Table
of Contents:
Chapter 1 — The Nature of Business
by Dixie Mills & Ken Newgren
Welcome to the College of Business
What is Business?
What Principles are Exhibited in Any Successful Business?
The Need for Profit
How Does a Company Become Profitable?
Overview of How a Business Operates
Inputs
Processes
Outputs
Feedback
A Dynamic Environment
Customer Focus
Necessary Skills and Abilities
Interpersonal and Team Skills
Communication Skills
Critical Thinking Skills
Ethics
Your Road Ahead
Inquiry Questions
Activity 1 — The Impact of Change
Activity 2 — Skills and Abilities
Activity 3 — Duke Assessment
Activity 4 — Standards of Professional Behavior and Ethical Conduct
Standards of Professional Behavior and Ethical Conduct
Chapter 2 — The Nature of Organizations
by Richard Ringer 19
Organizations in Society
Defining an Organization
Why Do Organizations Exist?
The Environments of Organizations
Competition
Globalization
Demographic Changes
Technology
Governments
Summary
Determining Organizational Effectiveness
For-profit organizations
Non-profit organizations
Conclusion
Inquiry Questions
Activity 1 — Understanding the Environments of Organizations
Activity 2 — Understanding Stakeholders
Chapter 3 — Business Functions: Business Law and Ethics
by Joe Solberg & Karen Hosack
Introduction
Overview of the American Legal System
What is Law?
Classification of Law (a few terms to know)
Sources of Law
Legal Sanctions
The American Judicial System
An Overview of the Court System
The Federal Court System
The State Court Systems
Alternative Dispute Resolution
International Law
International Organizations
Treaties
The Foreign Corrupt Practices Act
Administrative Agency Law
Forms of Business Ownership .
Table 3.1 — Major Forms of Business Compared
Taxation of Business
The Common Law of Contracts, Torts, Agency and Property
The Law of Contracts
The Law of Torts
The Law of Agency
The Law of Property
Products Liability
Warranties
Negligence
Strict Product Liability
Employee Welfare
Fair Labor Standards Act (FLSA)
Occupational Safety and Health Act (OSHA)
Workers’ Compensation Statutes
Family and Medical Leave Act (FMLA)
Unemployment Compensation
Social Security Legislation and Pensions
Employment Discrimination
Fourteenth Amendment Equal Protection Clause
Title VII of the Civil Rights Act of 1964
Age Discrimination in Employment Act (ADEA)
Americans With Disabilities Act (ADA)
Business Ethics
Introduction
Why Do People Act Unethically?
Ethical Theories
Ethical Dilemmas
Creating an Ethical Culture
Inquiry Questions
Activities
Chapter 4 — Business Functions: Marketing
by Steve Taylor
Why is This Chapter Important?
What is Marketing?
Where Does Marketing Fit in Most Firms?
What Do Marketers Do?
Marketing Strategy versus Marketing Management
The Marketing Mix
What Marketers Seek to Achieve through Marketing Strategy and Management
Some Additional Marketing Concepts that are Worth Mentioning
The Expanded Model of the Marketing Process
Services, Globalization, Technology, and Demographic Influences on Marketing
Careers in Marketing
Product Management and Physical Distribution
Sales .
Nonprofit Marketing
Advertising and Promotion
Retailing
Marketing Research
Hypothetical List of Job Candidate’s Strengths and Weaknesses
Inquiry Questions
Footnotes
Chapter 5 — Business Functions: Finance
by Joe Trefzger & Edgar Norton
The Essence of the Finance Function Within Organizations
The Essence of the Finance Discipline
Investments
Financial Management
Financial Institutions
Principles of Finance
Debt and Equity Claims
Risk and Return
Cash Flows Are What Matter
Timing of Cash Payments and Receipts (the Time Value of Money)
Separation of Ownership from Decision-Making
Two Key Aspects of Finance
Financial Markets
Shareholder Wealth Maximization
The Financial World
Types of Organizations
Career Possibilities
Educational Requirements
An Actual Financial Scenario: Cisco Systems
Role Within the Business Plan
Inquiry Questions
Learning Activity — Time Value of Money
Chapter 6 — Business Functions: Management in Contemporary Organizations
by Cyndy Ruszkowski
Defining “Management”
The Role of Management
Skills for Effective Managers
Effective/Efficient
Technical/Interpersonal/Conceptual
Decision-Making
Planning
Types of Plans
Organizing
Structures
Leading
Leaders versus Managers
Leadership Styles
Communication
Motivation
Team Building
Controlling
Process
Managing Change
Quality Control
Careers in Management
Role Within the Business Plan
Inquiry Questions
Activity 1 — Interview a Manager
Activity 2 — Research a Management Issue
Chapter 7 — Business Functions: Operations Management
by Farzaneh Fazel & John Bantham
Understanding Operations Management
Definition of Operations Management
Importance of Operations Management
Operations Objectives/ Competitive Priorities
Interaction/Integration with Other Functions
Understanding a Production System
Goods and Services
Operations Management Decisions
Role of Operations Management within the Business Plan
Career Opportunities in Operations Management
Types of Organizations Where Opportunities Exist
Educational Requirements
Skill Sets
Inquiry Questions
Activity 1 — Understanding Operations Decisions
Activity 2 — Interrelationships among Functional Decisions
Chapter 8 — Business Functions: Human Resource Management
by Cyndy Ruszkowski
Human Resource Management (HRM) Function
Key Responsibilities
Human Resource Planning
Recruitment
Selection
Training and Development
Performance Appraisal
Compensation and Benefits
Labor/Employee Relations
Safety and Health
Human Resource Legislation
Careers in Human Resource Management
Role Within the Business Plan
Inquiry Questions
Activity 1 — Exploring External Recruiting Sources
Activity 2 — Assessing Current Human Resource Management Issues
Chapter 9 — Business Functions: Information Systems and Technology
by Kent Walstrom & Tom Schamback
Information Technology Function
Key Elements
What is a System?
