Better Business, 5/e

Better Business, 5/e

by Michael R. Solomon, Mary Anne Poatsy, Kendall Martin
Released January 2017
Publisher(s): Pearson
ISBN: 9780134522746

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Book description

Conversational, question and answer approach to contemporary business

Better Business introduces the business content readers need--in a better way. By presenting the material in a stimulating, conversational, question and answer format, the text encourages readers to engage more fully with the material. Throughout the text, unique features illustrate positive and negative outcomes of relevant business ventures, while "Mini Chapters" focus in on key topics in business. The 5th Edition continues to feature updated social media strategies and technologies, reflecting the explosive growth of social media in the contemporary business environment. With Better Business, readers have a powerful learning tool that captures the evolving issues and opportunities of business.

Table of contents

  1. with MyBizLab®
  2. Better Business
  3. Dedication
  4. Brief Contents
  5. Contents
  6. About the Authors
  7. Reviewers
  8. New to the Fifth Edition
  9. Letter from the Authors
  10. Prologue The 10 Easy Steps for Better Business Success
  11. Better Business
  12. Part 1 Looking at the Business Environment
    1. Chapter 1 Business Basics
      1. Objectives
      2. Objective 1-1 The Business Landscape
        1. Business Defined
        2. The Factors of Production
      3. Objective 1-2 Common Business Challenges and Opportunities
        1. Competition
        2. Social Environment
        3. Globalization
        4. Technological Changes
      4. Objective 1-3 Types of Businesses
        1. Local and Regional Businesses
        2. National Businesses
        3. Multinational (International) Businesses
      5. Objective 1-4 Taking Business Personally
        1. Life Skills for Business
      6. Chapter 1 Summary
      7. Key Terms
      8. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      9. Team Time
        1. The Competitive Edge
      10. Ethics and Corporate Social Responsibility
        1. Cultural Awareness: Unwritten Laws
      11. Web Exercises
      12. References
    2. Chapter 2 Economics and Banking
      1. Objectives
      2. Objective 2-1 The Basics of Economics
        1. Economics Defined
        2. Economic Systems
        3. Planned Economic Systems
        4. Market Economies
        5. Mixed Economies
        6. Business and Economics
      3. Objective 2-2 Determining Price: Supply and Demand
        1. Supply
        2. Demand
        3. Factors That Determine Price
        4. Factors That Affect Demand
        5. Factors That Shift Supply
      4. Objective 2-3 Degrees of Competition
        1. Monopolies
        2. Duopolies and Oligopolies
        3. Monopolistic Competition
        4. Perfect Competition
      5. Objective 2-4 Economic Indicators
        1. Gross Domestic Product
        2. Consumer and Producer Price Indices
        3. The Unemployment Rate
        4. Productivity of Firms
      6. Objective 2-5 Government and the Economy
        1. Economic Policies
        2. Fiscal Policy
        3. Monetary Policy
        4. Reserve Requirements
        5. Short-Term Interest Rates
        6. Open Market Operations
      7. Chapter 2 Summary
      8. Key Terms
      9. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      10. Team Time
        1. The Great Debate
          1. Debate Topics
      11. Ethics and Corporate Social Responsibility
        1. Economic Inequality
          1. Questions for Discussion
      12. Web Exercises
      13. References
    3. Chapter 3 Ethics in Business
      1. Objectives
      2. Objective 3-1 Ethics: The Basics
        1. Ethics Defined
        2. Systems of Ethical Conduct
        3. Personal Ethics
      3. Objective 3-2 Personal Ethics Meets Business Ethics
        1. You as a Person and as an Employee
        2. Identifying a Company’s Ethics
      4. Objective 3-3 Corporate Social Responsibility
        1. The Five Pillars of Corporate Social Responsibility
        2. The Conflict of CSR in the Business Environment
        3. The Benefits of CSR
        4. Measuring CSR
        5. CSR and Social Networking
        6. The Challenges of CSR
        7. The Effects of CSR on Society
