citation tool such as, Authors: Lawrence J. Gitman, Carl McDaniel, Amit Shah, Monique Reece, Linda Koffel, Bethann Talsma, James C. Hyatt. Introduction; 1.1 The Nature of Business; 1.2 Understanding the Business Environment; 1.3 How Business and Economics Work; 1.4 Macroeconomics: The Big Picture; 1.5 Achieving Macroeconomic Goals; 1.6 Microeconomics: Zeroing in on Businesses and Consumers; 1.7 Competing in a Free Market; 1.8 Trends in the Business Environment and Competition; Key As a result, managers are asking questions such as: Questions such as these point to the issue of effective management. For example, major U.S. pharmaceutical companies have been successful in getting the Food and Drug Administration (FDA) to speed up the approval process for new drugs.8 In recent years, the five largest companies in the S&P IndexGoogle, Facebook, Amazon, Microsoft, and Applehave spent close to $50 million on lobbying activities in the nations capital in an effort to help policy makers understand the tech industry and the importance of innovation and an open internet.9 Lets now take a brief look at these varied environmental influences. Instead, he worked several years in his familys business, got married, had a son, and then decided that he didnt want to spend the rest of his life regretting that he didnt get a chance to follow his dreams of becoming a teacher. Still, Amazon faces such challenges as high shipping cost (over $11 billion annually), pressures on employees (especially those working in warehouses that have been criticized for poor working conditions), shipping contractors who go on strike demanding higher wages and reduced workloads, and the possibilities of more governmental regulation (especially with regard to adding drones as a delivery method), as well as pressures to pay more taxes. So far, many of the examples in this chapter have described how people are expected to behave in certain situationsfor example, buying food or boarding a bus. Furthermore, Madison is heading to a distant college with no other people she knows. This external business environment is composed of numerous outside organizations and forces that we can group into seven key subenvironments, as Exhibit 1.4 illustrates: economic, political and legal, demographic, social, competitive, global, and technological. Except where otherwise noted, textbooks on this site Contrarily, Microsoft engineers were able to develop and execute the programming on Vista, but it took considerably longer and was a bigger undertaking, with almost 6,000 engineers at hand. 2.2 Research Methods These are technologically savvy and prosperous young people, with hundreds of billions of dollars to spend. https://openstax.org/books/us-history/pages/1-introduction, https://openstax.org/books/us-history/pages/3-introduction, Creative Commons Attribution 4.0 International License. As an Amazon Associate we earn from qualifying purchases. Introduction; 1.1 The Nature of Business; 1.2 Understanding the Business Environment; 1.3 How Business and Economics Work; 1.4 Macroeconomics: The Big Picture; 1.5 Achieving Macroeconomic Goals; 1.6 Microeconomics: Zeroing in on Businesses and Consumers; 1.7 Competing in a Free Market; 1.8 Trends in the Business Environment and Competition; Key These issues constitute the subject of this course. What philosophies and concepts shape personal ethical standards? The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo How can we create a more satisfying and rewarding work environment for all employees? The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo Introduction Basic theories, concepts, and principles are presented in this chapter to help explain elements of external environments and how organizations and corporations can organize and are organizing to survive and thrive in the 21st century. Introduction; 1.1 The Nature of Business; 1.2 Understanding the Business Environment; 1.3 How Business and Economics Work; 1.4 Macroeconomics: The Big Picture; 1.5 Achieving Macroeconomic Goals; 1.6 Microeconomics: Zeroing in on Businesses and Consumers; 1.7 Competing in a Free Market; 1.8 Trends in the Business Environment and Competition; Key Introduction; 5.1 Ethics and Business Ethics Defined; 5.2 Dimensions of Ethics: The Individual Level; 5.3 Ethical Principles and Responsible Decision-Making; 5.4 Leadership: Ethics at the Organizational Level; 5.5 Ethics, Corporate Culture, and Compliance; 5.6 Corporate Social Responsibility (CSR); 5.7 Ethics around the Globe; 5.8 Emerging Trends in Ethics, CSR, and Philanthropy, corporate giving, and employee volunteering are key components of the Hasbro community. Our ability as a nation to maintain and build wealth depends in large part on the speed and effectiveness with which we use technologyto invent and adapt more efficient equipment to improve manufacturing productivity, to develop new products, and to process information and make it instantly available across the organization and