Business: a changing World



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Business: A Changing World is the fastest growing introduction to business text available today. We appreciate the confidence that adopters have placed in our book and have worked diligently to make sure the 4th edition provides the content and teaching materials that instructors and students desire. Our book has been successful because we provide a real world comprehensive framework in a compact format. Contemporary examples and boxed features help the fundamental concepts of business come alive for students. We reflect the latest knowledge that is reshaping the changing world of business. Our Web site and supplementary classroom teaching materials provide support at the highest level possible to enhance the learning experience.
While we emphasize emerging topics, there are many traditional business concepts that students should learn. Therefore, we provide an abundance of new real-world examples, cases, boxed features, and exercises that make the course interesting and exciting. Feedback from adopters and reviewers indicates that we have done an excellent job in providing a complete teaching package that engages and connects students to the realities of business. While we emphasize the important issues and challenges facing business today, there is balance in our coverage, avoiding over-emphasis of trendy topics. We believe that students must first learn some of the fundamental concepts that provide a foundation for understanding the world of business. On the other hand, there is a new chapter in this edition that covers information technology and e-business. While the role of these important areas and the Internet is still evolving, they have become an important part of the business world.


Based on suggestions from our reviewers and direct contact with adopters, we have been careful to retain the strengths that have made this book so successful. We continue to listen closely to the feedback of students and instructors in order to keep providing the depth and breadth of coverage that works best in the classroom. While this text continues to provide 16 chapters that instructors view as essential for the highly competitive introduction to business market, there are significant improvements to all the learning devices and the virtual component of the textbook. For example, the legal environment of business and personal financial planning are now covered in two new appendices.
At the time this text was published, the majority of the references found in the endnotes were less than one year old, indicating our commitment to be as up-to-date as possible. We have used the latest technology and business terms to make traditional concepts more practical and applicable to students’ daily lives and work.
The Ferrell/Hirt Web site with Online Learning Center provides full integration with chapter content. This feature is an interactive Web site for students that provides a site map with a learning module for each chapter in the text. The content of the text and Online Learning Center (OLC) focus on maintaining currency and the integration of important concepts.


Footprints or “Cybertrek” icons are located in the margin of the text and are an example of further technological integration. Each icon signals that the student should take a “Cybertrek” to see additional material on the OLC. Each Cybertrek is numbered in the text to correspond to its counterpart on the OLC. Along with the Cybertreks each chapter also has the following study aids online: a Cybersummary, Test Your Understanding quiz, Internet Exercises, Power Point Slides, and an e-Learning session. The online Cybersummary allows students to review the chapter and then link to key terms that they cannot understand in the summary. Test Your Understanding includes multiple choice and true/false quizzes so that students can check their knowledge online and get immediate feedback. The Internet Exercises are extra exercises for the student that can be assigned or done independently. Each exercise directs the student to a Web site and asks questions related to chapter concepts. The Power Point slides provide both information covered in the text as well as additional information designed to clarify further specific concepts. The e-Learning session is an interactive learning tour of the most critical concepts in each chapter.
Perspectives that are changing the world of business are emphasized throughout the complete teaching package — the globalization of business, quality, ethics and social responsibility, diversity, technology, productivity, and dot.coms. These current business challenges are integrated into the text and in boxes in each chapter.


  • Think Globally

  • Value Diversity

  • Strive for Quality

  • Embrace Technology

  • Consider Ethics & Social Responsibility

  • Enhance Productivity

  • dot.comment

In the text, the use of real-world examples, boxed features, and video cases creates excitement about business and stimulates students’ thought processes, judgment, and communications skills. To assist in cognitive processes related to decision skills, the text provides a dilemma and a skill-building exercise in each chapter. We wanted this book to encourage students to think, communicate, and make their own decisions — invaluable critical skills that can always be used in the changing world of business.




Based on feedback from reviewers and third edition adopters, a complete chapter on information technology and e-business was added to this edition. We were told that this critical area of business was so important today that it needed an up-to-date, stand alone chapter to permit students to gain more insights on this important topic. Of course, information technology and e-business issues are integrated throughout the text, but this chapter provides frameworks and real-world examples that provide increased understanding. We recognize that new innovations such as wireless communication, streaming video, and the expansion of broadband continue to provide new business opportunities and challenges. While online retail transactions have slowed, business-to-business transactions and the use of the Internet to enhance productivity within organizations have increased at a rapid rate. In addition there are many legal and social concerns that have evolved from advances in information technology and use of the Internet.