        8. The Effects of Individuals on CSR
      5. Objective 3-4 Dangers of a Weak Ethical Focus
        1. Legal Regulations and Legal Compliance
        2. Recovering from Weak Ethical Conduct
      6. Objective 3-5 Business Opportunities Created by Ethical Needs
        1. Creating New Markets with an Ethical Focus
        2. Businesses Going Green
      7. Objective 3-6 How Businesses Develop an Ethical Environment
        1. Ethical Focus from the Start
        2. Ethical Focus Every Day
      8. Chapter 3 Summary
      9. Key Terms
      10. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      11. Team Time
        1. One Issue, Three Sides
          1. Scenario
      12. Ethics and Corporate Social Responsibility
        1. Personal and Business Ethics
      13. Web Exercises
      14. References
    4. Chapter 4 Business in a Global Economy
      1. Objectives
      2. Objective 4-1 What Is Globalization?
        1. The Effects of Globalization
        2. Reasons for the Rise in Globalization
        3. Global Business Trends
      3. Objective 4-2 International Trade
        1. International Competition
        2. Fostering Competitiveness
        3. The Benefits and Costs of International Trade
      4. Objective 4-3 Free Trade and Protectionism
        1. Types of Trade Barriers
        2. Trade Barriers: Winners and Losers
        3. International Organizations Promoting Free Trade
        4. Regional Free Trade Agreements
          1. The European Union
          2. The North American Free Trade Agreement
          3. Other Free-Trade Areas
      5. Objective 4-4 Conducting Business Internationally
        1. International Business Strategies
        2. Entering Foreign Markets
          1. Exporting
          2. Turnkey Projects
          3. Franchising
          4. Licensing
          5. Joint Ventures
          6. Strategic Alliances
          7. Contract Manufacturing
          8. Wholly Owned Subsidiaries
        3. The Advantages and Disadvantages of Each Entry Mode
      6. Objective 4-5 International Business: Economic Factors and Challenges
        1. The Role of Exchange Rates
          1. Export and Import Prices
          2. Trade Deficits and Trade Surpluses
          3. Fixed and Freely Floating Exchange Rate Systems
          4. Nonconvertible Currency and Countertrade
        2. Other Economic Challenges to Conducting International Business
          1. Economic Growth and Development
          2. Government Economic Policies
          3. Socioeconomic Factors
      7. Objective 4-6 Creating Successful International Businesses
        1. Sociocultural Challenges
        2. Political Challenges
        3. Legal Challenges
        4. Ethical Challenges
      8. Chapter 4 Summary
      9. Key Terms
      10. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      11. Team Time
        1. The Devil’s Advocate
      12. Ethics and Corporate Social Responsibility
        1. Offshore Outsourcing
          1. Scenario
          2. Questions for Discussion
      13. Web Exercises
      14. References
    5. Mini Chapter Chapter 1 Business Law
      1. The U.S. Legal System
        1. Sources of Law
      2. How Laws Affect Businesses
        1. Running a Business: Essential Concepts of Business Law
          1. Contract Law
            1. Elements of a Contract
            2. Breach of Contract
          2. Tort Law
          3. Intellectual Property Laws
          4. Sales Law
          5. Antitrust Laws
          6. Environmental Laws
        2. Laws for Consumers and Employees
          1. Advertising Laws
          2. Employment and Labor Law
        3. Laws That Govern Closing a Business
          1. Bankruptcy
      3. Key Terms
      4. References
  13. Part 2 Starting and Structuring a Business
    1. Chapter 5 Small Business and the Entrepreneur
      1. Objectives
      2. Objective 5-1 Small Business: The Mainstream of the American Economy
        1. Small Business and the Economy
        2. Small Business and the Workforce
        3. Reasons for Starting a Small Business
        4. The Impact of Technology on Small Businesses
        5. Social Media and Mobile Marketing
      3. Objective 5-2 Entrepreneurs and the American Dream
        1. The Traits of Successful Entrepreneurs
        2. Types of Entrepreneurs
        3. Entrepreneurial Teams
      4. Objective 5-3 Buying Franchises and Existing Businesses