to suppliers and customers. Figure 16.1 In this political cartoon by Thomas Nast, which appeared in Harpers Weekly in October 1874, the White League shakes hands with the Ku Klux Klan over a shield that shows a couple weeping over a baby. So far, many of the examples in this chapter have described how people are expected to behave in certain situationsfor example, buying food or boarding a bus. Every day, managers and business owners make business decisions based on what they believe to be right and wrong. Once a crime has been committed and a violator has been identified by the police, the case goes to court. Marketing Concept You are probably asking yourself the question, "When and where will I use statistics?" How can we meet the international competition? Introduction Will her engineering classes crush her or motivate her to complete college? Introduction Introduction Sociology Import tariffs, quotas, and export restrictions also must be taken into account. Define the external environment of organizations. Introduction Hasbro uses a five-step quality assurance process that starts with design and then moves to engineering, manufacturing, and packaging. They use their skills and resources to create goods and services that will satisfy existing and prospective customers. Introduction OpenStax Coined by sociologist William F. Ogburn (1957), the term culture lag refers to the time that passes between the introduction of a new item of material culture and its social acceptance. This book uses the She feels academically prepared, and she has a good sense of what degree she wants to earn. The fields of economics, business, psychology, education, biology, law, computer science, police science, and early childhood development require at least one course in statistics. Nations Introduction Its ability to be accountable for its actions and to help make the world a better place one experience at time continues to make it a highly successful company. Want to cite, share, or modify this book? Except where otherwise noted, textbooks on this site then you must include on every digital page view the following attribution: Use the information below to generate a citation. Introduction Introduction Introduction; 5.1 Ethics and Business Ethics Defined; 5.2 Dimensions of Ethics: The Individual Level; 5.3 Ethical Principles and Responsible Decision-Making; 5.4 Leadership: Ethics at the Organizational Level; 5.5 Ethics, Corporate Culture, and Compliance; 5.6 Corporate Social Responsibility (CSR); 5.7 Ethics around the Globe; 5.8 Emerging Trends in Ethics, CSR, and You will also learn how data are gathered and what "good" data can be distinguished from "bad.". As someone accepted on full funding to a 4-year university, but whose lifes circumstances disallowed attending college until years later, I used to dream of a stress-free college life. Players and coaches must analyze their opponents offense and defense, solve problems related to opposing players skills and their own teams weaknesses, and constantly create through split For example, the more than 75 million members of the millennial generation were born between 1981 and 1997. OpenStax They are both committed to this new chapter in their lives, and they are both connected to their families in ways that can influence their commitment to this pursuit. The Bostonians Paying the Excise-man, or Tarring and Feathering (), shows five Patriots tarring and feathering the Commissioner of Customs, John Malcolm, a sea captain, army officer, and staunch Loyalist.The print shows the Boston Tea Party, a protest against the Tea Act of 1773, and the Liberty Tree, an elm tree near Boston Common that became a rallying point against the Jun 5, 2022 OpenStax. If you are redistributing all or part of this book in a print format, Introduction Introduction to Demand and Supply; 3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services; 3.2 Shifts in Demand and Supply for Goods and Services; 3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process; 3.4 Price Ceilings and Price Floors; 3.5 Demand, Supply, and Efficiency; Key Terms; Key Concepts and Summary; Self-Check Questions; Review then you must include on every physical page the following attribution: If you are redistributing all or part of this book in a digital format, This book uses the Introduction; 5.1 Confronting the National Debt: The Aftermath of the French and Indian War; 5.2 The Stamp Act and the Sons and Daughters of Liberty; 5.3 The Townshend Acts and Colonial Protest; 5.4 The Destruction of the Tea and the Coercive Acts; 5.5 Disaffection: The First Continental Congress and American Identity; Key Terms; Summary; Review Questions; Critical The infrastructure of the U.S., built a hundred years ago or more, is having trouble supporting todays more heavily populated and fast-paced life. Explain how organizations organize to meet external market threats and opportunities. Today the dramatic growth in mobile technology has