Each of the text’s six parts now features a role-play exercise that allows students to assume various roles within an organization and operate as representatives of different functional areas. The exercises are designed to help students understand the real-world challenges of decision making in business today. Decisions often require a quick strategic response from an organizational group or team. These exercises simulate this experience, and students are given the opportunity to apply the concepts discussed in class. The overview of each role-play exercise can be found at the end of each part, while the roles and instructions for using and evaluating the exercises are located in the Instructor’s Manual and on the instructor’s portion of the Ferrell/Hirt Web site.


Also based on reviewer feedback, we have added a new appendix on Personal Financial Management. Although organizational finance is covered in chapters 14-16, this new appendix focuses on the financial concepts important in everyone’s lives whether or not they choose to continue in the business world.


Our mission was to develop a book that prepares students for today’s rapidly changing business environment. We wanted to prepare them to understand how businesses use the Internet. It was important that they recognize how global competition, economic fluctuations in different part of the world, and a push for more customer-focused and people-friendly organizations make business decision making more challenging. By promoting a greater understanding of essential technological issues and instilling a higher sense of self-development, this new edition prepares students for a variety of opportunities and challenges. With that kind of preparation, we believe that any student will be ready to succeed — in business and beyond.
ORGANIZATION
Business: A Changing World is divided into six parts. Part One introduces the fundamentals of contemporary business and economics and discusses social responsibility, ethics, global business concerns, and information technology and e-business. Part Two deals with forms of business organization, small business, and entrepreneurship. Part Three explores management principles, structuring the organization, teamwork, communication, and production and operations management. Part Four focuses on human relations and human resources management. Part Five covers customer-driven marketing. Part Six addresses financial management. Additionally, the book includes appendices on preparing a business plan and a personal career plan, legal and regulatory issues, and personal financial management.
Pedagogy

Business: A Changing World provides numerous features to facilitate student learning:

  • Learning objectives at the beginning of each chapter inform students about what should be achieved after reading and studying the chapter.

  • A chapter-opening vignette sets the scene for issues discussed in each chapter.

  • Value Diversity, Consider Ethics & Social Responsibility, Think Globally, Enhance Productivity, Strive for Quality, Embrace Technology, and dot.comment boxes highlight real, often familiar companies or businesses to help students gain practical experience about business and focus on issues of concern in business today.

  • A Solve the Dilemma box in each chapter gives students an opportunity to think creatively in applying chapter concepts to hypothetical situations that could occur in the real world.

  • An Explore Your Career Options box in each chapter provides information about career planning and specific business career opportunities.

  • End-of-chapter learning devices include a summary that repeats chapter learning objectives, a list of key terms, Check Your Progress questions to test and reinforce understanding, and Get Involved exercises to challenge students to apply and expand on concepts learned in the chapter.

  • A comprehensive, challenging video case at the end of each chapter tests students’ judgment and decision-making skills. New to this edition are additional video cases for each chapter which are available for use by the instructor.

  • A Build Your Skills exercise at the end of each chapter provides an opportunity to build critical skills through a variety of self-tests and other exercises.

  • Role-play Exercises at the end of each part give students the opportunity to assume organizational roles and make decisions through application of the text concepts.

  • Application-oriented appendices in the book focus on preparing a business plan and a career plan, legal and regulatory issues, and personal financial management.

  • An end-of-book glossary is included featuring all of the margin terms boldfaced in the text.

  • Name and subject indices at the end of the book aid in finding both topics and key companies and people featured throughout the book.

  • The Online Learning Center is available at www.mhhe.com/ferrell.


Support Materials for the Student

  • Print Study Guide (ISBN: 007-246924-2) - each chapter of the Study Guide includes a chapter summary; learning objectives; and true/false, multiple-choice, matching, and skill-building questions.

  • Interactive Study Guide on CD-ROM (Freestanding ISBN: 007-251578-3; or Packaged with Text and PowerWeb ISBN: 007-255273-5) - Each chapter includes quizzes, outlines, and exercises, along with interactivities from the "Build Your Management Skills" selections. Also new to this edition, the interactive "Business Around the World" atlas allows students to research information about doing business in various countries by clicking on area on the map to access business news and analysis, general facts, and business guidelines.

  • Online Learning Center Student Resources – is your perfect solution for Internet-based content. This website follows the textbook chapter by chapter and contain text pedagogy and supplementary material. As students read through their book, they can refere to the OLC for learning objectives, chapter summaries, videos, interactive glossary, and more. The Ferrell/Hirt OLC (www.mhhe.com/ferrell4e) also contains the following:

1. “Cybertrek” icons in the text direct students to the Online Learning Center where hyperlinks are provided for company, professional organization, government, and other sites that effectively illustrate concepts covered in the text.

