Community College

Pam McElligott, St. Louis Commu- nity College–Meramec

Tom McFarland, Mt. San Antonio College

Bill McPherson, Indiana University of Pennsylvania

Ginger Moore, York Technical College

Sandy Moore, Ivy Tech Community College of Indiana

Jennifer Morton, Ivy Tech Community College of Indiana

Peter Moutsatson, Central Michigan University

Rachna Nagi-Condos, American River College

Darrell Neron, Pierce College

Mihia Nica, University of Central Oklahoma

Charles Nichols, Sullivan University

Frank Novakowski, Davenport University

Mark Nygren, Brigham Young University–Idaho

Paul Okello, Tarrant County College

Faviana Olivier, Bentley College

John Olivo, Bloomsburg University of Pennsylvania

Teresa O’Neill, International Institute of the Americas

Cathy Onion, Western Illinois University

Susan Ontko, Schoolcraft College

Glenda Orosco, Oklahoma State University Institute of Technology

Christopher O’Suanah, J. S. Reynolds Community College

Daniel Pacheco, Kansas City Kansas Community College

Esther Page-Wood, Western Michigan University

Lauren Paisley, Genesee Community College

John Pappalardo, Keene State College

Ron Pardee, Riverside Community College

Jack Partlow, Northern Virginia Community College

Jeff Pepper, Chippewa Valley Tech College

Sheila Petcavage, Cuyahoga Community College Western–Parma

Roy Pipitone, Erie Community College

Lana Powell, Valencia Community College–West Campus

Dan Powroznik, Chesapeake College

Litsa Press, College of Lake County

Sally Proffitt, Tarrant County College–Northeast

Michael Quinn, James Madison University

Anthony Racka, Oakland Commu- nity College

Larry Ramos, Miami-Dade Commu- nity College

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xxiACKNOWLEDGMENTS

Greg Rapp, Portland Community College–Sylvania

Robert Reese, Illinois Valley Com- munity College

David Reiman, Monroe County Community College

Gloria Rembert, Mitchell Commu- nity College

Levi Richard, Citrus College

Clinton Richards, University of Nevada–Las Vegas

Patricia Richards, Westchester Community College

Susan Roach, Georgia Southern University

Sandra Robertson, Thomas Nelson Community College

Catherine Roche, Rockland Community College

Tim Rogers, Ozark Technical College

Sam Rohr, University of Northwestern Ohio

Pamela Rouse, Butler University

Carol Rowey, Community College of Rhode Island

Jeri Rubin, University of Alaska–Anchorage

Storm Russo, Valencia Community College

Mark Ryan, Hawkeye Community College

Richard Sarkisian, Camden County College

Andy Saucedo, Dona Ana Community College–Las Cruces

James Scott, Central Michigan University

Janet Seggern, Lehigh Carbon Community College

Sashi Sekhar, Purdue University–Calumet-Hammond

Pat Setlik, Harper College

Swannee Sexton, University of Tennessee–Knoxville

Phyllis Shafer, Brookdale Commu- nity College

Richard Shortridge, Glendale Community College

Louise Stephens, Volunteer State Community College

Desiree Stephens, Norwalk Com- munity College

Clifford Stalter, Chattanooga State Technical Community College

Kurt Stanberry, University of Houston–Downtown

Martin St. John, Westmoreland County Community College

John Striebich, Monroe Commu- nity College

David Stringer, DeAnza College

Ron Surmacz, Duquesne University

William Syvertsen, Fresno City College

Scott Taylor, Moberly Area Com- munity College

Jim Thomas, Indiana University Northwest

Deborah Thompson, Bentley College

Evelyn Thrasher, University of Massachusetts–Dartmouth

Jon Tomlinson, University of Northwestern Ohio

Bob Trewartha, Minnesota School of Business

Bob Urell, Irvine Valley College

Dan Vetter, Central Michigan University

Andrea Vidrine, Baton Rouge Community College

Daniel Viveiros, Johnson & Wales University

Joann Warren, Community College of Rhode Island–Warwick

R. Patrick Wehner, Everest University

Sally Wells, Columbia College

Mildred Wilson, Georgia Southern University

Karen Wisniewski, County College of Morris

Greg Witkowski, Northwestern College

Colette Wolfson, Ivy Tech Community College of Indiana

Deborah Yancey, Virginia Western Community College

Mark Zarycki, Hillsborough Community College

Lisa Zingaro, Oakton Community College

Mark Zorn, Butler County Community College

This edition continues to be the market’s gold standard due to the involvement of these committed instructors and stu- dents. We thank them all for their help, support, and friendship.

Bill Nickels Jim McHugh Susan McHugh

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PART 3

PART 1

PART 4

PART 5

PART 6

PART 2

xxii

 
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