Understanding Business (12th Edition)

Specifications

Book Description

“Understanding Business,” authored by Bill Nickels, Jim McHugh, and Susan McHugh, offers a comprehensive overview of key business concepts, practices, and principles. Here's what you can expect from the 12th edition of this textbook:

1. Introduction to Business: The book begins with an introduction to the field of business, providing an overview of its scope, importance, and role in society. It covers the basic functions of business, including management, marketing, finance, and operations.
2. Business Environment: “Understanding Business” explores the external factors that influence business operations, such as economic conditions, legal and regulatory environment, technological advancements, global trade, and social and ethical considerations. It discusses how businesses adapt to and navigate changes in the business environment.
3. Management and Leadership: The textbook covers management and leadership principles, including planning, organizing, leading, and controlling. It discusses different management styles, leadership theories, and strategies for effective decision-making and problem-solving in business organizations.
4. Marketing: “Understanding Business” explores the fundamental principles of marketing, including market research, product development, pricing strategies, distribution channels, and promotional activities. It discusses the importance of understanding customer needs and preferences and creating value for customers.
5. Finance and Accounting: The book provides an overview of financial management and accounting principles, including financial statements, budgeting, financial analysis, and investment decision-making. It covers basic accounting concepts, such as assets, liabilities, equity, revenue, and expenses.
6. Operations Management: “Understanding Business” examines operations management concepts, including production processes, supply chain management, quality control, and inventory management. It discusses strategies for improving efficiency, reducing costs, and meeting customer demand.
7. Human Resource Management: The textbook explores human resource management practices, including recruitment, training, performance evaluation, compensation, and employee relations. It discusses the importance of managing human capital and fostering a positive work environment.
8. Entrepreneurship and Small Business: “Understanding Business” covers entrepreneurship and small business management, including the process of starting and managing a small business, identifying opportunities, developing business plans, and securing financing.
9. Social Responsibility and Business Ethics: The book examines the ethical and social responsibilities of businesses, including corporate social responsibility, sustainability, and ethical decision-making. It discusses the importance of ethical behavior and responsible business practices in building trust and maintaining reputation.
10. Global Business: “Understanding Business” explores the challenges and opportunities of conducting business in a globalized economy. It discusses international trade, cultural differences, global market entry strategies, and multinational business operations.

Overall, “Understanding Business” provides students with a comprehensive and practical introduction to the field of business. With its engaging writing style, real-world examples, and practical insights, it serves as a valuable resource for students studying business administration, management, marketing, finance, and related disciplines.