2. “Cybersummary” provides a short chapter summary where key terms are hyperlinks that can be viewed when students are not sure of a definition. This feature permits students to quickly review all key terms in an overview that presents key term integration.

3. “Test Your Understanding” includes true/false and multiple-choice questions for each chapter. A scoring system keeps track of the scores on each exam so students can measure their improvement and mastery of the subject.

4. “Internet Exercises” provide an opportunity to reinforce chapter concepts by guiding students to specific Web sites and asking them to assess information on the site and answer questions that apply to chapter concepts.

5. “Power Point Slides” give students an opportunity to view slides that the instructor may/may not have used in class.

6. “Key Terms and Definitions” provide a listing of important margin terms and their definitions from each chapter.

7. “e-Learning Sessions” provide an interactive “content in context” tour of the important concepts covered in each chapter.


Support Materials for the Instructor

  • Instructor’s Manual and Transparency Masters (ISBN: 007-246923-4). The Instructor’s Manual includes chapter learning objectives, key terms and their definitions, a lecture outline and notes with references to the transparencies and Power Point slides, a supplemental lecture, a short discussion of a controversial issue, answers to the “Check Your Progress” questions, questions pertaining to the “Solve the Dilemma” and “Explore Your Career Options” boxes, additional discussion questions and exercises, a chapter quiz, teaching suggestions, answers to the end-of-chapter case and exercise, an additional video case for each chapter, the role-play exercises and roles along with options for implementation and teaching overviews for the six exercises, term paper and project topics, and suggestions for guest speakers.

  • Test Bank (ISBN: 007-246920-X). The class-tested Test Bank contains true/false, multiple-choice, and essay questions. Questions are linked to chapter learning objectives so that instructors can tailor exams to their class needs.

  • Computerized Testing Program (ISBN: 007-246922-6). A hybrid format for Windows and Mac, this advanced feature test generator allows you to add and edit questions, save and reload tests, create up to 99 different versions of each test, and more.

  • Videos (Set 1 ISBN: 007-246929-3, Set 2 ISBN: 007-255338-3). A complete inventory of videos is available. Set 1 corresponds with the video cases in the text. Set 2 contains additional new footage, along with situational analysis segments for students on topics such as Negotiating, Conflict Management, Self-Management/Etiquette-Diversity, Listening, and Teamwork. The video guide for Set 1 is in the Instructor’s Manual. Cases and video guide for Set 2 can be found in the Instructor Resources section of the Online Learning Center.

  • Power Point Slides (ISBN: 007-246918-8). Over 300 electronic slides keyed to the text are available. These slides can be modified with Power Point.

  • Instructor CD-ROM (ISBN: 007-246925-0). This CD-ROM collects all of the text’s visually-oriented supplement items in one presentation management system. By collecting many features of the Instructor’s Manual, videos, Power Point slides, and lecture material in an electronic format, this CD offers a comprehensive and convenient tool that allows you to customize your lectures and presentations.

  • Online Learning Center Instructor Resources. A secured Instructor Resources center stores your essential course materials and saves you prep time before class. This area also stores the Instructor’s Manual, presentation materials, video cases, and additional readings and exercises.

  • PowerWeb. Getting information online has never been easier. This weblink from the Online Learning Center is a reservoir of course-specific articles and current events. Simply type in a discipline-specific topic for instant access to articles, essays, and news for your class. All of the articles have been recommended to PowerWeb by professors like you. Which means you won’t get all that clutter that seems to pop up with typical search engines. But PowerWeb is much more than a search engine – it contains self-grading quizzes, interactive exercises, a glossary, even a link to the daily news. Ask your sales representative how to get the PowerWeb package for your course, or simply request this package ISBN: 007-255273-5.




ACKNOWLEDGMENTS

We could not have developed this edition of Business: A Changing World without the commitment, dedication, and patience of Barbara Gilmer. She assisted the authors in developing and coordinating all of the content in the text, ancillaries, and the Ferrell/Hirt Online Learning Center. This is the second edition for which Barbara has made significant contributions to the content and quality of the text. John Weimeister, Senior Sponsoring Editor, provided leadership and creativity in planning and implementing all aspects of the 4th edition. He continues to support all participants involved in this project including adopters. Christine Scheid, Senior Development Editor, did an outstanding job of coordinating all aspects of the development and production process. Mary Conzachi was the Project Manager. Mark Molsky managed the technical aspects of Online Learning Center. Others important in this edition include: Joyce Chappetto (Supplements) and Ellen Cleary (Marketing Manager).