        1. Franchising Basics
        2. Pros and Cons of Franchising
        3. Franchising Considerations
        4. Buying an Existing Business
      5. Objective 5-4 The Risks of Small Businesses and Where to Get Help
        1. Why So Many Small Businesses Fail
        2. Getting Help
      6. Objective 5-5 Financing Considerations
        1. Cash and Credit
        2. Small Business Loans and Grants
        3. Angel and Venture Capital Financing
      7. Chapter 5 Summary
      8. Key Terms
      9. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      10. Team Time
        1. Starting a Business: Brainstorming
      11. Ethics and Corporate Social Responsibility
        1. Social Entrepreneurship: Start Some Good
      12. Web Exercises
      13. References
    2. Chapter 6 Forms of Business Ownership
      1. Objectives
      2. Objective 6-1 Sole Proprietorships
        1. Starting a Sole Proprietorship
        2. Advantages and Disadvantages
      3. Objective 6-2 Partnerships
        1. Advantages and Disadvantages of Partnerships
        2. Elements of a Partnership Agreement
        3. Types of Partnerships
      4. Objective 6-3 Corporations
        1. Advantages of Incorporation
        2. Structure of a Corporation
          1. Shareholders
          2. Directors
          3. Officers and Line Managers
        3. Disadvantages of Incorporation
        4. S Corporations
        5. Limited Liability Companies
        6. Comparing Forms of Ownership
      5. Objective 6-4 Not-for-Profit and Cooperatives
        1. Not-for-Profit Organizations
        2. Cooperatives
      6. Objective 6-5 Mergers and Acquisitions
        1. Mergers versus Acquisitions
        2. Advantages of Mergers and Acquisitions
        3. Types of Mergers
        4. Disadvantages of Mergers
      7. Chapter 6 Summary
      8. Key Terms
      9. Self-Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      10. Team Time
        1. What’s the Plan?
          1. Process
      11. Ethics and Corporate Social Responsibility
        1. Code of Ethics
          1. Questions for Discussion
      12. Web Exercises
      13. References
    3. Mini Chapter Chapter 2 Constructing an Effective Business Plan
      1. Planning—It’s Never Too Late
      2. The Purpose of a Plan
      3. Business Plan Competitions
      4. Before the Business Plan: Finding the Right Fit
      5. Components of a Business Plan
        1. The Cover Sheet and Table of Contents
        2. The Executive Summary
        3. The Company and Management Team
        4. Market Analysis
        5. The Product
        6. Sales and Promotion
        7. Financials
        8. Appendices
      6. Key Terms
      7. References
  14. Part 3 Managing a Business and Employees
    1. Chapter 7 Business Management and Organization
      1. Objectives
      2. Objective 7-1 The Foundations of Management
        1. Business Management
        2. Levels of Management
        3. The Skills of Successful Managers
      3. Objective 7-2 The Functions of Management: Planning
        1. Strategic Planning
        2. Vision and Mission Statement
        3. SWOT Analysis
        4. Tactical and Operational Planning
        5. Contingency Planning
      4. Objective 7-3 The Functions of Management: Organizing
        1. Organizational Structures
        2. Changing Structures
        3. Alternative Organizational Structures
      5. Objective 7-4 The Functions of Management: Controlling
        1. Controlling to Stay on Course
        2. Control Strategies
      6. Chapter 7 Summary
      7. Key Terms
      8. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      9. Team Time
        1. On a Mission
      10. Ethics and Corporate Social Responsibility
        1. Assessing Social Responsibility
      11. Web Exercises
      12. References
    2. Chapter 8 Motivation, Leadership, and Teamwork
      1. Objectives
      2. Objective 8-1 Motivation
        1. Personal Motivation
        2. Motivating Employees
        3. Traditional Theories of Motivation
        4. Motivational Theories in the Modern Workplace
        5. Evolution of Motivational Theories
      3. Objective 8-2 Leadership
        1. Traits of Leadership
        2. Leadership and Corporate Culture
      4. Objective 8-3 Teamwork
        1. The Advantages of Teams in the Workplace
        2. The Challenges of Teams in the Workplace
