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S u b j e c t I n d e xABA Banking Journal, 384Absolute advantage, 108Accessory equipment, 422Accommodating style of conflict resolution, 338Accountability, 286Accountants
at Tweeters, 620Active listening, 342Activity ratios, 531Adaptation of marketing mix, 395–396Added value, through customer satisfaction and quality, 387–389Adjourning stage of team development, 336Adopt-a-School program, 314Advertising, 456–463
advantages/disadvantages, 453advocacy, 457
cause advertising, 457comparative, 458cooperative advertising, 470false or misleading, 57–59as global activity, 456, 457informative, 458institutional, 457on Internet, 253media options for, 458–463persuasive, 458product, 457product life cycle and, 458reminder-oriented, 458spending on, 456–457types of, 457
Age Discrimination in Employment Act of 1968, 62, 63Agency, 145Agency law, 148Agent, 145
wholesaler intermediary, 433Agriculture
Earthbound Farm growth, 160minority-owned small businesses in, 175as pure competition, 80small business in, 159
AIDS, business’s social responsibility and, 53AIO statements, 403Airline Deregulation Act, 142Airline industry
airline industry and increased security, 489facility layout and, 366Internet and purchasing tickets online, 229–230JetBlue success during recession, 3–4layoffs in, 3, 201online shopping and, 242, 247production by Bombardier Business Aircraft, 368
Alcoholic beverages, social responsibility of sales of, 53Alien corporation, 183Alliances, with small businesses, 173Alternative dispute resolution (ADR) programs, 321Ambiguity, tolerance of, by entrepreneurs, 213, 215Ambition, of entrepreneurs, 211–212American Cheerleader, 162American Federation of Labor–Congress of Industrial Organizations (AFL–CIO), 316American Stock Exchange (AMEX), 583
Americans with Disabilities Act, 62, 63, 143, 300America’s Top 100 Internships (Oldman & Hamadeh), xxxixAnalytic production system, 359Angel Capital Electronic Network (ACE-Net), 171, 222Angel investors, 167, 222Anticybersquatting Consumer Protection Act, 144, 249Appellate court, 140Application service provider, 494–495Apprenticeship programs, 302Approaching, in sales process, 466Arbitration, 318, 321Arbitrator, 318Argentina, 107, 122
ESPN in, 606stability of currency, 550
Articles of Incorporation, 184Aruba, per-capita GDP of, 106Asbestos-related lawsuits, 138–139Asian Americans
as entrepreneurs, 208–209Internet use by, 233as market segment, 403small businesses owned by, 157, 174–176
Assembly line, 358Asset, 523Association of South East Asian Nations (ASEAN), 122ATM
advertising and, 462–463as automatic merchandising, 435growth in popularity of, 558
Audience, in communication process, 340Auditing, by accountants, 518, 519Audit trail, 592Austria, as low-context culture, 347Autocratic leadership, 279Automatic merchandising, 435Automation
in banking, 383in production process and, 358
Automobile industryfacility layout and, 366financing and, 176hybrid cars, 53hydrogen fueling system for cars, 76luxury models, 473pollution, 53product placement at Ford, 449quality at General Motors, Ford, and Chrysler, 3730% financing at General Motors, 515
Avoiding style of conflict resolution, 338
B2B markets. See Business (B2B) marketsB2B products. See Business-to-business (B2B) productsB2C products. See Consumer (B2C) productsBailee, 147Bailment, law of, 147Bailor, 147Baksheesh, 117Balanced budget, 94Balance of payments, 109–110Balance of payments deficit, 109
Balance of payments surplus, 109Balance of trade, 109Balance sheet, 522, 524, 526Bangladesh, population in, 106Banking Act of 1933, 559Bankruptcy law, 148–149
Bonuses, 305Bookselling, on Internet, 158–159, 241–242Book value of stock, 579Bosnia, political change and barrier to trade, 116Bottom line, 524Boycott, 51, 318Brand, 15, 427
China building brand recognition, 104family, 428individual brand, 428licensing, 127–128manufacturer’s (national) brand, 428private (store) brand, 428world’s most valuable, 21, 429
Budget deficit, 94Budgeting, 532–533Budget surplus, 94Bulletin boards, 233Bullpens, 337Bureau of Labor Statistics, 10, 89–90Business, 5–13. See also New ventures; Online business; Small businesses
Industrial entrepreneurs era, 13, 14Industrial Revolution era, 13–14marketing era, 13, 15online research by, 234–235production era, 13, 14relationship era in, 13, 15–16relationship marketing and, 409, 410responsiblity to society, 51–65selecting business ideas for new, 216–219use of Internet by, 234–236
Business analysis, stage of new-product development, 426Business (B2B) markets, 400, 405–406
end-use segmentation, 406Business careers. See Careers in businessBusiness cycle, stages of, 85Business ethics, 30, 40–51
advertising by drug manufacturers, 408Arthur Andersen, 519basics of, 43code of conduct, 48computer crime, 43conflict of interest, 45corporate stock dividend tax, 554development of, 44dirty tricks in high-speed Internet industry, 501downloading music from Internet, 474Enron, 519, 573entrepreneurs behaving badly, 214ethical action, 49ethical awareness, 47–48
Business ethics (continued)ethical leadership, 49–51ethical reasoning, 48–49forces shaping, 40–41at GE, 50government regulation and, 42honesty and integrity, 45–46human rights abuses of foreign governments and multinationals, 118incorporation overseas, 184for individuals, 43–46Internet privacy laws, 246at Johnson & Johnson, 41, 42at Krispy Kreme, 152loyalty vs. truth, 46management and, 29–31management setting standard for, 270McDonald’s liability for making people fat, 430monitoring employees, 340Monsanto’s use of PCB, 363new emphasis on, 41–42new focus on, 5nuclear power plants and, 31on-the-job ethical dilemmas, 44of organizations, 47–51price drop and weak economy, 88promotion and, 471–472puffery and deception, 471recent business scandals, 214scandals of, 39–40in securities trading, 591–593socially responsible investing and mutual funds, 590
social responsibility and, 30, 40–41stages of moral and ethical development, 44strike at Hershey, 319structure of ethical environment, 47at Tyco, 39–40undocumented immigrants as employees, 278whistleblowing, 46–47
Business incubators, 172Business intelligence software, 399Business law, 141
contract law and law of agency, 145property law and law of bailment, 146–147trademarks, patents and copyrights, 147
Business plan, 168–171for entrepreneurs, 219–220for small businesses, 168–171
Business product, 394Business-to-business (B2B) products, 394
