BUSN 12: Introduction to Business 12th Edition by Chuck Williams, ISBN-13: 978-0357122945

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BUSN 12: Introduction to Business 12th Edition by Chuck Williams, ISBN-13: 978-0357122945

[PDF eBook eTextbook] – Available Instantly

• Publisher: ‎ South-Western College Publishing; 12th edition (June 3, 2022)
• Language: ‎ English
• 400 pages
• ISBN-10: ‎ 0357122941
• ISBN-13: ‎ 978-0357122945

Learn business in the way that’s best for you with Kelly/Williams BUSN, 12E and online resources from 4LTR Press. Visually-driven and current, this edition integrates even more of today”s latest examples within an interesting narrative approach. Updated content covers key business concepts while remaining brief. You see the impact of COVID-19 on businesses and individuals. New and updated chapter examples and feature boxes highlight real companies and business challenges, such as Netflix finances, GameStop stock, accounting fraud at China”s Luckin” Coffee and cash budgets for PlayStation 5 and other gaming consoles. You can study “on the go” with unique, tear-out Review Cards and chapters you can read or listen to. Learn on your terms as you use BUSN MindTap with the printed text or on its own. New online activities, cases, videos and quizzes help you prepare for exams. You can even track your scores to kn

Table of Contents:

Cover Page

Title Page

Copyright Page

Dedication

Letter to Students

Chapter 1. Business Now: Change Is the Only Constant

1-1. Business Now: Moving at Breakneck Speed

1-1a. Business Basics: Some Key Definitions

1-2. The History of Business: Putting It All in Context

1-3. Nonprofits and the Economy: The Business of Doing Good

1-4. Factors of Production: The Basic Building Blocks

1-5. The Business Environment: The Context for Success

1-5a. The Economic Environment

1-5b. The Competitive Environment

1-5c. The Workforce Advantage

1-5d. The Technological Environment

1-5e. The Social Environment

1-5f. The Global Environment

1-6. Business and You: Making It Personal

Learning Objectives/Key Terms

Chapter 2. Economics: The Framework for Business

2-1. Economics: Navigating a Crisis

2-2. Economics and the Great Recession

2-2a. Managing the Crisis

2-2b. Moving in a Better Direction

2-3. Managing the Economy Through Fiscal and Monetary Policy

2-3a. Fiscal Policy

2-3b. Debt Ceiling/Fiscal Cliff

2-3c. Monetary Policy

2-4. Capitalism: The Free Market System

2-4a. The Fundamental Rights of Capitalism

2-4b. Four Degrees of Competition

2-4c. Supply and Demand: Fundamental Principles of a Free Market System

2-5. Planned Economies: Socialism and Communism

2-5a. Socialism

2-5b. Communism

2-6. Mixed Economies: The Story of the Future

2-7. Evaluating Economic Performance: What’s Working?

2-7a. Gross Domestic Product

2-7b. Employment Level

2-7c. The Business Cycle

2-7d. Price Levels

2-7e. Productivity

Learning Objectives/Key Terms

Chapter 3. The World Marketplace: Business without Borders

3-1. A Dramatic Change

3-2. The Global Marketplace: A Huge Business Opportunity

3-2a. So Where Exactly Will the Opportunity Be?

3-2b. The Cell Phone Connection

3-3. Key Reasons for International Trade

3-3a. Competitive Advantage

3-4. Global Trade: Taking Measure

3-4a. Balance of Trade

3-4b. Balance of Payments

3-4c. Exchange Rates

3-4d. Countertrade

3-5. Seizing the Opportunity: Strategies for Reaching Global Markets

3-5a. Foreign Outsourcing and Importing

3-5b. Exporting

3-5c. Foreign Licensing and Foreign Franchising

3-5d. Foreign Direct Investment

3-6. Barriers to International Trade

3-6a. Sociocultural Differences

3-6b. Economic Differences

3-6c. Political and Legal Differences

3-7. Free Trade: The Movement Gains Momentum

3-7a. GATT and the World Trade Organization

3-7b. The World Bank

3-7c. The International Monetary Fund

3-7d. Trading Blocs and Common Markets

Learning Objectives/Key Terms

Chapter 4. Business Ethics and Social Responsibility: Doing Well by Doing Good

4-1. Ethics and Social Responsibility: A Close Relationship

4-1a. Defining Ethics: Murkier Than You’d Think

4-1b. Universal Ethical Standards: A Reasonable Goal or Wishful Thinking?