        3. Best Practices for Teams
        4. Your Role on a Team
      5. Chapter 8 Summary
      6. Key Terms
      7. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      8. Team Time
        1. Forming a Successful Team
      9. Ethics and Corporate Social Responsibility
        1. Ethics in Teamwork
          1. Scenario
          2. Questions for Discussion
      10. Web Exercises
      11. References
    3. Chapter 9 Human Resource Management
      1. Objectives
      2. Objective 9-1 Human Resource Management
        1. Managing Staffing Needs
        2. Hiring
      3. Objective 9-2 Training and Evaluating Employees
        1. Training Methods and Requirements
        2. Performance Appraisals and Alternatives
      4. Objective 9-3 Compensating, Scheduling, Promoting, and Terminating Employees
        1. Compensation Strategies
        2. Benefits
        3. Alternative Scheduling and Work Arrangements
        4. Contingent Workers
        5. Promotions
        6. Terminating Employees
        7. Retirement
      5. Objective 9-4 Managing Workplace Diversity
        1. Benefits and Challenges of Diversity
      6. Objective 9-5 Labor and Union Issues
        1. Organized Labor
        2. Collective Bargaining
        3. The State of Labor Unions
      7. Chapter 9 Summary
      8. Key Terms
      9. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      10. Team Time
        1. Seeing Both Sides
      11. Ethics and Corporate Social Responsibility
        1. The Ethics of Interviewing
          1. Scenario
          2. Process
      12. Web Exercises
      13. References
    4. Chapter 10 Online Business and Technology
      1. Objectives
      2. Objective 10-1 Online Business
        1. Marketing Online
        2. Types of Online Business Transactions
        3. Challenges of E-Commerce
      3. Objective 10-2 Technology in Business
        1. The Information Technology Organization
        2. Information Systems
      4. Objective 10-3 Security
        1. Threats to Online Business
        2. Privacy
      5. Objective 10-4 Impact of Social Media and Mobile Technology
        1. Social Networking
        2. Mobile Devices
      6. Chapter 10 Summary
      7. Key Terms
      8. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      9. Team Time
        1. The Winds of Change
      10. Ethics and Corporate Social Responsibility
        1. Computer Hacking: A High Price to Pay
          1. Questions for Discussion
      11. Web Exercises
      12. References
    5. Chapter 11 Production, Operations, and Supply Chain Management
      1. Objectives
      2. Objective 11-1 The Production of Goods and Services
        1. The Importance of Production
        2. Moving to a Service-Based Economy
        3. The Global Production Landscape
      3. Objective 11-2 Production Management
        1. The Make-or-Buy Decision
        2. Common Production Processes and Techniques
        3. Social Media and Manufacturing
      4. Objective 11-3 Operations Planning and Management
        1. Capacity Planning
        2. Facility Location
        3. Facility Layout
        4. Production Technology
      5. Objective 11-4 Operations Control
        1. Production Process Control
        2. Purchasing and Inventory Control
        3. Quality Management
      6. Objective 11-5 Suppliers and Supply Chain Management
        1. Supply Chains
      7. Chapter 11 Summary
      8. Key Terms
      9. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      10. Team Time
        1. To Outsource or not to Outsource … That is the Question
          1. Scenario
      11. Ethics and Corporate Social Responsibility
        1. Environmental Shipping Concerns
          1. Questions for Discussion
      12. Web Exercises
      13. References
    6. Mini Chapter Chapter 3 Business Communications
      1. Improving Your Presentation Skills
      2. Improving Your Writing Skills
        1. Business Letters
        2. Memos
          1. Memo Writing Tips
      3. What Form of Communication Should You Use?
        1. E-Mail
          1. Tips For Writing An Effective Business E-Mail
        2. Texting
      4. Using Collaborative Communication Tools
        1. Videoconferences
        2. Collaborative Editing
        3. Blogs
        4. Podcasts
      5. References
  15. Part 4 Principles of Marketing