accessory equipment, 422capital items, 421–422classifying, 421–422component part and materials, 422direct distribution channel, 432expense items, 421–422installations, 421–422marketing strategy for implications, 422raw materials, 422supplies, 422
Business-to-business e-commerce, 239–241Business-to-consumer e-commerce, 241–244BusinessWeek, 39, 234, 293Buyer behavior, 406. See also Consumer behavior
business cycle and, 85–86vs. consumer behavior, 406determinants of business, 408determinants of consumer behavior,
Cable servicesconnection for Internet, 505television advertising on, 459
CAD. See Computer-aided design (CAD)Cafeteria plans, 306–308Callable bonds, 577, 578Call provision, 578CAM. See Computer-aided manufacturing (CAM)Canada
central bank of, 565dollar, 549Internet use in, 232level of entrepreneurial activity in, 205NAFTA and, 122–123per-capita GDP of, 106SARS outbreak in, 103U.S. imports/exports of, 21U.S. trade with, 107
Capital, 7–8, 78
growth in, as investment motivation, 580Capital gains, 92
corporate stock dividend tax, 554taxes and, 581
Capitalism, 10, 79–82. See also Private enterprise systemCapital items, 421–422Careers in business
for accounting professionals, 534building a résumé, xliii–xlivchoosing right, 10education level and, xxxviiiinternship, xxxviii–xxxixjob interview, xlv–xlviijob search guidelines, xl–xliiilong-range view of, l–linontraditional students, xlviiipreparing your job credentials, xl–xliprojected 2003 entry-level hires, xxxviisalaries and, xlix–lself-assessment for career development, xxxix–xltypes of careers, xlviii–xlix
Cash budget, 532–533Cash flow
free cash flow, 527generating funds from excess cash, 553in small businesses, 166statement of, 524–528
in finance organization of company, 546Sarbanes-Oxley Act and, 185
Chief information officer (CIO), 185, 490Chief operating officer (COO), 185, 546Child labor, 317Children, ethics and promoting to, 471Children’s Online Privacy Protection Act (COPPA), 144, 245Chile, 122China
absolute advantage in silk production, 108building brand recognition, 104communism in, 83comparative advantage, 108corruption in, 117economic effect of SARS, 103–104GATT and, 121GDP of, 23Internet use in, 17, 232ISO standards and, 374manufacturing in, 103–104markets in, 106McDonald’s in, 137PepsiCo in, 347political change and barrier to trade, 116population in, 106software piracy, 119trade relations with, 118U.S. imports/exports of, 21U.S. trade with, 107, 109
Choice, right to, 11, 59CIA World Factbook, 124, 125Cigarette advertising, barriers to trade and, 116CIO. See Chief information officer (CIO)Circuit-CAM, 362Circuit courts, 140Civil Rights Act, 62, 63, 300Classic entrepreneurs, 198Classification of businesses. See North American Industry Classification System (NAICS)Classroom training, 303Clayton Act, 81, 142Click ‘n pick shopping, 243Click-through rate, 253Client, 232Closed corporations, 185Closely held corporations, 185Closing, in sales process, 467Clothing industry
online sale of, 241–242selling to alternative teens, 447teenagers as market segment, 403urban apparel, 454
Cobranding, 411Code of conduct, 48Collaborating style of conflict resolution, 338Collateral trust bonds, 576Collective bargaining, 317College campuses, ethics in promoting at, 472Colonial era in business, 13Comarketing, 411
Communication technology, informal communication channels and, 343Communism, 82–83Community bank, 383–384, 545–546
broad services and customer service of, 545Company, use of term, 184Company news, in financial newspaper, 586Company stock, importance of diversity and, 573–574Comparative advantage, 108–109Comparative advertising, 458Compensation, 304–305
employee stock ownership plans, 330linking rewards to company performance, 329–331stock options, 330–331wages vs. salary, 304
Competing style of conflict resolution, 337Competition, 10
assessing your competitive position, 274–275creating strategies for competitive differentiation, 276cutthroat, 11–12in global market, 20–23monopolistic, 80monopoly, 81–82oligopoly, 80–81pricing to meet, 474pure, 80
Consumer Credit Protection Act, 143Consumerism, 57–59Consumer orientation, 15Consumer Price Index (CPI), 89–90Consumer product, 394Consumer Product Safety, 143Consumer protection, laws for, 142–143Consumer Reports, 373Consumers. See also Customers
consumer-oriented sales promotion, 463–464consumer perceptions of prices, 478–479number of, and demand, 76, 77rights of, 57–59right to be heard, 59
Consumer spending, in U.S., 94Contests, as sales promotion, 464Context, in communication process, 340Contingency planning, 271Contingent workers, 311Continuous production process, 359–360Contract, 145
breach of, 145requirements, 145
Contractual agreements in international trade, 127–128Control
degree of, and globalization, 125internal locus of, 215inventory, 368–369
Controller, 546Controlling, by management, 269Convenience products, 421Conventional stage of ethical development, 44Conversion rate, 254Convertible bonds, 577Convertible securities, 579COO. See Chief operating officer (COO)Cookies, 244Cooperative advertising, 470Cooperative (Co-op), 189–189
Corporate income taxes, as government revenue, 93Corporate philanthropy, 56–57Corporations, 182–186
advantages/disadvantages of, 182assistance to small businesses, 172–173board of directors, 185corporate officers and managers, 185–186employee-owned, 186government-owned, 188incorporation process for, 183–185joint ventures, 188management of, 185–186mergers and acquisitions, 187not-for-profit corporations, 186S corporations, 182stock ownership and stockholder rights, 185types of, 183use of term, 184
Cosmopolitan, 460Cost(s)
breakeven analysis, 475–476marketing intermediaries and reducing, 432overhead, 164of recruitment and selection process, 301–302small businesses and, 164of websites, 252–253
Cost accountant, 519–520Cost-based pricing, 475Cost-push inflation, 87Council on Economic Priorities, 51Counterfeiting, 549–550Countertrade, 127Country Living, 459Coupons, 463Court system, 140CPFaR, 369CPI. See Consumer Price Index (CPI)Creative selling, 465Creativity, 28–29
at Couch, 28–29developing, as entrepreneur, 210of entrepreneurs, 213exercises and guidelines fostering, 29motivational efforts for, 313
Credential file, xl–xliCredit cards
branded credit cards, 552cost of, 552encryption systems, 237financing new businesses, 221fraud and, 552increase in use of, 551at McDonald’s, 551prepaid shopping cards, 552retail credit cards, 552safe online payment systems, 243–244