4-2. Business Ethics: Not an Oxymoron

4-3. Ethics: Multiple Touchpoints

4-3a. Ethics and the Individual: The Power of One

4-3b. Ethics and the Organization: It Takes a Village

4-3c. Creating and Maintaining an Ethical Organization

4-4. Defining Social Responsibility: Making the World a Better Place

4-4a. The Stakeholder Approach: Responsibility to Whom?

4-5. Ethics and Social Responsibility in the Global Arena: A House of Mirrors?

4-6. Monitoring Ethics and Social Responsibility: Who Is Minding the Store?

Learning Objectives/Key Terms

Chapter 5. Business Communication: Creating and Delivering Messages That Matter

5-1. Excellent Communication Skills: Your Invisible Advantage

5-1a. Communication Barriers: “That’s Not What I Meant!”

5-2. Nonverbal Communication: Beyond the Words

5-2a. Active Listening: the Great Divider

5-3. Choose the Right Channel: A Rich Array of Options

5-3a. The Dramatic Rise of Videoconferencing

5-3b. Consider the Audience: It’s Not About You!

5-4. Pick The Right Words: Is That Car Pre-Loved or Just Plain Used?!

5-4a. Analyze Your Audience

5-4b. Be Concise

5-4c. Avoid Slang

5-4d. Avoid Bias

5-4e. Use the Active Voice Whenever Possible

5-5. Write High-Impact Messages: Breaking Through the Clutter

5-5a. Strike the Right Tone

5-5b. Don’t Make Grammar Goofs

5-5c. Use Block Paragraphs

5-5d. Use Headings and Bulleted Lists Wherever Appropriate

5-6. Deliver Successful Verbal Presentations: Hook ‘Em and Reel ’Em In!

5-6a. Opening

5-6b. Body

5-6c. Close

5-6d. Questions

5-6e. Visual Aids

5-6f. Google Presentations

5-6g. Handling Nerves

5-6h. Handling Hostility

5-6i. Incorporating Humor

5-6j. A Spot on the Back Wall?

5-6k. Delivery

Learning Objectives/Key Terms

Chapter 6. Business Formation: Choosing the Form That Fits

6-1. Business Ownership Options: The Big Four

6-2. Advantages and Disadvantages of Sole Proprietorships

6-2a. Advantages

6-2b. Disadvantages

6-3. Partnerships: Can Two Heads (and Bankrolls) Be Better Than One?

6-3a. Formation of General Partnerships

6-3b. Advantages of General Partnerships

6-3c. Disadvantages of General Partnerships

6-3d. Limited Partnerships

6-3e. Limited Liability Partnerships

6-4. Corporations: The Advantages and Disadvantages of Being an Artificial Person

6-4a. Forming a C Corporation

6-4b. Ownership of C Corporations

6-4c. The Role of the Board of Directors

6-4d. Advantages of C Corporations

6-4e. Disadvantages of C Corporations

6-4f. Other Types of Corporations: Same but Different

6-4g. Corporate Restructuring

6-5. The Limited Liability Company: The New Kid on the Block

6-5a. Forming and Managing an LLC

6-5b. Advantages of LLCs

6-5c. Limitations and Disadvantages of LLCs

6-6. Franchising: Proven Methods for a Price

6-6a. Franchising in Today’s Economy

6-6b. Advantages of Franchising

6-6c. Disadvantages of Franchising

6-6d. Entering into a Franchise Agreement

Learning Objectives/Key Terms

Chapter 7. Small Business and Entrepreneurship: Economic Rocket Fuel

7-1. Launching a New Venture: What’s in It for Me?

7-1a. Greater Financial Success

7-1b. Independence

7-1c. Flexibility

7-1d. Challenge

7-1e. Survival

7-2. The Entrepreneur: A Distinctive Profile

7-2a. The Entrepreneurial Mindset: A Matter of Attitude

7-2b. Entrepreneurial Characteristics

7-3. Finding the Money: Funding Options for Small Businesses

7-3a. Personal Resources

7-3b. Loans

7-3c. Crowdfunding

7-3d. Angel Investors

7-3e. Venture Capital

7-4. Opportunities and Threats for Small Business: A Two-Sided Coin

7-4a. Small Business Opportunities

7-4b. Small Business Threats

7-5. Launch Options: Reviewing the Pros and Cons

7-5a. Making It Happen: Tools for Business Success

7-6. Small Business and the Economy: An Outsized Impact

7-6a. Entrepreneurship around the World

Learning Objectives/Key Terms

Chapter 8. Accounting: Decision Making by the Numbers

8-1. Accounting: Who Needs It—and Who Does It?

