Understanding Business https://www.mheducation.com/cover-images/Jpeg_250-high/0078023165.jpeg 13 9780078023163
Understanding Business

Understanding Business

Grade Levels: 13
By William Nickels and James McHugh and Susan McHugh
Copyright: 2016
Publication Date: January 9, 2015
MHID: 0078023165
ISBN 13: 9780078023163

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New Features

NEW! Proven Results— LearnSmart Advantage More than 2 million students have answered more than 1.3 billion questions in LearnSmart since 2009, making it the most widely used and intelligent adaptive study tool available on the market today. LearnSmart is proven to strengthen memory recall, keep students in class, and boost grades—students using LearnSmart are 13% more likely to pass their classes and 35% less likely to dropout. Click here to learn more about the results instructors have been able to achieve with Connect® Business

Enhanced SmartBook within Connect® Business— SmartBook makes study time as productive and efficient as possible. It identifies and closes knowledge gaps through a continually adapting reading experience that provides and introduces personalized learning resources at the precise moment of need. This ensures every minute spent with SmartBook is returned to the student as the most value-added minute possible. The result? More confidence, better grades, and greater success.

NEW! iNSIGHT ENABLED— Connect Insight is Connect Business’ new one-of-a-kind visual analytics dashboard—available for instructors and students—that provides at-a-glance information regarding student performance, which is immediately actionable. By presenting assignment, assessment, and topical performance results together with a time metric that is easily visible for aggregate or individual results, Connect Insight gives the user the ability to take a just-in-time approach to teaching and learning, which was never before available. Connect Insight presents data that empowers students and helps instructors improve class performance in a way that is efficient and effective. Click here to learn more about Connect iNSIGHT.

Updated Interactive Applications within Connect® Business—Available for each chapter, Interactive Applications allow students to practice real business situations, stimulate critical thinking, and reinforce key concepts. Students receive immediate feedback and can track progress in their own report. Detailed results let instructors see at a glance how each student performs and track the progress of every student in their course. Click here to learn more about interactive applications.

NEW! Test Prep Questions—Featured throughout, Test Prep help students understand and retain material discussed. These questions stop students at important points to assess what they’ve learned before they continue reading and help them prep for quizzes and exams.

NEW! Video Cases within Connect® Business—We know videos are an important part of the course, which is why there are 10 new video cases available within Connect® Business. These new clips are filmed specifically for the eleventh edition. Ch. 1 includes an EXCLUSIVE interview with a Hollywood star, Tom Lennon (Reno 911!), and shows how Hollywood works as a multi-faceted business environment; Ch. 3 with Electra Bikes; Ch. 5 with Sonic; Ch. 8 with Whole Foods; Ch. 11 with Teach for America; Ch. 15 with FedEx; Ch. 16 with SXSW, and more!

NEW Video Program (iSee it!) within Connect® Business—What is the accounting cycle? What are line vs. staff employees? Topics such as these are confusing to students for the first time. What if students were able to understand concepts like these in a fun, and animated way? iSee it! video clips are the solution! As an assignment within Connect, students can understand concepts, and instructors have access to even more videos! Click here to view a sample clip.

Thoroughly Updated Examples—Users of Understanding Business have always appreciated the currency of the material and number of examples from companies of all sizes and industries around the world. Take a look at the chapter notes; the majority are from 2013 and 2014.

Completely Updated Concepts—The eleventh edition reflects the latest business practices and other developments affecting businesses such as: Trans-Pacific Partnership, U.S. economic status post-financial crisis and recession, Affordable Care Act, Mobile/social/on-demand marketing, Fracking; Robotics, Generation Z, Mobile/social/on-demand marketing, and more!

NEW! Alternate Marketing Section—Part 5: Marketing: Developing and Implementing Customer-Oriented Marketing Plans – We are listening to our customers. For all whom four chapters of marketing is too much coverage, we are now offering an alternate part 5, which reduces the marketing chapters from four to two chapters, and focuses the coverage to the most critical content for students to understand. Instructors can access these chapters, and customize via McGraw-Hill Create and build the perfect text for their course. Visit www.mcgrawhillcreate.com to get started.