Michael Hartline developed the Personal Career Plan in Appendix C and assisted in developing the Business Plan in Appendix B. Vickie Bajtelsmit developed Appendix D on personal financial management. Bernie Yevin of Fontbonne College assisted in developing Power Point slides, and Eric Sandberg of Interactive Learning assisted in developing the interactive exercises and the “Business Around the World” on the CD. Anthony Chelte of Western New England College helped us with the Student CD Chapter Quizzes and Outlines.
Many others have assisted us with their helpful comments, recommendations, and support throughout this and previous editions. We’d like to express our thanks to the reviewers who helped us shape this edition:

Katherine Conway

Boro of Manhattan Community College
Rex Cutshall

Vincennes University


Dana D'Angelo

Drexel University


John DeNisco

Buffalo State College


Michael Drafke

College of DuPage


Jennifer Friestad

Anoka-Ramsey Community College


Catherine Green

University of Memphis


Phil Greenwood

University of St. Thomas


Janice Karlan

LaGuardia Community College


Frank Lembo

North Virginia Community College


Laura Nicholson

Northern Oklahoma College


Dave Robinson

University of California – Berkeley


Cheryl Stansfield

North Hennepin Community College


Elizabeth Wark

Springfield College


Emma Watson

Arizona State University – West


We extend special appreciation to the following people who reviewed previous editons:

Linda Anglin



Mankato State University


John Bajikowski

American Association of American Investors
Barbara Boyington

Brookdale County College of Monmouth
Suzanne Bradford

Angelina College
Eric Brooks

Orange County Community College
Nicky Buenger

Texas A&M University
Anthony Buono

Bentley College
William Chittenden

Texas Tech University
M. Lou Cisneros

Austin Community College
Karen Collins

Lehigh University
Joyce Domke

DePaul University
Thomas Enerva

Lakeland Community College
Joe Farinella

DePaul University
James Ferrell

Archer & Ferrell, L.L.P.
Linda Ferrell

Northern Colorado University
Gareth Gardiner

Nova Southeastern University


Bob Grau

Cuyahoga Community College - Western Campus
Jack K. Gray

Attorney-at-Law



Houston, Texas
Michael Hartline

Florida State University
Neil Herndon

City Polytechnic of Hong Kong
James Hoffman

Borough of Manhattan Community College
Joseph Hrebenak

Community College of Allegheny County-Allegheny Campus
Stephen Huntley

Florida Community College
Rebecca Hurtz

State Farm Insurance Co.
Roger Hutt

Arizona State University-West
Scott Inks

Middle Tennessee State University
Carol Jones

Cuyahoga Community College-Eastern Campus
Gilbert “Joe” Joseph

University of Tampa
Norm Karl

Johnson County Community College
Ina Midkiff Kennedy

Austin Community College
Daniel LeClair

AACSB


Richard Lewis

East Texas Baptist College
Corinn Linton

Valencia Community College
Corrine Livesay

Mississippi College
Thomas Lloyd

Westmoreland Community College
Terry Loe

Baylor University
Isabelle Maignan

Nijmegen University
Debbie Thorne McAlister

Southwest Texas State University
John McDonough

Menlo College
Tom McInish

University of Memphis


Noel McDeon

Florida Community College
Glynna Morse

Augusta College
Fred Nerone

International College of Naples
Laura Nickelson

Northern Oklahoma College
Stef Nicovich

University of New Hampshire
Constantine G. Petrides

Borough of Manhattan Community College


Stephen Pruitt

University of Missouri-Kansas City
Charles Quinn

Austin Community College
Victoria Rabb

College of the Desert
Marsha Rule

Florida Public Utilities Commission
Carol A. Rustad

Sylvan Learning
Martin St. John

Westmoreland Community College
Nick Sarantakes

Austin Community College
Elise Sautter

New Mexico State University
Dana Schubert

Colorado Springs Zoo
Jeffery L. Seglin

Seglin Associates
Daniel Sherrell

University of Memphis
Nicholas Siropolis

Cuyahoga Community College
Robyn Smith

Pouder Valley Hospital
Wayne Taylor

Trinity Valley Community College
Ray Tewell

American River College


Jay Todes

Northlake College
Amy Tomas

Roger Williams University
Ted Valvoda

Lakeland Community College
Sue Vondram

Loyola University
Jerry E. Wheat

Indiana University Southeast
Frederik Williams

North Texas State University
Pat Wright

Texas A&M University
Timothy Wright

Lakeland Community College

O.C. Ferrell



Geoffrey Hirt



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