small businesses and, 166–167smart credit cards, 552subprime lending, 571
Credit unions, 561Critical path, in production control, 372Critical thinking, 28Cross-functional team, 333Crude goods, 90C2B markets. See Consumer (C2B) marketsCuba, communism in, 83Cubicles, 337Culture
cultural differences as barrier to trade, 112–113low- and high-context, 347–348
Currencyconversion of, as barrier to trade, 115–116devaluation, 111–112exchange rates, 110–112hard, 112soft, 112
Current income, as investment motivation, 581Current ratio, 529–530Customer-based segmentation, for businesses, 405–406Customer departmentalization, 285Customer feedback, customer satisfaction and, 389Customer-oriented facility layout, 365, 366Customer preferences, demand and, 76, 77Customer relationship. See Relationship marketingCustomers. See also Consumers
gathering information about, 235lifetime value of a customer, 410marketing era of business, 15relationship era of business, 15relationship management, 18relationship marketing and, 409, 410social responsibility to, 57–59
level of entrepreneurial activity in, 205per-capita GDP of, 106technology and productivity, 23
Departmentalization, 285Depository institutions, 557–561Depression, as business cycle phase, 85Deregulation, 82Desktop publishing, 86, 499Devaluation, 111–112Developed countries, markets in, 106Developing countries
countertrade, 127Internet and opportunities for, 17markets in, 106
Die Another Day, 449Digital cameras, product life cycle of, 424Digital Subscriber Line (DSL), 231, 505Direct channel, 439Direct distribution channel, 431, 432Direct exporting, 126Directing, by management, 269Direct investment, 128–129, 586–587
destinations of, by U.S. companies, 130sources of, in United States, 130
Domain name, 231, 251choice of, and intellectual property, 249
Domestic corporation, 183Do not call list, 467Dot-com businesses, 6, 19, 201. See also Electronic commerce (E-commerce); Internet; Online business
pure play, 247Dow Jones Average, 588
Industrial Average, 588Downsizing, 309
open communication and, 339Drop shipper, 433Drug industry. See Pharmaceutical industryDrug testing, 301Dual roles, 334Dumping, 120DVDs, product life cycle of, 424
Earnings per share, 530E-commerce. See Electronic commerce
(E-commerce)Economic barriers to trade, 115–116Economic conditions, in financial newspaper, 586Economic Recovery and Assistance for American Workers Act, 143Economics, 72
macro-, 73micro-, 72, 73
Economic systems, 72capitalism, 79–82communism, 82–83comparison of alternative, 84evaluating economic performance of, 85–91macroeconomic issues for, 79–84mixed market economies, 83–84socialism, 83
Education. See also Trainingentrepreneurs and, 204income and, xxxviiiover Internet, 234of workforce, 56
EEOC. See Equal Employment Opportunity Commission (EEOC)Elderly. See AgeElectricity
deregulation, 82supply and, 78
Electronic banking, 558Electronic cash, 243Electronic commerce (E-commerce), 236–249. See also Online business; Websites
advantages of, 237broadband technologies and, 237business-to-business e-commerce, 239–241business-to-consumer e-commerce, 241–244career choices and, xlviii–xlixchallenges for, 244–249competition and disagreements among buyers and sellers, 247–248eBay on, 250electronic data interchange, 239electronic exchanges, 240e-tailing and electronic storefronts, 243European customers’ hesitance to adopt, 131extranets and private exchanges, 240–241firewall, 245functions of, for business, 236–237global environment of, 254–255Internet fraud, 246lack of retail experience, 247laws regulating, 144not-for-profit sector and, 238poor web site design and service, 247privacy issues, 244–245profiting from, 238–239protection of intellectual property and, 248–249safe online payment systems, 243–244at Salem Five, 159–160scope of, 237–249traffic jams caused by system overload, 247unreliable delivery and return, 247
Electronic communication network, 584, 585Electronic data interchange, 239Electronic exchanges, 240Electronic funds transfer system (EFTS), 558Electronic industry, 21
comparative advantage of China, 109DVDs, 74online shopping and, 241–242
European compared to U.S., 305family friendly benefits, 306
at Fannie Mae, 611–612flexible benefit plan, 306–307flexible work plans, 307–309incentive programs, 305pension and retirement plans, 306trends in, 306–308
Employee hot line, 321Employee-owned corporations, 186Employee ownership, 186Employees. See also Human resource management; Workforce
employee-management relations in nonunion organizations, 320–321empowering, 328–331factor in production location decision, 362, 364as human resources, 8–9incentives for, in various economic systems, 84individual business ethics, 43–46legal protection of, 143–144motivating, 311–315right of, in various economic systems, 84social responsibility to, 59–64undocumented immigrants as employees, 278U.S. worker productivity, 364–365
Employee separation, 309–311. See also Layoffscontingent workers, 311downsizing, 309outsourcing, 309–310
Employee stock ownership plans (ESOPs), 330Employers’ association, 320Employment. See also Jobs; Job search
at Buffalo Zoo, 610linking rewards to company performance, 329–331at Pampered Chef, 353sharing decision-making authority, 329sharing information, 328–329
Encryption, 237, 243, 506, 560End-use segmentation, 406Energy industry
alternative energy supply sources, 71–72business ethics of nuclear power, 31deregulation, 82supply of electricity, 78
Enterprise resource planning, 494Entertainment industry
exports of, 110intellectual property and Internet, 249Internet use for, 236pirate copyrighted works, 507, 508
Entrepreneur, 176, 193, 196, 460Entrepreneurs/Entrepreneurship, 9, 12–13. See also Small businesses
age of industrial, 13, 14Buchanan, Shawn, as, 202business plan for, 219–220buying an existing business, 218buying franchise, 219as career path, 199–203
categories of, 198–199characteristics of, 196–197, 209–216demographics and economic trends for, 205economic influence of, 206–209education and, 204environment for, 203–206financial success and, 201financing for, 220–222Gates, Bill, as, 197global environment for, 179globalization, 203–204human resource management, 297information technology and, 204–205innovation, 206–207job generation by, 208job security, 201–202Kamen, Dean, as, 209–210, 211, 217Kowell, Jeff, as, 197Lange, Liz, as, 200levels of activity around world, 205–206number and age of adults currently starting, 199pros and cons of, 207quality of life, 202–203reasons for choosing, 199–203resources for, 196risk and, 78selecting business ideas for, 216–219self-management by, 200–201Simmons, Russell and Kimora, as, 198vs. small business owner, 196Sobrino, Maria de Lourdes, as, 212at Stacy’s Pita Chip Co., 227teamwork and, 335women and minorities as, 208–209