    1. Chapter 12 Marketing and Consumer Behavior
      1. Objectives
      2. Objective 12-1 Marketing Fundamentals
        1. The Evolution of Marketing
        2. Marketing for Not-for-Profits and Others
        3. Benefits of Marketing
        4. Criticisms of Marketing
      3. Objective 12-2 Marketing Tactics
        1. Marketing Strategy: The Four Ps of Marketing
          1. Product
          2. Price
          3. Promotion
          4. Place
        2. The Four Cs of Marketing: Marketing from the Consumer’s Perspective
        3. The Marketing Process
      4. Objective 12-3 The Marketing Environment
        1. The Competitive Environment
        2. The Economic Environment
        3. The Technological Environment
        4. The Social and Cultural Environment
        5. The Political, Legal, and Regulatory Environments
        6. The Global Environment
      5. Objective 12-4 Marketing Research and Planning
        1. The Market Research Process
        2. The Marketing Plan
        3. Target Markets
      6. Objective 12-5 Consumer Behavior
        1. B2C Markets
        2. B2B Markets
      7. Chapter 12 Summary
      8. Key Terms
      9. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      10. Team Time
        1. Brand Analysis
      11. Ethics and Corporate Social Responsibility
        1. Patagonia and Common Threads Partnership
          1. Questions for Discussion
      12. Web Exercises
      13. References
    2. Chapter 13 Product Development, Branding, and Pricing Strategies
      1. Objectives
      2. Objective 13-1 New Product Development
        1. The New Product Development Process
        2. The Product Life Cycle
      3. Objective 13-2 Modifying Existing Products and Product Lines
        1. The Total Product Offer
        2. Product Differentiation
        3. Product Lines and the Product Mix
        4. Consumer Products and Business-to-Business Products
        5. Consumer Product Classifications
        6. B2B Classifications
      4. Objective 13-3 Branding
        1. Branding Benefits
        2. Brand Loyalty and Brand Equity
        3. Branding Strategies
        4. Packaging
        5. The Importance of Labels
      5. Objective 13-4 Pricing Goods and Services
        1. Product Pricing and Pricing Objectives
        2. Pricing Strategies and Price Perceptions
        3. Adjusting Prices
      6. Chapter 13 Summary
      7. Key Terms
      8. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      9. Team Time
        1. Developing A New Product
      10. Ethics and Corporate Social Responsibility
        1. The Ethics of RX
          1. Scenario
            1. Questions for Discussion
      11. Web Exercises
      12. References
    3. Chapter 14 Promotion and Distribution
      1. Objectives
      2. Objective 14-1 Promotion and the Promotional Mix
        1. Promotion
      3. Objective 14-2 Advertising and Public Relations
        1. The Role of Advertising
        2. Types of Advertising
        3. Advertising Media
        4. Internet Advertising
        5. Social Media
        6. Mobile Marketing
        7. Product Placement
        8. Infomercials
        9. Global Advertisements
        10. Public Relations
      4. Objective 14-3 Personal Selling and Sales Promotion
        1. Personal Selling
        2. Sales Promotions
        3. Social Media Promotions
      5. Objective 14-4 Distribution: Marketing Intermediaries
        1. Distribution Channels and Marketing Intermediaries
        2. Wholesalers, Agents, and Brokers
        3. Retailers
        4. Distribution Logistics
        5. The Benefits and Costs of Transportation Modes
        6. Warehousing and Inventory Control
      6. Chapter 14 Summary
      7. Key Terms
      8. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      9. Team Time
        1. Developing a Promotional Mix
      10. Ethics and Corporate Social Responsibility
        1. Just What the Doctor Ordered?
          1. Scenario
            1. Questions for Discussion
      11. Web Exercises
      12. References
    4. Mini Chapter Chapter 4 Finding a Job
      1. Marketing Yourself
        1. Developing a Résumé
          1. Getting Started
          2. Contact Information
          3. Objective
          4. Education
          5. Experience or Work History
          6. Skills/Interests
          7. References
        2. Résumé Showdown!