Updated “Getting to Know Business Professionals” —Every chapter opens with the profile of a business professional whose career illustrates an important point covered in the chapter. While not all are of famous professionals, many of them work for a variety of businesses from small businesses and non-profit organizations to large corporations. These profiles provide a transition between chapters and a good introduction to the text material.

Updated “Name that Company” —Updated for every chapter, ask questions to pique students’ interest about a company and encourage them to read as they scavenger hunt to determine the company name within the chapter.

Updated “Using Social Media in Business” — Updated for every chapter, ask students to consider the impact social media on the way they communicate and the way companies conduct business as a result.

Updated Themes—The critical themes remain tried and true to past editions: ecommerce, small business and entrepreneurship, global business, technology and change, customer focus, ethics and social responsibility, teams and teamwork, quality, cultural diversity, The authors continue to feature boxes titled “Spotlight on Small Business,” “Making Ethical Decisions,” “Seeking Sustainability,” and “Reaching Beyond our Borders” with the most current information available.

NEW! Facebook Fan Page— A lot changes in the business world, and on a daily basis, which is why the authors have created a Facebook page for their customers to stay connected with their readers from around the world, and update them with relevant current events, study tips for students, and more. To join the community click here

NEW! MONTHLY BONUS ACTIVITIES —Sent to your inbox monthly, these contain a variety of tools to freshen your classes with links to new videos; abstracts of recent articles with accompanying critical-thinking questions to spark class discussion; and a PowerPoint file that integrates elements in an easy-to-use package. If you’re a current user, we are sending you the Monthly Bonus Activities via e-mail. If you are not receiving our message, please contact nickels@mheducation.com.

Updated Developing Workplace Skills—A rich set of skill building activities are offered at the end of every chapter, allowing instructors to work with their students on critical workplace skills. Every exercise is now tagged to the skill: working in teams, analytical thinking, communication, and technology.

Updated Connect® Instructor’s Manual—Developed by McGraw-Hill’s team of Digital Faculty Consultants who use Connect® Business successfully in their courses. The Connect® Instructor’s Manual provides great support as you design your course integrating Connect® Business. This manual explains everything from how to get started and suggestions of what to assign, to ideas about assigning credit. It gives descriptions of every assignment in Connect, alongside suggestions of follow-up class activities. The Connect Instructor’s Manual can be found in the Connect Library under instructor resources.

Updated Instructor’s Manual, Test Bank & PowerPoint Presentations—The authors have carefully reviewed all resources provided in the instructor’s manual to ensure cohesion. It includes everything an instructor needs to prepare a lecture, including lecture outlines, discussion questions, and teaching notes. More than 900 PowerPoint slides offer material from the text, as well as expanded coverage to supplement discussion. Slides have been designed to be accessible to all, and in addition to lecture notes, now include image tagging. Test Bank and EZ Test Online: The Test Bank and Computerized Test Bank offer over 9,000 multiple-choice, true/false, short answer, essay, and application questions. All questions are tagged to learning objectives, Bloom’s Taxonomy, and accreditation standards supporting your reporting needs.

Enhanced Accessibility for Students with Disabilities—Our reviewers expressed the need for a learning program inclusive to all students, regardless of learning style or disability, and we listened. The eleventh edition meets this need by offering: A brand-new textbook interior design, with deliberate color choices accessible to all; alternate descriptions viewable in screen readers for images used within the e-book; closed-captioned video resources; Connect questions in a keyboard-navigable format; Instructor and student PowerPoints® that contain new colors and fonts accessible to all, plus alternate descriptions viewable in screen readers for all images.

Quality Matters Program Seal of Approval—Connect Business fully meets the standards set by Quality Matters Program, an independent organization that reviews and certifies the quality of online courses and online components. In fact, Connect Business earned a perfect score of 100 possible points. This achievement solidifies the effectiveness, ease-of-use, and customization of Connect Business, whether it’s implemented in a traditional, hybrid, or fully online course. To learn more about Quality Matters Program click here.