Entry-level job, xxxvii, xxxviiiEnvironment
business’s social responsibility to, 53–55factor in production location decision, 362–364
compared to debt capital, 555Equity financing, 221–222Esteem needs, in Maslow’s hierarchy of needs, 312, 314Estonia, 123E-tailing, 241, 243Ethical development, stages of, 44Ethics. See Business ethicsEuro, 111, 112, 124European Central Bank, 124European Union (EU), 111, 123–124
international accounting standards, 534ISO standards and, 374social responsibility and, 55
importance of diversity, 573–574Fourth market, 585France, 111
GDP of, 23Internet use in, 232level of entrepreneurial activity in, 205McDonald’s in, 137as mixed market economy, 84U.S. and war in Iraq, 114U.S. imports/exports of, 21
Franchise, 127, 176–179agreements, 127, 177benefits and problems of, 178–179Krispy Kreme, 261–262Subway as nation’s largest, 193
Frequency marketing, 411Fresno, City of, 520Frictional unemployment, 90FTC. See Federal Trade Commission (FTC)Full and fair disclosure, 591Full-function merchant wholesaler, 433Functional departmentalization, 285Funds
bonds, 555–556debt capital, 553equity capital, 553financial plan for, 547–549generating funds from excess cash, 553leverage, 556long-term sources of, 555–556organizations’ need for, 553private placements, 556short-term sources of, 554–555sources of, 553–556stocks, 555–556transfer of, 557venture capitalists, 556
Gain sharing, 304, 329Games, as sales promotion, 464Gantt chart, 371Gasoline. See Petroleum industryGATT. See General Agreement on Tariffs and Trade (GATT)Gazelles, 208GDP. See Gross domestic product (GDP)Gender segmentation, 402General Agreement on Tariffs and Trade (GATT), 121Generally accepted accounting principles (GAAP), 521General obligation bond, 577Generic products, 428Genetically modified (GM) crops, 55Genetic engineering, 55Geographical departmentalization, 285Geographical segmentation, 401
for businesses, 405for consumers, 401
Germany, 111central bank of, 565entrepreneurship on Internet, 206GDP of, 23Internet use in, 232level of entrepreneurial activity in, 205as low-context culture, 347technology and productivity, 23U.S. trade with, 107vacation benefits, 113, 115
Glamour, 460
Glass ceiling, 174Global business strategies, 131Global economy. See also Globalization; Global market
aging of population, 95–96challenges for, 95competitiveness of workforce, 95–96information economy, 95–96long-term strategy for, 95quality and customer service, 95–96terrorism and, 95–96
Globalizationcontractual agreements, 127–128countertrade, 127electronic commerce, 254–255entrepreneurs and, 203–204imports, 125–126international direct investment, 128–129Internet resources for, 125joint ventures, 129levels of involvement in, 124–129at McDonald’s, 137multinational corporation, 129process of, 124–129productivity and, 22–23small businesses and, 179at Starbucks, 137world’s most globalized nation, 108
Global marketcompetition in, 20–23at ESPN, 606exports in, 20–21Wal-Mart and, 22
Goodsadded value through customer satisfaction and quality, 387–389crude, 90finished, 90intermediate, 90U.S. exporters/importers, 109–100
Government accountants, 520Government bonds, 576–577Government funding, not-for-profit organizations, 7Government regulation
advertising and, 57–59age discrimination, 62antitrust and business regulation, 141–142business ethics and, 42consumer protection, 142–143cyberspace and telecommunications protection, 144deregulation, 142employee protection, 143equal opportunity on the job, 62family leave, 61investor protection, 143–144labor legislation, 316–317of monopolies, 81–82Sarbanes-Oxley Act, 40, 42, 46, 47, 72–73, 144, 186, 270, 522, 547of SEC, 64of securities market, 591–592selecting and hiring employees, 300–301sexual harassment and sexism, 62–64small businesses and, 168
whistleblowing, 46workplace safety, 60–61
Gramm-KLeach-Bliley Act, 142Grapevine, 343
reliability of, 343Great Britain. See United KingdomGreat Depression
in large organizations, 297motivating employees, 311–315performance appraisals, 303–304planning for, 298recruitment and selection process, 299–302responsibilities of, 298in small organizations, 297training, 302–303union-management relations, 315–320at U.S. military compensation benefits,
295–296workforce trends and, 299
Human resources, 8–9, 78importance of, 9
Human skills, of managers, 268–269Hungary, 123Hybrid cars, 53Hyperinflation, 88
Identity-reading technology, 489Identity Theft and Assumption Deterrence
Act, 144IMF. See International Monetary Fund (IMF)Immigrants
small businesses owned by, 175undocumented immigrants as employees, 278workforce and, 24–25
Implementing production plan. See Production plan implementationImports, 105
Income statement, 522, 524, 527Income taxes, as government revenue, 93Incorporated, use of term, 184Incorporation process, 183–185Incorporators, 184Independent Means, 174Indexes, stock, 588India
computer industry, 105as emerging market, 107ESPN in, 606GDP of, 23as high-context culture, 347Internet access in, 254markets in, 106population in, 106
Indian Gaming Regulatory Act, 162Indirect exporting, 126Individual branding, 428Individual business ethics. See also Business ethics
development of, 44on-the-job ethical dilemmas, 44whistleblowing, 46–47
Indonesiapolitical change and barrier to trade, 116population in, 106
Industrial Revolution era of business, 13–14Industry. See also specific industry such as Automobile industry
small business creation of new, 161–163Inflation, 87–88
Consumer Price Index (CPI), 90cost-push, 87demand-pull, 87hyperinflation, 88in U.S., 94
Infomercials, 462Informal communication channels, 341, 343Information. See also Management information systems
accounting, 517Internet use for, 234–236providing as promotional objective,
453–454sharing information to empower employees, 328–329
Informational interview, xxxixInformation economy, global economy and, 95–96Information overload, 492Information systems. See also Management information systems