        3. Writing a Cover Letter
          1. Tip #1: Tailor Your Cover Letter to Fit the Job You’re Applying For.
          2. Tip #2: Indicate What You Can Do for the Employer.
          3. Tip #3: Clearly Explain Why the Company Should Hire You.
          4. Tip #4: Keep It Short.
        4. ePortfolios
      2. Search Strategies
        1. Networking
          1. Spot the Truth
        2. Internet Research
        3. Newspapers
        4. Recruiters
        5. Cold Calling Pros and Cons
        6. College Campus Career Resources
        7. Informational Interviews
      3. Interviewing and Negotiating
        1. Interview Red Flags
        2. Preparing for the Interview
        3. Interview Questions
        4. During the Interview
        5. Interview Take-Alongs
        6. Negotiating Strategies
      4. References
  16. Part 5 Principles of Finance
    1. Chapter 15 Financing and Accounting for Business Operations
      1. Objectives
      2. Objective 15-1 Financial Management
        1. The Financial Manager
        2. Planning for a Firm’s Financial Needs
        3. Addressing Cash Flow and the Budget
      3. Objective 15-2 Financing Small Business Activities
        1. Short-Term Financing Options
        2. Short-Term Loans and Grants
        3. Social Funding
      4. Objective 15-3 Financing Big Business Activities: Debt and Equity
        1. Short-Term Financing Options
        2. Long-Term Financing Options
        3. Financing with Bonds
        4. Financing with Equity
      5. Objective 15-4 Accounting Functions
        1. Accounting Fundamentals
        2. Types of Accounting
        3. Accounting Standards and Processes
      6. Objective 15-5 Financial Statements
        1. The Balance Sheet
        2. Assets
        3. Liabilities
        4. Owners’ Equity
        5. Analyzing a Balance Sheet
        6. Balance Sheet Ratios
        7. Income Statements
        8. Revenue
        9. Cost of Goods Sold
        10. Operating Expenses
        11. Analyzing Income Statements
        12. Income Statement Ratios
        13. Statement of Cash Flows
        14. Components of a Statement of Cash Flows
        15. Analyzing a Statement of Cash Flows
      7. Chapter 15 Summary
      8. Key Terms
      9. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      10. Team Time
        1. Industry Analysis
      11. Ethics and Corporate Social Responsibility
        1. Getting to the Bottom of the Sarbanes-Oxley Act
          1. Exercise
            1. Questions for Discussion
      12. Web Exercises
      13. References
    2. Chapter 16 Investment Opportunities in the Securities Market
      1. Objectives
      2. Objective 16-1 Investment Fundamentals
        1. The Risks and Rewards of Saving and Investing
        2. Investment Risk
      3. Objective 16-2 Investing in Stocks
        1. Primary and Secondary Security Markets
        2. Types of Stocks
        3. Changing Stock Prices
      4. Objective 16-3 Investing in Bonds
        1. Bond Basics
      5. Objective 16-4 Mutual Funds and Other Opportunities
        1. Mutual Funds
        2. Risk-and-Return Relationships of Different Types of Mutual Funds
        3. Other Investment Opportunities
      6. Chapter 16 Summary
      7. Key Terms
      8. Self Test: Multiple Choice
        1. True/False
        2. Critical Thinking Questions
      9. Team Time
        1. Take This $50,000 and Invest It!
      10. Ethics and Corporate Social Responsibility
        1. Can Investments be Socially Responsible and Lucrative?
      11. Web Exercises
      12. References
    3. Mini Chapter Chapter 5 Personal Finance
      1. Do You Need Tools to Help Manage Your Money?
      2. Creating a Financial Plan
        1. Step 1: Take a Financial Inventory
        2. Step 2: Set Financial Goals
        3. Step 3: Know Where Your Money Goes
        4. Step 4: Create a Budget
        5. So You Want to Be a Millionaire?
        6. Step 5: Execute the Plan
        7. Step 6: Monitor and Assess Your Plan
      3. Managing Your Personal Credit
        1. Know Your Credit Score
      4. Car Considerations
        1. Getting Wheels
        2. Insurance and Investments
        3. Insuring Your Present and Your Future
        4. Investing Now and for the Future
        5. How Fast Can Your Investment Double in Value?
        6. Investing for Retirement
          1. Individual Retirement Accounts