changed the focus of telecommunications, which now faces challenges related to broadband access and speed, content streaming, and much-needed improvements in network infrastructure to address ever-increasing data transmissions.10. Exceptional companies such as Amazon, in the opening case, Apple, Netflix, and Google/Alphabet Inc. exemplify evolving business models that combine strategic innovation, technological prowess, and organizational cultural agility that not only meet external environmental demands, but also shape them. The Federal Trade Commission will penalize Pfizer if its advertisements promoting the drugs benefits are misleading. Introduction Human rights and ethical sourcing remains a key ingredient of Hasbros CSR success. If you are redistributing all or part of this book in a print format, Introduction; 5.1 Ethics and Business Ethics Defined; 5.2 Dimensions of Ethics: The Individual Level; 5.3 Ethical Principles and Responsible Decision-Making; 5.4 Leadership: Ethics at the Organizational Level; 5.5 Ethics, Corporate Culture, and Compliance; 5.6 Corporate Social Responsibility (CSR); 5.7 Ethics around the Globe; 5.8 Emerging Trends in Ethics, CSR, and Introduction; 11.1 The Process of Managerial Communication; 11.2 Types of Communications in Organizations; 11.3 Factors Affecting Communications and the Roles of Managers; 11.4 Managerial Communication and Corporate Reputation; 11.5 The Major Channels of Management Communication Are Talking, Listening, Reading, and Writing; Key Terms; Summary of Learning Bezoss digital commerce strategy has led the firm to become the leader of retail commerce. Introduction OpenStax is part of Rice University, which is a 501(c)(3) nonprofit. If you are redistributing all or part of this book in a print format, consent of Rice University. In addition, a renewed emphasis on ethical behavior within organizations at all levels of the company has managers and employees alike searching for the right approach when it comes to gender inequality, sexual harassment, and other social behaviors that impact the potential for a businesss continued success. Sources: Career Opportunities, https://www.hrblock.com, accessed May 25, 2017; About Us, http://newsroom.hrblock.com, accessed May 25, 2017; Abigail Hess, The 20 Best Companies for Work-Life Balance, CNBC, http://www.cnbc.com, May 4, 2017; Kristen Bahler, The 20 Best Companies for Work-Life Balance, Money, http://time.com, April 20, 2017; Rachel Ritlop, 3 Benefits Companies Can Provide to Boost Work-Life Balance, Forbes, http://www.forbes.com, January 30, 2017. Robots help businesses automate repetitive tasks that free up workers to focus on more knowledge-based tasks critical to business operations.15. May 20, 2022 OpenStax. Sociology is the scientific and systematic study of groups and group interactions, societies and social interactions, from small and personal groups to very large groups. Sociology Introduction; 1.1 The Nature of Business; 1.2 Understanding the Business Environment; 1.3 How Business and Economics Work; 1.4 Macroeconomics: The Big Picture; 1.5 Achieving Macroeconomic Goals; 1.6 Microeconomics: Zeroing in on Businesses and Consumers; 1.7 Competing in a Free Market; 1.8 Trends in the Business Environment and Competition; Key Except where otherwise noted, textbooks on this site Introduction These are just a few ways the political and legal environment affect business decisions. Except where otherwise noted, textbooks on this site 7.3 Crime and the Law In addition, the forces of supply and demand determine how prices and quantities of goods and services behave in a free market. Treating people fairly is a core company value, as is working diligently to make great strides in diversity and inclusion at all levels of the organization. Introduction to Systems of Equations and Inequalities; 9.1 Systems of Linear Equations: Two Variables; 9.2 Systems of Linear Equations: Three Variables; 9.3 Systems of Nonlinear Equations and Inequalities: Two Variables; 9.4 Partial Fractions; 9.5 Matrices and Matrix Operations; 9.6 Solving Systems with Gaussian Elimination; 9.7 Solving Systems with Inverses; 9.8 Solving These examples describe the visible and invisible rules of conduct through which societies are structured, or what sociologists call norms.Norms are behaviors that reflect compliance with what cultures and Introduction; 1.1 The Nature of Business; 1.2 Understanding the Business Environment; 1.3 How Business and Economics Work; 1.4 Macroeconomics: The Big Picture; 1.5 Achieving Macroeconomic Goals; 1.6 Microeconomics: Zeroing in on Businesses and Consumers; 1.7 Competing in a Free Market; 1.8 Trends in the Business Environment and Competition; Key Coined by sociologist William F. Ogburn (1957), the term culture lag refers to the time that passes between the introduction of a new item of material culture and its social acceptance. How restrictive are the regulations for foreign businesses, including foreign ownership