application service provider, 494–495databases, 491–493decision support system, 493enterprise resource planning, 494executive information system, 493expert system, 493–494local area networks, 494protecting, 505–509trends in, 494wide area networks, 494wireless fidelity (Wi-Fi), 494
Information technologyat Cannondale, 618to empower employees, 329entrepreneurs and, 204–205flexible production, 358informal communication channels and, 343Krispy Kreme, 541videoconferencing, 332
Informative advertising, 458Infrastructure, 115In-home demonstrations, 353Initial public offering (IPO), 574
bonds and, 576, 577Federal Reserve System and, 91, 563–564
Intermediate goods, 90Intermittent production process, 360Internal communication, 344–345Internal data, 397Internal Revenue Service, 517, 520International Accounting Standards Committee (IASC), 533International economic communities, 122–124International law, 141International Monetary Fund (IMF), 122International Organization for Standardization (ISO), 373–374International trade. See also Barriers to trade; Global economy
absolute and comparative advantage, 108–109contractual agreements, 127–128countertrade, 127exchange rates, 110–112going global, 124–129international direct investment, 128–129international economic communities, 122–124measuring, 109–112organizations promoting, 121–122reasons for, 105–109regulations in, 118–119restrictions on, 119–120size of international marketplace, 106–107
International unions, 316Internet, 16–17, 230–231. See also Electronic commerce (E-commerce); Online business; Websites
advertising and, 461–462advertising on, 253airline industry and purchasing tickets on, 229–230banking on, 383–384, 559, 560bookselling on, 158–159broadband technology, 505budgeting process, 532business transaction function on, 236–237communication function of, 233–234components of, 230–231computer viruses, 507creation of, 16–17, 230–231as direct distribution channel, 432direct mail, 460dirty tricks in high-speed Internet industry, 501dot.com companies, 201
downloading music from, 474DVD rental service, 163eBay on, 250Elderly Instruments, 609employee inappropriate use of, 329entertainment function of, 236entrepreneurship and, 205, 206finding employment through the Internet, xli–xliifraud on, 246functions of, 233–236global environment for e-commerce, 254–255home-based businesses, 159impact of computers and Internet on accounting process, 520–521information flow via, 231–232information function of, 234–236interactive role of, 17international trade research resources on, 125jobs and, 17Krispy Kreme, 541laws regulating, 144marketing, xlixmarketing research on, 397multimedia computing, 502newspapers on, 4591-800-Flowers.com, 452online brokerage firms, 586online fraud, 64–65online resources for preparing business plan, 220OnStar vehicle communication system, 232operation of, 231–232pop-up ads, 461profit and, 6radio programming on, 459as recruiting tool, 299relationship marketing and, 411–412research on, 234–236retail sales and, 17sale of pharmaceutical drugs on, 173securities trading on, 584, 585small business and global uses of, 179small-business start-ups on, 159small business use, 233software for, 86spam, 461strategic alliances and, 19terminology of, 230–232traffic jams caused by system overload, 247training on, 303use of, in various countries, 17virtual private networks, 504–505Webcasts, 502
Internet Corporation for Assigned Names and Numbers, 251Internet Fraud Complaint Center, 246Internet retailing, 434–435Internet service provider (ISP), 231
Investor’s Business Daily (IBD), 586Invisible hand concept, 10–11Iran, 71
embargo on goods from, 120Iraq, 71
central bank of, 565embargo, 120
Ireland, 111small businesses in, 179technology and productivity, 23as world’s most globalized nation, 108
ISO. See International Organization for Standardization (ISO)ISP. See Internet Service Provider (ISP)Israel, level of entrepreneurial activity in, 205IT. See Information technologyItaly, 111
Internet use in, 232ISO standards and, 374level of entrepreneurial activity in, 205U.S. imports/exports of, 21
Janitor’s insurance cases, 45Japan
AFLAC in, 128comparative advantage in electronics, 109deflation, 89GDP of, 23as high-context culture, 347Internet use in, 232ISO standards and, 374motivation and, 315population in, 106U.S. imports/exports of, 21U.S. trade with, 107, 109
company research for, xlvquestions to ask interviewer, xlviitips for successful interviewing, xlvi–xlvii
Jobs. See also EmploymentInternet use and, 17small business creation of, 161top job losses by industry in recent recession, 90–91
Job searchfinding employment through the Internet, xli–xliijob search guidelines, xl–xliiilearning more about job opportunities, xlii–xliiipreparing your job credentials, xl–xliprivate employment agencies, xliistate employment offices, xlii
Languageas barrier to trade, 112–113brand names and, 427–428English as primary language of business, 347
Lanham Act, 147Latin America
as emerging market, 107as high-context culture, 347
Latvia, 123Laws, 141. See also Government regulation; Legal issues; specific acts
to ensure equal employment opportunity, 62–63Layoffs, 85. See also Employee separation
at Mission Controls Automation, 310Plant-Closing Notification Act, 317team building after, 327top job losses by industry in recent recession, 90–91in U.S., 94
Leadership, 279–282autocratic, 279of Bush and Giuliani after September 11, 281corporate culture and, 282–283democratic, 279empowerment and, 279ethical, 49–51free-rein leadership, 279at Southwest Airlines, 279styles of, 279traits for effective, 279
Legal issues, 144antitrust and business regulation, 141–142asbestos-related lawsuits, 138–139bankruptcy law, 148–149consumer protection, 142–143contract law and law of agency, 145deregulation, 142employee protection, 143form of business, 179–183Internet privacy laws, 246investor protection, 143–144labor legislation, 316–317legal environment and barrier to trade, 117legal system and administrative agencies of, 140–141privacy and Internet, 245, 246property law and law of bailment, 146–147recent changes in banking laws, 559–560Sarbanes-Oxley Act, 40in securities trading, 591–593small businesses and, 168tax law, 149torts, 148–149trademarks, patents and copyrights, 147types of law, 141Uniform Commercial Code, 145–146
Lempert Report, The, 399Letters
cover letters, xlivof reference, xli
Leverage, 556Leveraged buyouts, of Krispy Kreme, 598Leverage ratios, 531Liability
Mad cow disease, 79Magazines, advertising, 459–460Mail Abuses Prevention System (MAPS), 51Mainframe computers, 496Make, buy, or lease decision, 366–367Malaysia, 72, 118