          2. Roth IRAs
          3. Simplified Employee Pension Individual Retirement Arrangement
          4. Pension Plans
          5. 401(k), 403(b), and 457 Plans
      5. Taxes
        1. How Much Tax Are You Paying?
  17. Business Plan Project Appendix
    1. Part 1. Introduction
      1. Business Name
        1. What is the name of your business?
      2. Description of Business
        1. What will your business do?
      3. Form of Business Ownership
        1. What form of business ownership (sole proprietorship, partnership, LLC, or corporation) will your business take? Why did you choose this form?
      4. Ideal Customers
        1. Describe your ideal customers. What are they like in terms of age, income level, and so on?
      5. Company Advantages
        1. Why will customers choose to buy from your business instead of your competition?
    2. Part 2. The Company and Management Team
      1. The Mission Statement
      2. Mission Statement
        1. Write a brief mission statement for your business.
      3. Ethical Issues
        1. All businesses must deal with ethical issues. One way to address these issues is to create a code of ethics. List three core (unchanging) principles that your business will follow.
      4. Social Responsibility
        1. A business shows social responsibility by respecting all its stakeholders. What steps will you take to create a socially responsible business?
      5. Industry Profile
      6. Industry Description
        1. Describe the industry and sector in which your company operates.
      7. Opportunities and Threats
        1. Describe the opportunities and threats that face your company.
      8. Company Profile and Strategy
      9. Business Goals
        1. What are three business goals you want to achieve in the first year? What are two intermediate to long-term goals you want to achieve in the next three to five years?
      10. Company Strengths
        1. Describe the strengths of your company.
      11. Raw Materials and Supplies
        1. Explain what raw materials and supplies you will need to run your business. How will you produce your good? What equipment do you need? What hours will you operate?
      12. Anticipated Challenges and Planned Responses
      13. Anticipated Challenges
        1. Describe any weaknesses or potential challenges that face your company.
      14. Planned Responses
        1. Describe any plans you have to address these weaknesses and anticipated challenges.
      15. The Management Team
      16. Management
        1. Who are the key individuals that will manage the business?
      17. Organization Chart
        1. Show how the “team” fits together by creating a simple organizational chart for your business. Make sure the organizational chart indicates who will work for each manager as well as each person’s job title.
    3. Part 3. Marketing
      1. Market Analysis
      2. Market Research
        1. Describe your target market in terms of age, education level, income, and other demographic variables.
      3. Assessment of the Competition
        1. Describe three companies that you see as your main competitors.
      4. The Product or Service
      5. Product Features and Benefits
        1. Describe the features and benefits of your product or service.
      6. Product Differentiation
        1. How will you make your product(s) stand out in the crowd?
      7. Pricing
        1. What pricing strategy will you choose for your product(s), and why did you choose this strategy?
      8. Sales and Promotion
      9. Place (Distribution) Issues
        1. Where will customers find your product or service? (That is, what distribution channels should you consider?)
      10. Advertising
        1. How will you advertise to your target market? Why have you chosen these forms of advertisement?
      11. Promotions
        1. What other methods of promotion will you use and why?
    4. Part 4. The Financials
      1. Expected Revenue
        1. How much will you charge for your product? How many products do you believe you can sell in one year (or how many customers do you think your business will attract)? Multiply the price that you will charge by the number of products that you hope to sell or the amount you hope each customer will spend. This will give you an estimate of your revenues for one year.