8-1a. Accounting: Who Uses It?

8-1b. Accounting: Who Does It?

8-2. Financial Accounting: Intended for Those on the Outside Looking in

8-2a. Role of the Financial Standards Accounting Board

8-2b. Ethics in Accounting

8-3. Financial Statements: Read All about Us

8-3a. The Balance Sheet: What We Own and How We Got It

8-3b. The Income Statement: So, How Did We Do?

8-3c. The Statement of Cash Flows: Show Me the Money

8-3d. Other Statements: What Happened to the Owners’ Stake?

8-4. Interpreting Financial Statements: Digging beneath the Surface

8-4a. The Independent Auditor’s Report: Getting a Stamp of Approval

8-4b. Checking Out the Notes to Financial Statements: What’s in the Fine Print?

8-4c. Looking for Trends in Comparative Statements

8-5. Budgeting: Planning for Accountability

8-5a. Preparing the Budget: Top-Down or Bottom-Up?

8-5b. Developing the Key Budget Components: One Step at a Time

8-5c. Being Flexible: Clearing Up Problems with Static Budgets

8-6. Inside Intelligence: The Role of Managerial Accounting

8-6a. Cost Concepts: A Cost for All Reasons

8-6b. Assigning Costs to Products: As (Not So) Simple as ABC?

Learning Objectives/Key Terms

Chapter 9. Finance: Acquiring and Using Funds to Maximize Value

9-1. What Motivates Financial Decisions?

9-1a. Shareholder Value and Social Responsibility: Does Good Behavior Pay Off?

9-1b. Risk and Return: A Fundamental Trade-Off in Financial Management

9-2. Identifying Financial Needs: Evaluation and Planning

9-2a. Using Ratio Analysis to Identify Current Strengths and Weaknesses

9-2b. Planning Tools: Creating a Road Map to the Future

9-2c. Basic Planning Tools: Budgeted Financial Statements and the Cash Budget

9-3. Finding Funds: What Are the Options?

9-3a. Sources of Short-Term Financing: Meeting Needs for Cash

9-3b. Sources of Long-Term Funds: Providing a Strong Financial Base

9-4. Leverage and Capital Structure: How Much Debt Is Too Much Debt?

9-4a. Pros and Cons of Debt Financing

9-4b. Pros and Cons of Equity Financing

9-4c. Financial Leverage: Using Debt to Magnify Gains (and Losses)

9-5. Acquiring and Managing Current Assets

9-5a. Managing Cash: Is It Possible to Have Too Much Money?

9-5b. Managing Accounts Receivable: Pay Me Now or Pay Me Later

9-5c. Managing Inventories: Taking Stock of the Situation

9-6. Capital Budgeting: In It for the Long Haul

9-6a. Evaluating Capital Budgeting Proposals

9-6b. Accounting for the Time Value of Money

9-6c. The Risk-Return Trade-Off Revisited

9-6d. Net Present Value: A Decision Rule for Capital Budgeting

Learning Objectives/Key Terms

Chapter 10. Financial Markets: Allocating Financial Resources

10-1. The Role of Financial Markets and Their Key Players

10-1a. Depository Institutions

10-1b. Nondepository Financial Institutions

10-2. Regulating Financial Markets to Protect Investors and Improve Stability

10-2a. Financial Regulation: Early Efforts

10-2b. Deregulation During the 1980s and 1990s: Temporarily Reversing Course

10-2c. Recent Developments: Reregulation in the Aftermath of Financial Turmoil

10-3. Investing in Financial Securities: What Are the Options?

10-3a. Common Stock: Back to Basics

10-3b. Preferred Stock: Getting Preferential Treatment

10-3c. Bonds: Earning Your Interest

10-3d. Convertible Securities: The Big Switch

10-3e. Mutual Funds and ETFs: Diversification Made Easy

10-3f. Exchange Traded Funds: Real Basket Cases (and We Mean That in a Good Way)

10-4. Issuing and Trading Securities: The Primary and Secondary Markets

10-4a. The Primary Securities Market: Where Securities Are Issued

10-4b. Secondary Securities Markets: Let’s Make a Deal

10-5. Personal Investing

10-5a. Choosing a Broker: Gaining Access to the Markets

10-5b. Buying Securities: Let’s Make a Deal

10-5c. Strategies for Investing in Securities

10-6. Keeping Tabs on the Market

10-6a. Stock Indices: Tracking the Trends

10-6b. Tracking the Performance of Specific Securities

Learning Objectives/Key Terms

Chapter 11. Marketing: Building Profitable Customer Connections

11-1. Marketing: Getting Value by Giving Value

11-1a. The Scope of Marketing: It’s Everywhere!