as emerging market, 107markets in, 106
Mali, 491, 492Malta, 123Management, 266–282, 296. See also Human resource management; Managers
business ethics and social responsibility, 29–31controlling, 269corporate, 185–186corporate culture and, 282–283directing, 269employee-management relations in nonunion organizations, 320–321functions of, 269–270hierarchy of, 266–268importance of planning, 270–273at Krispy Kreme, 379–380lockout, 319organizational structures and, 283–288organizing, 269planning, 269at Procter & Gamble, 265–266production and operations management, 356setting vision and ethical standards, 270settling union-management disputes, 317–320small businesses and shortcomings in, 165–166strategic planning process, 273–277strikebreakers, 319–320union-management relations, 315–320in various economic systems, 84
Management accountants, 518–519, 534Management development program, 303Management information systems, 490–495
application service provider, 494–495databases, 491–493decision support system, 493enterprise resource planning, 494executive information system, 493expert system, 493–494local area networks, 494wide area networks, 494wireless fidelity (Wi-Fi), 494
Management teams, 333Managers
brand, 429category, 429change and, 29critical thinking and creativity of, 28–29as decision makers, 277–278empowering employees, 328–331vs. entrepreneurs, 197ethical leadership, 49–51Fernandes, Donna as, 610as leaders, 279–282line, 287management teams, 333motivation and attitude of, 314–315product, 429production and operations manager, 364–372skills needed for success, 268–269staff, 287time spent in direct communication by, 339training for, 303traits of effective, 280vision of, 27–28women as, 293
Manufacturers’ reps, 434Manufacturing. See also Production
at Cannondale, 613, 618changing nature of work, 25in China, 103–104computer-aided manufacturing, 361computer-integrated manufacturing, 361–362flexible manufacturing system, 361mass production and, 358minority-owned small businesses in, 175in production era of business, 14relationship marketing, 412subcontracting, 128U.S. output of, 363–364
Marketing research, 396–399application of data from, 398–399computer-based systems, 399data mining, 399Internet and, 397
at Once Famous, 398reasons for, 396secondary sources for, 396types of, 397
Marketing section in business plan, 170Marketing strategy
for consumer and business products, 422developing, 393–396product life cycle and, 425target market selection, 394
Market niches, small businesses and, 164–165Market order, 585Market Reform Act, 591Markets. See also Business (B2B) markets; Consumer (C2B) markets; Global market; Securities markets; Stock market
buyer’s, 386Markets (continued)
determining which market to enter in globalization, 124in financial newspaper, 586major world, 107seller’s, 386
Market share, 473Market value of stock, 579Markup, 475Maslow’s hierarchy of needs theory, 312–313Mass customization, 395Mass production, 358Materials handling, 441Materials requirement planning (MRP), 369–370Maturity stage of product life cycle, 424Mechanization, mass production and, 358Media, advertising in, 458–463Mediation, 318, 321Medicare, 305
government spending on, 93Medium of exchange, money as, 550Mentoring program, at Fannie Mae, 611–612Merchant wholesalers, 433MERCOSUR, 122Mergers, 187Metro AG, 104Mexico, 72, 107
as high-context culture, 348markets in, 106NAFTA and, 122–123small businesses in, 179U.S. imports/exports of, 21U.S. trade with, 107
Microeconomics, 72forces of demand and supply, 73–79
Microloans, 171Middle East, 108
corruption in, 117
Middleman, 431Middle management, 267–268
planning by, 271–272Military, U.S., 405
advertising and, 469, 470centralized communication, 345compensation benefits for, 295–296outsourcing, 310
Minicomputers, 496Minorities. See also specific ethnic group
as entrepreneurs, 208–209financing new businesses, 221Internet use by, 233as market segment, 403small businesses owned by, 157, 174–176in workforce, 56
balance of payments, 109characteristics of, 549–550difficulty in counterfeiting, 549–550divisibility of, 549durability of, 549exchange rates, 110–112factors of production and, 8function of, 550inflation and value of, 88portability of, 549stability of, 550
New ventures. See also Start-upsbusiness plan for, 219–220financing for, 220–222selecting business ideas for, 216–219
New York Stock Exchange (NYSE), 576, 582–583New York Times, The, 234New Zealand, small businesses in, 179Nigeria, population in, 106Nimitz aircraft carriers, 355Noise
Nontraditional students and career search, xlviiiNonunion organizations, employee-management relations in nonunion organizations, 320–321Nonverbal communication, 341, 343–344
cultural differences, 113, 114influence of personal space in, 344
Nonverbal cues, 344Norming stage of team development, 336Norms, team, 336Norris-La Guardia Act, 316, 320North American Free Trade Agreement (NAFTA), 122–123, 141
international accounting standards, 534North American Industry Classification System (NAICS), 406North Korea. See Korea, NorthNorway
per-capita GDP of, 106technology and productivity, 23
advertising for, 457as corporations, 186electronic commerce and, 238marketing, 390–391organizational structure for, 284publicity, 469
Nuclear power plants, business ethics and, 31
Nutrition Labeling and Education Act, 143
Objections, handling, in sales process, 467Objectives, 275–276
establishing objectives for organization, 275–276Occupational Outlook Handbook, 10Occupational Safety and Health Administration (OSHA), role of, 60–61Odd pricing, 479Offensive listening, 342Office of Internet Enforcement, 64Office of Small and Disadvantaged Business Utilization, 171Offset agreement, 127Off-the-job training, 303Oil & Gas Journal, 460Oligopoly, 80–81Online business
OnStar vehicle communication system, 232On-the-job training, 302OPEN: The Small Business Network, 172Open-door policies, 321Open office design, 337Operating activities, accounting and, 517Operating system, 497–498Operational planning, 271Opportunities, in SWOT analysis, 274–275Optical networks, for Internet connection, 505Optimism, of entrepreneurs, 212–213Oral communication, 341, 342Order processing, 441, 465Organization, 287. See also Organizational structures
communication outside, 346–347communication within, 344–345
