**** 1-1 McGraw-Hill/Irwin Understanding Business, 8e © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. Nickels McHugh McHugh 1 CHAPTER.

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****** 1-1 McGraw-Hill/Irwin Understanding Business, 8e © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. Nickels McHugh McHugh ** 1 CHAPTER * ** Managing Within The Dynamic Business Environment: Taking Risks and Making Profits

****** A BUSINESS provides goods/services while operating at a PROFIT 1-2 REVENUE LOSS EXPENSE PROFIT

****** BUSINESSES BUSINESSES generate wealth and add to our quality of life and standard of living. 1-3

****** Stakeholders 1-4 What is the “challenge of the 21 st century”?

****** Outsourcing / Insourcing 1-5 Outsourcing …

****** 1-6 Outsourcing / Insourcing 1-6 Insourcing … “Last February PepsiCo Inc. acquired two of its largest bottlers, including Minneapolis-based PepsiAmericas, to gain more control over distribution and get new beverages out into the market faster. Rival Coca-Cola Co. quickly followed suit, buying the North American operations of its largest bottler. More companies are realizing the value, both to them and their customer, of controlling knowledge, quality, and flexibility More companies are realizing the value, both to them and their customer, of controlling knowledge, quality, and flexibility.”

****** How is a nonprofit organization different than a business? 1-7 Goal: to meet the social goals of the organization rather than personal profit for owners

****** Being an Entrepreneur 1-8 vs. working for someone else.

****** Women entrepreneurs 1-9 The role of women in the U.S. is changing! Demographic trends show women are: having fewer children having children later in life having children later in life outpacing men in college graduation rates outpacing men in college graduation rates making up a larger percentage of the workforce making up a larger percentage of the workforce The number of women-owned businesses are increasing at record rates!

****** 1-10

****** Entrepreneurs & the Creation of Wealth 1-11 Why are some countries poorer than others? There are 5 variables that impact a country’s degree of wealth: 1.Land 2.Labor 3.Capital 4.Entrepreneurship 5.Knowledge

****** 1-12 **Entrepreneurship + Knowledge** “All the resources in the world have little value unless entrepreneurs are willing to take the risk of starting businesses to use those resources.” “What makes rich countries rich today is a combination of entrepreneurship and the effective use of knowledge.”

****** 1-13 Business Environment Factors that HELP or HURT businesses

****** 1-14 Economic & Legal Environment How does the government work with business to promote entrepreneurship? $Minimum taxes and regulations $Freedom of ownership $ Elimination of business corruption

****** 1-15 Growth of E-CommerceGrowth of E-Commerce Responsiveness to CustomerResponsiveness to Customer Disadvantage?Disadvantage? Technological Environment The use of technology (for example, the internet) to help make businesses more EFFECTIVE; EFFICIENT; PRODUCTIVE

****** 1-16 Competitive Environment Is high-quality enough?Is high-quality enough? Customer Expectations…Customer Expectations… “today’s customers are very demanding!” “today’s customers are very demanding!” EmpowermentEmpowerment How can companies stay competitive?

****** 1-17 Social Environment Diverse customer baseDiverse customer base Aging of AmericaAging of America Two-Income FamiliesTwo-Income Families Single-Parent FamiliesSingle-Parent Families Major demographic changes will impact businesses…

****** 1-18 Global Environment Increased Free Trade among nationsIncreased Free Trade among nations Improvements in Transportation and CommunicationImprovements in Transportation and Communication War & TerrorismWar & Terrorism

****** 1-19 Evolution of American Business Agricultural/Farming IndustryAgricultural/Farming Industry Service IndustriesService Industries

****** 1-20 Rise of Information & Communication TechnologyRise of Information & Communication Technology GlobalizationGlobalization Doing Business 24/7Doing Business 24/7 Educated ConsumersEducated Consumers Aging WorkforceAging Workforce Increasing DiversityIncreasing Diversity Pyramid vs. WebPyramid vs. Web Trends in Business Source: Keying In- Newsletter of the National Business Education Association, March 2003 Self-Directed, Empowered EmployeesSelf-Directed, Empowered Employees Communication SkillsCommunication Skills Decision-Making SkillsDecision-Making Skills TeamworkTeamwork LeadershipLeadership Continual LearningContinual Learning