11-1b. The Evolution of Marketing: From the Product to the Customer

11-2. The Customer: Front and Center

11-2a. Customer Relationship Management (CRM)

11-2b. Perceived Value versus Actual Value

11-2c. Customer Satisfaction

11-2d. Customer Loyalty

11-3. Marketing Strategy: Where Are You Going, and How Will You Get There?

11-3a. Target Market

11-3b. Consumer Markets versus Business Markets

11-3c. Consumer Market Segmentation

11-3d. Business Market Segmentation

11-3e. The Marketing Mix

11-3f. The Global Marketing Mix

11-3g. The Marketing Environment

11-3h. The Global Marketing Environment

11-4. Customer Behavior: Decisions, Decisions, Decisions!

11-4a. Consumer Behavior

11-4b. Business Buyer Behavior

11-5. Marketing Research: So, What Do They Really Think?

11-5a. Types of Data

11-5b. Primary Research Tools

11-5c. An International Perspective

11-6. Social Responsibility and Technology: A Major Marketing Shift

11-6a. Marketing and Society: It’s Not Just About You!

11-6b. Technology and Marketing: Power to the People!

Learning Objectives/Key Terms

Chapter 12. Product and Promotion: Creating and Communicating Value

12-1. Product: It’s Probably More Than You Thought

12-1a. Services: A Product by Any Other Name

12-1b. Goods versus Services: A Mixed Bag

12-1c. Product Layers: Peeling the Onion

12-1d. Actual Product

12-1e. Product Classification: It’s a Bird, It’s a Plane…

12-2. Product Differentiation and Planning: A Meaningful Difference

12-2a. Product Quality

12-2b. Features and Benefits

12-2c. Product Lines and the Product Mix

12-2d. Branding

12-2e. Packaging

12-3. Innovation and the Product Life Cycle: Nuts, Bolts, and a Spark of Brilliance

12-3a. Types of Innovation

12-3b. The New Product Development Process

12-3c. New Product Adoption and Diffusion

12-3d. The Product Life Cycle: Maximizing Results over Time

12-4. Promotion: Influencing Consumer Decisions

12-4a. Promotion in Chaos: Danger or Opportunity?

12-4b. Integrated Marketing Communication: Consistency and Focus

12-4c. Coordinating the Communication

12-5. A Meaningful Message: Finding the Big Idea

12-5a. An International Perspective

12-6. The Promotional Mix: Communicating the Big Idea

12-6a. Emerging Promotional Tools: The Leading Edge

12-6b. Traditional Promotional Tools: A Marketing Mainstay

12-6c. Choosing the Right Promotional Mix: Not Just a Science

Learning Objectives/Key Terms

Chapter 13. Distribution and Pricing: Right Product, Right Person, Right Place, Right Price

13-1. Distribution: Getting Your Product to Your Customer

13-1a. The Role of Distributors: Adding Value

13-2. Wholesalers: Sorting Out the Options

13-2a. Merchant Wholesalers

13-2b. Agents and Brokers

13-3. Retailers: The Consumer Connection

13-3a. Store Retailers

13-1b. Nonstore Retailers

13-4. Physical Distribution: Planes, Trains, and Much, Much More

13-4a. Transportation Decisions

13-4b. Proactive Supply Chain Management

13-5. Pricing Objectives and Strategies: A High-Stakes Game

13-5a. Building Profitability

13-5b. Boosting Volume

13-5c. Matching the Competition

13-5d. Creating Prestige

13-6. Pricing in Practice: A Real-World Approach

13-6a. Breakeven Analysis

13-6b. Fixed Margin Pricing

13-6c. Consumer Pricing Perceptions: The Strategic Wild Card

Learning Objectives/Key Terms

Chapter 14. Management, Motivation, and Leadership: Bringing Business to Life

14-1. Bringing Resources to Life

14-1a. Management Hierarchy: Levels of Responsibility

14-1b. Management Skills: Having What It Takes to Get the Job Done

14-2. Motivation: Lighting the Fire

14-2a. Theories of Motivation

14-2b. Theory X and Theory Y

14-2c. Motivation Today

14-3. Planning: Figuring Out Where to Go and How to Get There

14-3a. Strategic Planning: Setting the Agenda

14-4. Organizing: Fitting Together the Puzzle Pieces

14-4a. Key Organizing Considerations

14-4b. Organization Models

14-5. Leadership: Directing and Inspiring

14-5a. Leadership Style

14-6. Controlling: Making Sure It All Works

Learning Objectives/Key Terms

Chapter 15. Human Resource Management: Building a Top-Quality Workforce

15-1. Human Resource Management: Bringing Business to Life

15-2. Human Resource Management Challenges: Major Hurdles

15-2a. Outsourcing

15-2b. Wage Gap

15-2c. Older Workers

15-2d. Younger Workers

15-2e. Women Workers

15-2f. Work–Life Balance

15-2g. Lawsuits

15-3. Human Resources Managers: Corporate Black Sheep?