Organization chart, 284Organization for Economic Cooperation and Development Anti-Bribery Convention, 117Organization of Petroleum Export Countries (OPEC), 72Organizing, by management, 269Orientation, 302Origin and Evolution of New Businesses, The (Bhidé), 206OSHA Act, 143Outbound telemarketing, 467Outdoor advertising, 461Outsourcing, 25, 309–310Overhead costs, 164Overseas division, 129Over-the-counter selling, 465Owners’ equity, 523Ownership
Pacific Rim, as emerging market, 107Pacing programs, 223Packages, 429–431Packets, 234Paid time off (PTO), 307Pakistan, population in, 106Paradigm shift, 341Paraguay, 122Partnership, 18–19, 181–182
Patent, 147, 248Pay for knowledge, 305, 329Pay for performance, 329PCB, 363Peer-review boards, 321Penetration pricing, 477Pension funds, 561Pension plans, 306Pensions, at General Motors, 515People’s Republic of China. See ChinaPer-capita GDP, world’s top ten nations based on, 106Performance appraisals, 303–304Performing stage of team development, 336Perpetual inventory, 368Personal budget, 539Personal computers (PCs), 496–497Personal digital assistants (PDAs), 513Personal selling, 451, 465–468
advantages/disadvantages, 453conditions for, 465consultative selling, 468creative selling, 465missionary selling, 466order processing, 465recent trends in, 467–468relationship selling, 467–468sales force automation, 468sales process for, 466–467strategies for, 472team selling, 468telemarketing, 467
Personal space, 344nonverbal communication and, 344
Person marketing, 391Persuasive advertising, 458PERT (Program Evaluation and Review Technique), 371–372Peso, 111, 123, 549Pet industry, food market, 80Petroleum industry
demand curve and gasoline, 75–76Strategic Petroleum Reserve, 71Transport 4, 188U.S. economy tied to oil, 71–72
Pharmaceutical industryadvertising by drug manufacturers, 408business ethics and, 44independent pharmacies as small business, 158sale of drugs on Internet, 173short-term monopoly, 81
electronic commerce and, 238–239right to, in private enterprise system, 11right to, in various economic systems, 84
Profit, 6Profitability objective, 473Profitability ratios, 530Profit-and-loss statement, 171Profit sharing, 304Programmed decision, 277Promotion, 450. See also Promotional strategies
children/teenagers and ethics in promoting to, 471deception, 471ethics in, 471–472importance of, 450in public schools and college campuses, 472puffery, 471sports celebrities as part of promotional campaign, 484
online, 234–235Reserve requirements, 562–564Respondent superior, 145Restrictions, on trade, 119–120Restrictive monetary policy, 91Restructuring, open communication and, 339Résumé
building a résumé, xliii–xlivchronological résumé, xlivcover letters, xlivdo/don’t tips for, xliii–xlivelectronic, 248functional résumé, xlvorganizing your résumé, xliiiposting on job sites, xli–xliiresult-oriented résumé, xlvisubmitting through automated systems, xliv
Résumés of principals section in business plan, 170Retail credit cards, 552Retailers, 434–438
Retailingautomatic merchandising, 435direct-response retailing, 434direct selling, 435five largest in U.S., 434Internet use and, 17, 434–435minority-owned small businesses in, 175
Retailing (continued)nonstore retailers, 434–435online shopping, 241–244profitability online, 238retail lab, 398small businesses in, 158store retailers, 435warehouse-club, 437wheel of retailing, 435
economic effect of, 103–104Satellite services, television advertising on, 459Saudi Arabia, 71
barrier to trade and, 115Saving accounts, 551Savings banks, 560Scheduling, in production control, 370–372Schools, ethics in promoting at, 472S corporations, 182
Seed capital, 167, 220Segmentation. See Market SegmentationSegway human transporter system, 469Selective credit controls, 564Selective demand, 450Selective distribution, 440Self-actualization needs, in Maslow’s hierarchy of needs, 312, 314Self-assessment for career development, xxxix–xlSelf-confidence, of entrepreneurs, 212–213Self-managed team, 333Self-management by entrepreneurs, 200–201Seller’s market, 386Sender, in communication process, 339September 11
airline industry after, 3–4air travel after, 229closing/reopening of NYSE, 583consumer behavior after, 407demand for recreational vehicles after, 75disaster recovery planning after, 272disaster recovery planning for computers after, 508–509increased security at airports since, 489Internet traffic jams afterwards, 247layoffs since, 201leadership of Bush and Giuliani after, 281rebuilding SouthWest NY restaurant, 37
Serial bonds, 577Server, 232Service
added value through customer satisfaction and quality, 387–389classifying, 422defined, 356facility layout and, 366minority-owned small businesses in, 175U.S. exporters/importers, 109–100
Service Corps of Retired Executives (SCORE), 172Service industry
Small businesses, 157–176. See also Entrepreneurs/Entrepreneurshipadvantages of, 163–165business forms for, 179–187business plan for, 168–171defined, 157disadvantages of, 165–168economic contributions of, 161–163vs. entrepreneur, 196financing for, 166–167, 171franchising, 176–179growth strategies for, 179human resource management, 297Internet use and, 159, 233large corporations assistance to,
172–173by minorities, 174–176number of, 157organizations for, 179–183rate of failure, 165recession and, 87regulation of, 168SBA and, 171–172top five industries for, 158typical ventures of, 158–161by women, 174
Small Business Investment Companies (SBICs), 171
Small organizations, teamwork in, 335Smart cards, 243Smart credit cards, 552Social audits, 51Socialism, 83Social needs, in Maslow’s hierarchy of needs, 312, 314Social responsibility, 30, 51–65
business ethics, 40–41corporate philanthropy, 56–57to customers, 57–59developing quality of workforce, 55–56to employees, 59–64forces shaping, 40–41to general public, 52–57to investors and financial communities, 64–65at Krispy Kreme, 152management and, 29–31of Patagonia, 30protecting the environment, 53–55public health, 52–53at Timberland, 603–604
Social Security, 305as government revenue, 93government spending on, 93
Software suites, 498Sole proprietorship, 180–181. See also Entrepreneurs/EntrepreneurshipSouth Africa, 107South Korea. See Korea, SouthSoviet Union, former, as planned economy, 83Spam, 236, 342, 461Span of control, 286Span of management, 286–287Specialization of labor, mass production and, 358Specialty advertising, 464Specialty products, 421Spending, consumer, in U.S., 94Sponsorship, 462
advertising and, 462Sports, profession, promotional campaigns and athletes, 484Sports, professional