      2. Cost of Doing Business
        1. What are the costs of doing business? Equipment, supplies, salaries, rent, utilities, and insurance are just some of these expenses. Estimate what it will cost to do business for one year. Include any assumptions you use in generating cost estimates.
      3. Start-up Costs
        1. How much money will you need to get your business started?
      4. Financing
        1. How will you finance your business? For example, will you seek out a bank loan? Borrow from friends? Try crowdfunding? Sell stocks or bonds initially or as your business grows?
      5. Income Statement and Balance Sheet
        1. Create a balance sheet and an income statement for your business.
    5. Part 5. The Finishing Touches
      1. Cover Sheet and Table of Contents
      2. Cover Sheet
        1. Create a cover sheet for your business plan.
      3. Table of Contents
        1. Create a table of contents for the plan so a reader can quickly find information.
      4. Executive Summary
        1. After you’ve finished your business plan, write an executive summary that contains the key points of the business plan. The summary should be brief—no more than two pages—and cover the following points:
  18. Glossary
  19. Index
    1. A
    2. B
    3. C
    4. D
    5. E
    6. F
    7. G
    8. H
    9. I
    10. J
    11. K
    12. L
    13. M
    14. N
    15. O
    16. P
    17. Q
    18. R
    19. S
    20. T
    21. U
    22. V
    23. W
    24. X
    25. Y
    26. Z
  20. Answer Key
    1. Chapter 1 Business Basics
      1. Self Test Multiple Choice
      2. Self Test True/False
    2. Chapter 2 Economics and Banking
      1. Self Test Multiple Choice
      2. Self Test True/False
    3. Chapter 3 Ethics in Basics
      1. Self Test Multiple Choice
      2. Self Test True/False
    4. Chapter 4 Business in a Global Economy
      1. Self Test Multiple Choice
      2. Self Test True/False
    5. Chapter 5 Small Business and the Entrepreneur
      1. Self Test Multiple Choice
      2. Self Test True/False
    6. Chapter 6 Forms of Business Ownership
      1. Self Test Multiple Choice
      2. Self Test True/False
    7. Chapter 7 Business Management and Organization
      1. Self Test Multiple Choice
      2. Self Test True/False
    8. Chapter 8 Motivation, Leadership, and Teamwork
      1. Self Test Multiple Choice
      2. Self Test True/False
    9. Chapter 9 Human Resource Management
      1. Self Test Multiple Choice
      2. Self Test True/False
    10. Chapter 10 Online Business and Technology
      1. Self Test Multiple Choice
      2. Self Test True/False
    11. Chapter 11 Production, Operations, and Supply Chain Management
      1. Self Test Multiple Choice
      2. Self Test True/False
    12. Chapter 12 Marketing and Consumer Behavior
      1. Self Test Multiple Choice
      2. Self Test True/False
    13. Chapter 13 Product Development, Branding, and Pricing Strategies
      1. Self Test Multiple Choice
      2. Self Test True/False
    14. Chapter 14 Promotion and Distribution
      1. Self Test Multiple Choice
      2. Self Test True/False
    15. Chapter 15 Financing and Accounting for Business Operations
      1. Self Test Multiple Choice
      2. Self Test True/False
    16. Chapter 16 Investment Opportunities in the Securities Market
      1. Self Test Multiple Choice
      2. Self Test True/False

Product information

  • Title: Better Business, 5/e
  • Author(s): Michael R. Solomon, Mary Anne Poatsy, Kendall Martin
  • Release date: January 2017
  • Publisher(s): Pearson
  • ISBN: 9780134522746