15-3a. The Problem

15-3b. The Solution

15-4. Human Resource Planning: Drawing the Map

15-4a. Recruitment: Finding the Right People

15-4b. Selection: Making the Right Choice

15-4c. Training and Development: Honing the Competitive Edge

15-4d. Evaluation: Assessing Employee Performance

15-4e. Compensation: Show Me the Money

15-4f. Benefits: From Birthday Cakes to Death Benefits

15-4g. Separation: Breaking Up Is Hard to Do

15-5. Legal Issues: HR and the Long Arm of the Law

15-5a. Affirmative Action: The Active Pursuit of Equal Opportunity

15-5b. Sexual Harassment: Eliminating Hostility

15-6. Diversity in Contemporary Business

Learning Objectives/Key Terms

Chapter 16. Managing Information and Technology: Finding New Ways to Learn and Link

16-1. Information Technology: Explosive Change

16-1a. Hardware and Software

16-1b. Networks

16-1c. The Role of the IT Department

16-2. Cloud Computing: The Sky’s the Limit!

16-3. Information Technology and Decision Making: A Crucial Aid

16-3a. Data and Information

16-3b. Characteristics of Good Information

16-3c. Using Information Technology to Improve Decision Making

16-3d. Expert Systems

16-4. Information Technology and the World of E-Commerce

16-4a. Using Information Technology in the B2C Market

16-4b. Using Information Technology in the B2B Market

16-5. Challenges and Concerns Arising from New Technologies

16-5a. Malware

16-5b. Spam, Phishing, and Pharming

16-5c. Hackers: Break-Ins in Cyberspace

16-5d. Ethical and Legal Issues

Learning Objectives/Key Terms

Chapter 17. Operations Management: Putting It All Together

17-1. Operations Management: Producing Value in a Changing Environment

17-1a. Responding to a Changing Environment

17-2. What Do Operations Managers Do?

17-2a. Process Selection and Facility Layout

17-2b. Facility Location

17-2c. Inventory Control: Knowing When to Hold ’Em

17-2d. Project Scheduling

17-2e. Designing and Managing Value Chains

17-3. Implications of a Service-Based Economy: Responding to Different Challenges

17-3a. Designing the Servicescape

17-3b. How Big Is Big Enough?

17-4. The Technology of Operations

17-4a. Automation: The Rise of the Machine

17-4b. Software Technologies

17-5. Focus on Quality

17-5a. Waking Up to the Need for Quality

17-5b. How Global Firms Responded to the Quality Challenge

17-5c. Quality Standards and Initiatives

17-6. The Move to Be Lean and Green: Cutting Cost and Cutting Waste

17-6a. Reducing Investment in Inventory: Just-In-Time to the Rescue

17-6b. Lean Thinking in the Service Sector

17-6c. Green Practices: Helping the Firm by Helping the Environment

Learning Objectives/Key Terms

Personal Finance Appendix

A-1. Your Budget

A-1a. How Do I Get Started?

A-2. Your Savings: Building a Safety Net

A-3. Your Credit: Handle with Care!

A-3a. Credit Cards: Boon or Bane?

A-3b. The Devil in the Details—Understanding Your Credit Card Agreement!

A-3c. Protection for Consumers: New Laws and Regulations

A-3d. Using Credit Cards Wisely: The Need for Discipline

A-4. Your Investments: Building for the Future

A-4a. Building Wealth: The Key Is Consistency—And an Early Start!

A-4b. Acquiring Financial Assets: The Role of a Broker

A-4c. Building a Portfolio: A Few Words about Diversification, Risk, and Return

A-4d. But What Is My Best Investment? (Hint: Look in the Mirror!)

A-4e. Investing for the Long Term: Planning for Your Retirement

Learning Objectives/Key Terms

Online Appendix 1. Labor Unions and Collective Bargaining

Online Appendix 2. Business Law

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