Mobile Anywhere/Anytime—Students and instructors can now enjoy convenient - anywhere/anytime access to Connect with a new mobile interface that’s been designed for optimal use of tablet functionality. More than just a new way to access Connect, users can complete assignments, check progress, study and read material, with full use of SmartBook and Connect Insight—Connect’s new at-a-glance visual analytics dashboard.


Key Features

Comprehensive CoverageUnderstanding Business includes all the content you may consider covering in your course. Because this course is largely taught by committees and you all have different backgrounds and areas of focus, it’s built so you can easily modify the organization to fit your course and your committee/faculty needs.

Authorship & Credibility—No one can deny the unique perspective this “Perfect Author Team” has to offer. Bill Nickels’ experience is as an Intro to Business instructor at a 4-year university teaching sections of 300 students; Jim McHugh is a community college Introduction to Business instructor; Susan McHugh is an educational consultant. Authors who actually teach the course are unique among competitors in this market.

We Listen to Customers—We consistently look to the experts – full-time faculty members, adjunct instructors, and of course students – to drive the decisions we make about the text itself and the ancillary package. Through a series of focus groups, symposia, as well as full-book, single-chapter, revised manuscript reviews of both text and key ancillaries, we have heard the stories of more than 450 professors and their insights and experiences are evident on every page of the revision and in every supplement.

Quality of Supplements Package—The supplements package for Understanding Business is truly the gold standard – it’s what all competitors now try to emulate. The format of the supplements package is always geared to the part-time instructor or the instructor with little time to prep for this course – we want to help you with the resources you need to easily start teaching from this text.

Integration of Text/Resources/Technology—The elements are all tightly integrated, especially in the Instructor’s Manual. Here you’ll find every element of the supplements package and text organized into a lecture outline so you can easily see what other resources you may want to pull. All of the supplements and text – and Connect – are organized by the same learning objectives in every chapter. All ensure a complete learning program.

Currency—One of the goals of the authors is to produce the most current learning program possible. Things change quickly in the business environment and it’s critical that your students get the most up-to-date and accurate information as they begin to navigate their business majors and careers. The authors write the Monthly Bonus Activities, which is sent to all users, and is the perfect way to keep your course up-to-date with any changes in the business world through the life of the edition.

Platinum Service—Bill Nickels, Jim McHugh and Susan McHugh, the authors of Understanding Business are extremely responsive and love hearing from you. Send them an e-mail at nickels@mheducation.com. Additionally, McGraw-Hill offers the highest level of service to our adopters, including pre-built Connect courses, custom-built text and Connect resources, Instructor-to-Instructor Connect consultations, and much more

Bonus Chapters—The chapters on Using Technology to Manage Information, Managing Personal Finances, Risk Management, and the Legal Environment of Business are still included as Bonus Chapters in the print text. These topics are taught with different level of emphasis and at different points throughout the course across the country. Including them as they are allows instructors the flexibility to place them wherever they fit the syllabus. These bonus chapters are still supported by test bank questions, instructor’s notes, and PowerPoints.

Critical Thinking Questions—Every chapter contains critical thinking questions, which ask students to pause and think about how the material they are reading applies to their own lives. This is an excellent tool for linking the text material to the student’s past experience to enhance retention. It greatly increases student involvement in the text and course.

Multi-Lingual Glossaries—Are included under the student resources within Connect® Business. The business terms and their definitions from the text translated into Spanish, Russian, and Mandarin Chinese.

Photo and Illustration Essays—A hallmark of Understanding Business, detailed captions accompany each photo or illustration, and the accompanying descriptions help the student understand what is being shown in the graphic and how it applies to concepts presented in the narrative.

Interactive Summaries—End-of-chapter summaries are directly tied with in chapter Test Prep Questions and are written in a unique question and answer format. Answering the questions and getting immediate feedback helps prepare students for quizzes and exams.

