NICKELS M C HUGH M C HUGH © The McGraw-Hill Companies, Inc., 2002 All Rights Reserved.
Business Defined The production and distribution of goods and services to satisfy the needs and wants of the consumer hopefully, at a profit
Chapter One Meeting the Challenge of Today’s Dynamic Business Environment
What Is Business? Activity seeking profit Provides goods/services Satisfy standard of living- quality of life Nonprofit organizations
Objectives of Business Survival Growth Social Responsibility Profit
Factors of Production Land Labor Capital Entrepreneurship Knowledge
Environments of Business Economic Technological Social Competitive Global
Economic Environment $Freedom of ownership $Contract laws $Elimination of corruption $Tradable currency $Minimum taxes & regulation
Technological Environment Internet E-commerce Responsiveness to Customer Information Management
A Business and Its Stakeholders (Figure 1.4 )
The 21 st Century Workforce Source: Workforce Magazine, Jan. 1998
Internet Impact Communications Access No Borders
E-commerce Explosion Transaction costs Size of purchase per transaction Flexibility Customer Interaction
Competitive Environment Customer Service –Customer Demands –Speed Community/Stakeholder Needs Natural/Ecological Concern
Social Environment Diversity/Multicultural Two Income Families Single Parent Families
Global Environment Quality Productivity Changes
Dealing With A Multicultural Workforce Show Respect for Culture/Value of Others Avoid Stereotyping Be Empathetic But Be Yourself Avoid Imposing Your Culture/Values on Others Show Respect for Culture/Value of Others Avoid Stereotyping Be Empathetic But Be Yourself Avoid Imposing Your Culture/Values on Others
Thanks