What is Information?
What is an Information System?
Competitive Advantage
Organizational Dependency on Information Technology
Information as Competitive Advantage
Information Technology Professional Functions and Roles
Developing Information Systems
Managing Information Systems
Careers in Information Technology
The Market for IT Professionals
IT Professional Occupations
IT Professional Job Descriptions
Inquiry Questions
Activity 1 — Modeling a Registration System
Activity 2 — Analyzing an IT Professional
References
Interesting Web sites (related to IT jobs)
Chapter 10 — Business Functions: Accounting
by Jim Moon
What is Accounting and What Do Accountants Do?
Financial versus Managerial Accounting
Types of Accounting Activities and Jobs
Where Accountants Work
Financial Statement Basics
The Accounting Cycle
The Accounting Double-Entry System
The Balance Sheet
The Income Statement
Relationship of the Income Statement to the Balance Sheet
The Statement of Cash Flows
Accounting Future
Inquiry Questions
Activity 1 — Lemonade Stand
Activity 2 — Sarbanes–Oxley
Chapter 11 — Business Functions: Risk Management, Insurance and Insurance Company Operations
by James Jones
A Risky World
Dimensions of Risk
Perils and Hazards
How Can You Manage Risk?
Risk Treatment Methods
How Does Insurance Help Manage Risk?
Types of Insurance
Why Insurance Might Not Always Be Best
How Does Insurance Work?
What Is Required for Insurance to Work Effectively?
Actuaries versus Fortune Tellers
Insurance and Moral Hazard
Is Insurance a Rip-Off?
Where Does My Insurance Premium Go?
Why Is Insurance So Expensive?
How Do Insurance Company Profits Compare to Other Industries?
Isn’t It True That Most Insureds Never Collect on the Premiums They Have Paid?
How Does Insurance Affect Society?
Insurers Promote and Reward Safety and Loss Prevention
Insurers Help Facilitate Credit
Insurers Help Protect Business Transactions
Insurance Helps Communities Recover From Catastrophes
Insurers Invest in the Economy
Insurers Create Jobs
Why Is Trust So Important To Insurance?
What Is The Typical Insurance Process?
The Sale
Underwriting .
Issuing the Policy
Renewal Process
The Claim Process
How Insurance is Regulated
How Do Insurance Companies Operate?
Unique Functions Found in Insurance Operations
Actuarial Department
Loss Control Department
Premium Audit Department
Special Investigation Unit
Investment Department
Summary
Inquiry Questions
Activities
Chapter 12— Ways of Being a Business Professional: Individual Responsibilities
by Carson Varner
What is Right and What is Wrong?
Who Are We?
Ancient Roots of Western Ethics
Our Greek Heritage — Aristotle
Judeo-Christian Traditions
Renaissance and Reformation .
The Enlightenment
Adam Smith and Free Markets
Cases
Martha Stewart and insider trading
Arthur Andersen LLP
Chapter 13 — Ways of Being a Business Professional: Globally and Internationally Oriented
by Iris Varner
The Expanding Nature of International Business .
Stages in Internationalization .
International Business Alliances
The Relationship Between International and Domestic Business
The International Businessperson .
The Importance of Self-Knowledge
The Role of the Self-Reference Criterion
Attitude Towards Time and the SRC
Effective Communication in International Business
The Role of English in International Business
The Role of Time Zones and Technology in International Communication
International Business Functions
Relationship between Culture and Finance
Relationship between Culture and Marketing
Relationship between Culture and Production
Relationship between Culture and Human Resource Management
Staffing Foreign Subsidies
The International Business Person
The Profile of a Successful International Business Person
Self-Assessment
Indicators of Success
International Business in Action—A Case Study
Inquiry Questions
Activity 1 — Attitudes Towards Time
Activity 2 — Culture Comparisons
Chapter 14 — Ways of Being a Business Professional: Relating and Working with Others
by Karl Krumsieg
The Importance of Skills in the Social Domain
Teamwork
Profile of a Good Team Player
Teamwork Methodology
Discussion of the Steps in the Teamwork Methodology
Communication Skills
Communication Methodology
Discussion of the Steps in the Communication Methodology
Management
Management Methodology
Discussion of the Steps in the Management Methodology
Inquiry Questions
Activity — The Teamwork Methodology
Appendices
Appendix A — Outline for a Small Business Plan
Appendix B — Business Writing Guidelines
Appendix C — Classification of Learning Skills
Glossary