Taking it to the Net Exercises—At the end of every chapter allow students to research topics and issues on the Web.

Casing the Web—Allow students to practice managerial decision-making. They are brief cases, and are meant to serve as discussion starters. Answers to the cases are in the instructor’s manual. Each chapter concludes by referencing a short practice case that can be found under the student resources within Connect® Business for that specific chapter.

Business Plan Pro (ISBN: 9780077637729): Business Plan Pro helps students with its wizard based environment step-by-step through the creation of a professional business plan. 68 sample plans provide guidance for students as they complete and integrated financials, real-world forecasting tools. There is also a grading sheet, built-in research data, and uses a SBA approved document format. This is a great option for instructors who incorporate a quarter/semester-long business plan project into their course. Purchasing Business Plan Pro with the Nickels/McHugh/McHugh text offers students substantial savings compared to the academic version of the software.

Tegrity Campus is a service that makes class time available all the time by automatically capturing every lecture in a searchable format for students to review when they study and complete assignments. With a simple one-click start and stop process, you capture all computer screens and corresponding audio. Students can replay any part of any class with easy-to-use browser-based viewing on a PC or Mac. Tegrity Campus is available stand-alone or within Connect.

Blackboard Partnership – McGraw-Hill and Blackboard have teamed up to simplify your life. Now you and your students can access Connect and Create right from within your Blackboard course – all with one single sign-on. The gradebooks are seamless, so when a student completes an integrated Connect assignment, the grade for that assignment automatically (and instantly) feeds your Blackboard grade center. Learn more at www.domorenow.com.

MH Campus™ integrates all of your digital products from McGraw-Hill Education with your school LMS for quick and easy access to best-in-class content and learning tools. Build an effective digital course, enroll students with ease and discover how powerful digital teaching can be. With this program enabled, faculty and students will never need to create another account to access McGraw-Hill products and services. Learn more at www.mhcampus.com.

Assurance of Learning Ready—Many educational institutions today are focused on the notion of assurance of learning, an important element of some accreditation standards. Understanding Business, is designed specifically to support your assurance of learning initiatives with a simple, yet powerful solution. Each test bank question for Understanding Business maps to a specific chapter learning outcome/objective listed in the text. You can use our test bank software, EZ Test and EZ Test Online, or in Connect® Business to easily query for learning outcomes/objectives that directly relate to the learning objectives for your course. You can then use the reporting features of EZ Test to aggregate student results in similar fashion, making the collection and presentation of assurance of learning data simple and easy.

AACSB Statement—The McGraw-Hill Companies is a proud corporate member of AACSB International. Understanding the importance and value of AACSB accreditation, this text recognizes the curricula guidelines detailed in the AACSB standards for business accreditation by connecting selected questions in the test bank to the six general knowledge and skill guidelines in the AACSB standards.

The statements contained in this text are provided only as a guide for the users of this textbook. The AACSB leaves content coverage and assessment within the purview of individual schools, the mission of the school, and the faculty. While Understanding Business and the teaching package make no claim of any specific AACSB qualification or evaluation, we have within Understanding Business, labeled selected questions according to the six general knowledge and skills areas.

Binder Ready Loose-Leaf Text (9781259307942): This full featured text is provided as an option to the price sensitive student. It is a full 4 color text that’s three whole punched and made available at a discount to students. Also available in a package with Connect ISBN: 9781259630637.

Binder Ready Loose-Leaf Text (9781259307942): This full featured text is provided as an option to the price sensitive student. It is a full 4 color text that’s three whole punched and made available at a discount to students. Also available in a package with Connect ISBN: 9781259630637.

CourseSmart eBook: Students can save money and obtain online access to their textbook, anywhere, anytime, or choose to download a copy of the text to their computers’ hard drives. Students can take advantage of a smarter way to learn with search capabilities, highlighting and note taking features, and more. The CourseSmart e-books is compatible with many mobile devices, including the Apple iPad. Please visit www.coursesmart.com and search for ISBN: 9781259302626.

