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Understanding business 8th by mcchugh nickels chapter 01

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Nickels

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McHugh

McGraw-Hill/Irwin
Understanding Business, 8e

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McHugh

Managing
Within The
Dynamic
Business

Environment:
Taking Risks
and Making
Profits

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CHAPTER

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1-1

© 2008 The McGraw-Hill Companies, Inc., All Rights


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Business & Entrepreneurship








Business
Profit
Entrepreneur
Match Risk With Profit




Revenue


Loss

Standard of Living/Quality
of Life
Stakeholders
Nonprofit Organizations
1-2


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Objectives of Business
Survival

Growth

Profit

Social
Responsibility

1-3


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Creating Wealth:
Factors of Production

• Land
• Labor
• Capital
• Entrepreneurship
• Knowledge

1-4


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Business Environment

1-5


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Economic &
Legal Environment

$ Minimum taxes and regulations
$ Freedom of ownership
$Contract laws
$Tradable currency
$Elimination/minimization of
corruption
1-6


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Government Takeover

• Crude oil price per barrel:
2000
Mid $20 range

2006
Mid $70 range

• Russia, Venezuela, and Bolivia have

asserted greater state control over its oil
or natural gas assets

• Which country will be next?
Source: wtrg.com; Cumberland Times-News, May 3, 2006

1-7


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Corrupt Countries
Least Corrupt
1. Iceland
2. Finland
3. New Zealand

Most Corrupt
1. Bangladesh
2. Chad
3. Haiti

Source: Transparency International, 2005; www.transparency.org

1-8


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Technological Environment
• Productivity
• E-Commerce
• Responsiveness
to Customer

1-9


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Identity Theft




Total number of identity theft
victims in 2005 – 255,565
Top four ways how victims
information was misused:

1. Credit card fraud
2. Phone/utilities fraud
3. Bank fraud
4. Employment-related fraud
Source: Identity Theft: Victim Complaint Data, 2005, Federal Trade Commission; www.consumer.gov/idtheft

1-10


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ID Theft—Protective Steps

• “Focus on the cheap and easy way
to keep an eye on your accounts”

• Free Credit Reports
• Guard Your Number
• Shred
• Bug Congress
 To pass ultimate protection: A credit
freeze anytime you want one.
Source: Money, August 2005

1-11


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Competitive Environment

• Customer

Expectations

• Restructure/Empower

1-12


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Consumer Trends
• U.S. Bottled Water Sales in Past 15

Years Increased more than four-fold
to $9.8 Billion

• From October 2004 to September

2005, top bottle water flavors were:
Blend, Lemon, Lime, and Apple

Source: Business & Economic Review, Jan.-Mar. 2002; Beverage Marketing Corporation, bottledwater.org, 2004 stats;
Productscan Online; datamonitor.com, November 9, 2005

1-13


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Social Environment



Diversity/Multicultural
Aging/Graying of
America




Two-Income Families
Single-Parent Families

1-14


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U.S. Household Size

Source: U.S. Census Bureau

1-15


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Buying Power of
Diverse Groups







Women

$3,700 Billion

African Americans

761 Billion

Hispanic Americans

686 Billion

Gay Men & Lesbians

610 Billion

Asian Americans

397 Billion

Native Americans

51 Billion

Sources: National Organization on Disability Employability; U.S. Pan Asian American Chamber of Commerce; DiversityInc.com; U.S. Census Bureau; The Augusta Chronicle,
October 22, 2005; Selig Center for Economic Growth, 2005.

1-16


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21st Century
Diversity Issues

• Race

• Age

• Gender

• Language

• Ethnicity

• Religion

• Disability

• Sexual

Source: U.S. Equal Employment Opportunity Commission

1-17


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Immigration


In 2005, roughly 35 million immigrants
lived in the U.S. as compared to less
than 25 million 10 years ago.



According to a November 2005 poll,
60 percent of Americans favor a
barrier built along the US-Mexico
Border.



About 49 percent believe that a child
born to an illegal alien in the U.S.
should be granted a US citizenship
Source: Center for Immigration Studies; RasmussenReports.com

1-18


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Older Americans Working

Source: USA Today


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Americans Living Longer


U.S. life expectancy rises to a
record high 77.9 years



The number of deaths dropped
by 50,000 in 2004 from 2003,
the steepest decline since 1938



By 2005, about one in eight
Americans will be 65 or older.
By 2025, it will be nearly one in
five.
Source: Investor’s Business Daily, December 8, 2003; Cumberland Times-News, April 20, 2006; U.S. Centers for Disease
Control and Prevention; U.S. Census

1-20


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Exurbs:
Growth of Outer Suburbs

• Northeasterners are moving south and



west, and west coast residents are
moving inland.
The states that gained the most
residents: Florida, Arizona, Nevada
The states that lost the most residents:
New York, California, Illinois

Source: Cumberland Times-News, April 21, 2006; U.S. Census Bureau

1-21


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Global Environment


International Competition and Free Trade



Improvements in Transportation
and Communication



War & Terrorism



Global Changes

1-22


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The Economic
Cost of Disaster
Disaster

Costs

Hurricane Katrina – 2005 (estimate)$ 200 B
Kobe, Japan Earthquake -- 1995

100 B

September 11, 2001 Attacks

70 B

Northridge, CA Earthquake – 1994

44 B

Hurricane Andrew – 1992

35 B

Source: Business 2.0 , November 2002; MSNBC.com, September 10, 2005.

1-23


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Does Global Experience
Help Your Career?
No Response
5%
19%
Unnecessary

Somewhat
20%

56%
Very
Helpful

Source: USA Today

1-24


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Evolution of
American Business

• Agricultural/Manufacturing
• Service Industries
• Future???
1-25


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