of business property and taxation? The political climate of a country is another critical factor for managers to consider in day-to-day business operations. Before issuing stock, Pfizer must register the securities with the Securities and Exchange Commission. Many Americans experienced in their new home what the thirteen-year-old Polish girl had seen in the silhouette of the Statue of Liberty (Figure 19.1): a wondrous world of new opportunities fraught with dangers.Sadie and her mother, for instance, had left While still in the rebuilding stage after Hurricane Katrina hit in 2005, the U.S. Gulf Coast suffered another disaster in April 2010 as a result of an explosion on the Deepwater Horizon oil-rig, which killed 11 workers and sent more than 3 million barrels of oil into the Gulf of Mexico. Introduction Sociology Identify resources in this text and on your campus for supporting your college success. Elements of Our mission is to improve educational access and learning for everyone. The key is to be your own best advocate, because no one else is obliged to advocate on your behalf. What was the difference? Social factorsour attitudes, values, ethics, and lifestylesinfluence what, how, where, and when people purchase products or services. Sociology is the scientific and systematic study of groups and group interactions, societies and social interactions, from small and personal groups to very large groups. Together and when connected by an instructor, these elements have potential for deep and lasting effects.Changes made in Introduction to Sociology 3e are described in the preface to help instructors transition to the third edition. Introduction; 5.1 Ethics and Business Ethics Defined; 5.2 Dimensions of Ethics: The Individual Level; 5.3 Ethical Principles and Responsible Decision-Making; 5.4 Leadership: Ethics at the Organizational Level; 5.5 Ethics, Corporate Culture, and Compliance; 5.6 Corporate Social Responsibility (CSR); 5.7 Ethics around the Globe; 5.8 Emerging Trends in Ethics, CSR, and As students transitioning to college, responsibility is an inherent component of self-advocacy. As an Amazon Associate we earn from qualifying purchases. Introduction; 1.1 The Nature of Business; 1.2 Understanding the Business Environment; 1.3 How Business and Economics Work; 1.4 Macroeconomics: The Big Picture; 1.5 Achieving Macroeconomic Goals; 1.6 Microeconomics: Zeroing in on Businesses and Consumers; 1.7 Competing in a Free Market; 1.8 Trends in the Business Environment and Competition; Key Looking for a Better Way: Improving Production and Operations, Transforming the Factory Floor with Technology, Trends in Production and Operations Management, Creating Products and Pricing Strategies to Meet Customers' Needs, Trends in Developing Products and Pricing, Distributing and Promoting Products and Services, The Nature and Functions of Distribution (Place), Using Supply Chain Management to Increase Efficiency and Customer Satisfaction, Transforming Businesses through Information, Using Financial Information and Accounting, Understanding Money and Financial Institutions, Understanding Financial Management and Securities Markets, The Role of Finance and the Financial Manager, Buying and Selling at Securities Exchanges, Trends in Financial Management and Securities Markets, Developing Interpersonal Skills Is Key to Your Success, Going to College Is an Opportunity of a LifetimeNever Drop Out, Understanding the Legal and Tax Environment, (Attribution: Copyright Rice University, OpenStax, under CC-BY 4.0 license), https://openstax.org/books/introduction-business/pages/1-introduction, https://openstax.org/books/introduction-business/pages/1-2-understanding-the-business-environment, Creative Commons Attribution 4.0 International License. When the economy is growing, for example, unemployment rates are low, and income levels rise. Kinetic by OpenStax offers access to innovative study tools designed to help you maximize your learning potential. In the background, a schoolhouse burns, and a lynched freedman is shown hanging from a tree. And spend they dofreely, even though they havent yet reached their peak income and spending years.12 Other age groups, such as Generation Xpeople born between 1965 and 1980and the baby boomersborn between 1946 and 1964have their own spending patterns. In 2017 they surpassed baby boomers as Americas largest generation.11 The marketing impact of millennials continues to be immense. and you must attribute OpenStax. Introduction; 1.1 The Nature of Business; 1.2 Understanding the Business Environment; 1.3 How Business and Economics Work; 1.4 Macroeconomics: The Big Picture; 1.5 Achieving Macroeconomic Goals; 1.6 Microeconomics: Zeroing in on Businesses and Consumers; 1.7 Competing in a Free Market; 1.8 Trends in the Business Environment and Competition; Key As noted, business law touches upon a number of other legal areas, practices, and concerns.
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