CREATE, our Custom Textbook Option Craft your teaching resources to match the way you teach! With McGraw-Hill Create, www.mcgrawhillcreate.com, you can easily rearrange chapters, combine material from other content sources, quickly upload content you have written like your course syllabus or teaching notes, then personalize your book's appearance by selecting the cover and adding your name, school, and course information. Find the content you need in Create by searching through thousands of leading McGraw-Hill textbooks. Arrange your book to fit your teaching style. Order a Create book and you'll receive a complimentary print review copy in 3 – 5 business days or a complimentary electronic review copy (eComp) via email in about one hour. Go to www.mcgrawhillcreate.com today and register. Experience how McGraw-Hill Create empowers you to teach your students your way.

Understanding Business

Part 1: Business Trends: Cultivating a Business in Diverse, Global Environments

Chapter 1 Taking Risks and Making Profits within the Dynamic Business Environment

Chapter 2 Understanding Economics and How It Affects Business

Chapter 3 Doing Business in Global Markets

Chapter 4 Demanding Ethical and Socially Responsible Behavior

Part 2: Business Ownership: Starting a Small Business

Chapter 5 How to Form a Business

Chapter 6 Entrepreneurship and Starting a Small Business

Part 3: Business Management: Empowering Employees to Satisfy Customers

Chapter 7 Management and Leadership

Chapter 8 Structuring Organizations for Today's Challenges

Chapter 9 Production and Operations Management

Chapter 10 Motivating Employees

Part 4: Management of Human Resources: Motivating Employees to Produce Quality Goods and Services

Chapter 11 Human Resource Management: Finding and Keeping the Best Employees

Chapter 12 Dealing with Union and Employee–Management Issues

Part 5: Marketing: Developing and Implementing Customer-Oriented Marketing Plans

Chapter 13 Marketing: Helping Buyers Buy

Chapter 14 Developing and Pricing Goods and Services

Chapter 15 Distributing Products

Chapter 16 Using Effective Promotions

Part 6: Managing Financial Resources

Chapter 17 Understanding Accounting and Financial Information

Chapter 18 Financial Management

Chapter 19 Using Securities Markets for Financing and Investing Opportunities

Chapter 20 Money, Financial Institutions, and the Federal Reserve

Bonus Chapters

Bonus Chapter A Working Within the Legal Environment

Bonus Chapter B Using Technology to Manage Information

Bonus Chapter C Managing Risk

Bonus Chapter D Managing Personal Finances

About the Author

William Nickels

Bill Nickels is professor emeritus of business at the University of Maryland, College Park. He has over 35 years’ experience teaching graduate and undergraduate business courses, including introductory courses in business, marketing, and promotion. He has won the Outstanding Teacher on Campus Award four times and was nominated for the award many other times. He received his MBA degree from Western Reserve University and his PhD from The Ohio State University. He has written a marketing communications text and two marketing principles texts in addition to many articles in business publications. He has taught many seminars to business people on subjects such as power communications, marketing, non-business marketing, and stress and life management.

James McHugh

Jim McHugh holds an M.B.A. degree from Lindenwood University and has had broad experience in education, business, and government. As chairman of the Business and Economics Department of St. Louis Community College/Forest Park, Jim coordinated and directed the development of the business curriculum. In addition to teaching several sections of Introduction to Business each semester for nearly 30 years, Jim taught in the marketing and management are-as at both the undergraduate and graduate levels. He is actively involved in the public service sector and served as chief of staff to the St. Louis County Executive.

Susan McHugh

Susan McHugh is a learning specialist with extensive training and experience in adult learning and curriculum development. She holds an M.Ed. degree from the University of Missouri and completed her coursework for a Ph.D. in education administration with a specialty in adult learn-ing theory. As a professional curriculum developer, she has directed numerous curriculum projects and educator training programs. She has worked in the public and private sectors as a consultant in training and employee development.