Chapter 1

Chapter 1 - CONTEMPORARY BUSINESS Chapter Outline CHAPTER...

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CONTEMPORARY BUSINESS Chapter Outline CHAPTER 1: THE FRAMEWORK OF CONTEMPORARY BUSINESS Overview of Chapter 1 The first chapter of the new 12th edition of Contemporary Business analyzes the visionary thinking, marketing strategies, and tough decisions that are necessary for any thriving business today. The text takes into account the millions of U.S. companies that compete in the interactive marketplace, which characterizes the 21 st Century. This chapter addresses the skills students will need to turn their ideas into actions as they work toward a successful business career. Chapter 1 sets the stage for the entire text by defining business and revealing its role throughout the history of American society as well as in contemporary life. It discusses the difference between a business and a not-for-profit organization, and the four major factors of production – natural resources, capital, human resources, and entrepreneurship – that are needed to start and maintain any business. The chapter illustrates how the private enterprise system encourages competition and innovation while preserving business ethics and social responsibility. It defines today’s “relationship era” and the new connections between employee and employer. It then discusses how companies manage to grow and compete within a variable economic climate, using a radically changing workforce and adapting to revolutionary shifts in the nature of work itself. Finally, it identifies the skills and attributes needed by today’s managers, and the characteristics that make a company admired. Learning Goal 1: Distinguish between business and not-for-profit organizations. Key Terms business / goods and services / profits / not-for-profit organizations / private sector / public sector Class Notes / Lecture Outline Chapter Opening Opening Vignette – “Procter & Gamble: Innovation Drives Business Success.” How has P&G learned to change with the times? What decisions helped create this climate of growth and flexibility? 6
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Basic PowerPoint 1 Expanded PowerPoint 1 1. What is business? Basic PowerPoint 2 Expanded PowerPoint 2 a. The term “business” refers to a broad, all-inclusive concept applied to enterprises of all kinds, both large and small b. Business consists of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system i. Businesses of all sizes provide most employment opportunities for the citizens of a economy ii. Businesses may design and produce tangible goods , create and provide services , or do both iii. Business drives economics and provides the way for standards of living to improve c. At the heart of every business endeavor is an exchange between a buyer , who recognizes the need for a good or service, and a seller , who receives money for it and hopes to make a profit d. Profits are rewards for business owners who risk blending people, technology, and information to create and market goods or services i. They act as incentives for people to start
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This note was uploaded on 11/26/2011 for the course BUSN 1140 taught by Professor Skogstrom during the Fall '10 term at MCTC.

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Chapter 1 - CONTEMPORARY BUSINESS Chapter Outline CHAPTER...

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