marketing minor league sports, 419sponsorship, 462
Sports Illustrated, 459Spreadsheet software, 86, 499–500Stability of principal, as investment motivation, 581Staff manager, 287Standardization
of marketing mix, 395–396mass production and, 358
Standardization strategy, 131Standard & Poor’s
bond ratings, 577, 578S&P 500, 588
Start-up expenses, for small businesses, 166Start-ups
financing for, 220–222small-business start-ups on, 159
State employment offices, xliiStatement of cash flow, 522, 524–528, 525State supreme court, 140Statutory law, 141Steel industry, 359–360
tariffs and, 120Stockholders, 185Stock indexes, 588Stock market, 582–585. See also Securities exchangeStock options, 305, 330–331Stocks. See also Securities
characteristics of effective, 333–334cohesiveness and norms for, 336communication in, 345diversity and, 334management, 333problem-solving teams, 333quality circles, 332, 333roles in, 334size of, 334stages of development, 335–336team concept and production, 359virtual teams, 332, 333work teams, 332–333
Team selling, 468Teamwork, 331
at Cannondale, 602importance of, 327, 331open office design and, 337playing games for building, 327in small organizations, 335
Technical skills, of managers, 268Technology, 4–5, 16. See also Information technology
Test marketing, stage of new-product development, 426Thailand, 107
abusive working conditions in, 96Theory X, 315Theory Y, 315Theory Z, 315Threats, in SWOT analysis, 274–275360-degree performance review, 303–304
Thrift institutions, 560Time, 459Time utility, 385–386Title VII of Civil Rights Act, 62, 63, 300Tobacco industry, social responsibility and, 52Tombstone, 575Top management, 267
planning by, 271–272Torts, 148–149Total asset turnover, 531Total cost, 476Total liabilities to total assets, 531Total revenue, 476Toys, online shopping and, 241–242Trade. See International tradeTrade barriers. See Barriers to tradeTrade credit, 555Trademark, 147, 248, 427Trade promotion, 464Training, 302–303. See also Education
classroom and computer-based, 303diversity training, 126in ethics, 48–49on Internet, 303Krispy Kreme, 541management development program, 303on-the-job, 302
during Great Depression, 89top job losses by industry in recent recession, 90–91types of, 90–91
in U.S., 94Unemployment rate, 90
starting new businesses and, 201–202Uniform Commercial Code, 145–146
puffery and, 471Uniform Partnership Act, 181Unions. See Labor unionsUnited Arab Emirates, 71United Kingdom, 111, 113, 118
GDP of, 23Internet use in, 17, 232level of entrepreneurial activity in, 205U.S. imports/exports of, 21U.S. trade with, 107
United Stateseconomy of, 94exports, 105, 109–100France and war in Iraq, 114GDP of, 23gross domestic product of, 105imports, 105, 109–100Internet use in, 232level of entrepreneurial activity in, 205as low-context culture, 347major trading partners of, 107NAFTA and, 122–123per-capita GDP of, 106population in, 106small businesses in, 179top trading partners with, 21U.S. output of, 363–364U.S. worker productivity, 364–365
Unit of account, money as, 550Universal product code (UPC)
marketing research and, 399packaging and, 430–431
Urban legends, 236Uruguay, 122Uruguay Round, 121U.S. Agency for International Development, 492U.S. Department of Defense, 8U.S. Department of Energy, 72U.S. Department of Labor, 10U.S. District Court, 140U.S. Sentencing Commission, 42U.S. Supreme Court, 140USA Patriot Act, 142USA Today, 234Utility, 356, 385–386
created by marketing, 385–386marketing intermediaries and, 432
Vacation benefits, as barrier to trade, 113, 115Vaccinations, shortages of, 78–79Value (financial), 19Values, as barrier to trade, 113–115Vendor-managed inventory, 369, 441Venture capitalists, 167, 222, 556Verbal communication, 341, 343–344Verbal cues, 344Vertical merger, 187
Vice president for financial management, 546Videoconferencing, 233, 332, 491Vietnam
abusive working conditions in, 96as emerging market, 107
Wages, xlix, 304. See also Compensation; Incomeliving, 304vs. salary, 304
Wagner Act, 316Walkout, 318Wall Street Journal, The, 575, 586, 588Warehouse-club retail outlets, 437Warehousing, 441Warranties, 146, 442Weaknesses, in SWOT analysis, 274–275Wealth, world’s top ten nations based on, 106Wealth of Nations, The (Smith), 10Webcasts, 502Web host, 253Web sites, 231. See also Electronic commerce
(E-commerce)for accounting professionals, 534building databases and, 492–493content and connections, 252costs and maintenance of, 252–253developing successful, 249–252direct mail, 460international trade research resources on, 125managing, 249–254measuring effectiveness of, 253–254naming your, 251for newspapers, 4591-800-Flowers.com, 452planning and preparing, 251poor web site design and service, 247for preparing business plan, 220profitability of, 238
Wellness programs, 305Wheeler-Lea Act, 57, 142Wheel of retailing, 435Whistleblowing, 30, 46–47Wholesale, minority-owned small businesses in, 175Wholesaler, 433–434Wholesaling intermediaries
independent, 433–434manufacturer-owned, 433retailer-owned cooperatives and buying offices, 434
Wide area networks, 494Wireless fidelity (Wi-Fi), 494Wireless networks, 505, 506Women
earnings of, 64as entrepreneurs, 208–209financing new businesses, 221Internet use by, 17, 232managers, 293market segmentation, 402, 404small businesses owned by, 157, 174tips on speaking up, 338in workforce, 56
WomenAngels.net, 222Women-Owned Business Procurement Program, 174Women’s Business Center, 174Women’s Growth Capital Fund, 222Women’s Network for Entrepreneurial Training, 174Wonderlic Basic Skills, 302Word processing software, 86, 499Workers. See EmployeesWorkforce
aging of, 24changing nature of, 25–26competitiveness of, and global economy, 95–96developing quality of, for social responsibility, 55–56diversity of, 24–25, 26, 55–56education level, 56employer-employee partnerships, 25–26factor in production location decision, 362, 364labor pool for, 24trends in, and recruiting, 299
Work hourscompressed workweek, 308flexible work plans, 307–309in U.S. vs. Europe, 305
Work-life issues, quality of life issues, 61–62Workplace, safety, 60–61Work teams, 332–333World Bank, 121–122World Health Organization, 44World Trade Organization (WTO), 44, 121, 125, 141World Wide Web (Web), 17. See also Internet
software for, 86Written communication, 341, 342–343WTO. See World Trade Organization (WTO)
Yard sale, world’s largest, 392Yen, 111, 112Yugoslavia, political change and barrier to trade, 116