Title How Business Works, 9/e
Subtitle Making Profits, Taking Risks, and Creating Value in a Global Economy
Author Robert Kemp, Adam Kemp, Kelley Kemp
ISBN 9781516510740
List price USD 187.95
Price outside India Available on Request
Original price
Binding Paperback
No of pages 526
Book size 216 x 279 mm
Publishing year 2019
Original publisher Cognella Academic Publishing (Eurospan Group)
Published in India by .
Exclusive distributors Viva Books Private Limited
Sales territory India, Sri Lanka, Bangladesh, Pakistan, Nepal, .
Status New Arrival
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Description:

Bright, eager business students deserve a rigorous, exciting introduction to the fundamentals of business. How Business Works: Making Profits, Taking Risks, and Creating Value in a Global Economy is a dynamic introduction to business textbook that takes a holistic, comprehensive, real-world approach, incorporating both theory and practice.

The global business challenges facing today’s students are more complex than ever before.
How Business Works prepares students to meet these challenges head-on, and become successful learners and leaders. The book offers a fresh, timely perspective on the way business is taught by organizing concepts around the unifying framework of value. A serious textbook for serious business students, this text addresses the quantitative and technical topics often glossed over in competing books, such as risk versus return, foreign exchange, and the time value of money.

Written in a conversational, easy-to-read style, How Business Works is more than an outstanding
textbook–it provides transformational learning and teaching experiences.


Contents:

AUTHORS

PREFACE

Chapter 1: THE NATURE OF BUSINESS • Introduction: Let’s Talk About Business • Why Business Matters • What Is a Business? • For-Profit vs. Not-for-Profit Business • The General Concept of Value • Summarizing Value • How Do Businesses Create Value? • For Whom Do Businesses Create Value? • How Is Value Created? • Acquiring and Investing Money: An Example • Management Levels and Business Departments • How Managers Create Value: • Ethics and Social Responsibility • Businesses Connecting the World: Intermediaries • The State of Business • Chapter Summary • Keywords • Short-Answer Questions •
Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 2: UNDERSTANDING THE PROCESS OF CREATING VALUE • Introduction: Let’s Talk About Value • Why Creating Value Matters • Creating Value: Investing, Financing, and Operating a Business • Creating Value: Managing a Business • The Impact of Time on Value • Recognizing and Understanding Opportunity Cost or Required Return • Business Models • Business Strategy • Competitive Advantage • Putting It All Together: The Mission Statement • Value Chains • The Importance of Business Systems • Globalization • The Information Revolution • Technology • Chapter Summary • Keywords • Short-Answer Questions •
Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 3: MANAGING BUSINESSES FOR VALUE • Introduction: Let’s Talk About Managing • Why Learning About Management Matters • Levels of Management • The Management Process • Porter’s Five Forces • SWOT: Strengths, Weaknesses, Opportunities, and Threats • Centralized vs. Decentralized Organizations • Divisional vs. Functional Organizations • Matrix Organizations • Formal vs. Informal Leaders • Types, Traits, and Styles of Leaders • Managers and Leaders: Reality of Success • Chapter Summary • Keywords •
Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 4: UNDERSTANDING ECONOMICS • Introduction: Let’s Talk About Economics • Why Economics Matters • What Matters in an Economy • Free Markets • Supply and Demand • Economic Power • Alternatives to Free Markets • Gross Domestic Product • The Sources of Income (GDP) • The Uses of Income (GDP) • Putting GDP into Perspective • GDP and Economic Cycles • Fiscal Policy • Monetary Policy • Realities of Government Policy • Leading Indicators • Managing for Value • Chapter Summary • Keywords •
Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 5: CREATING VALUE IN A GLOBAL ECONOMY • Introduction: Let’s Talk About Globalization • Why Globalization Matters • The Evolving World of Business • The Rise of Free Markets Throughout the World • Outsourcing and Off-Shoring Business • Increasing Value Through Globalization • The Forms of Global Business • Factors in Choosing the Right Way to Operate Around the World • The Balance of Payments • So Why Is the Balance of Payments Important for Foreign Exchange? • The Determinants of Foreign Exchange • Appreciating or Depreciating Currencies: Which Is Best? • The Impact on Business • US Organizations • Organizations that Foster Global Business • Trade Alliances and Agreements • The Need for and Challenges of Economic Cooperation • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnote

Chapter 6: THE FORMS AND TAXATION OF BUSINESS • Introduction: Let’s Talk About Forming a Business • Why the Form of a Business Matters • A Sole Proprietorship • Partnerships • Corporations • Choosing the Right Form of Business • Taxable Events and Tax Rates • Income Taxes • Excise Taxes • Property Taxes • Other Types of Taxes • Tax Planning and Strategy • Mergers and Acquisitions • Joint Ventures • Licensing • Franchising • Cooperatives • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business

Chapter 7: THE LEGAL AND ETHICAL NATURE OF BUSINESS • Introduction: Let’s Talk About Business, the Law, and Ethics • Why the Law, Ethics, and Social Responsibility Matter to Business • The US Legal System and the Creation of Laws • The Types of Law: Criminal versus Civil • Resolving Disputes in the US Legal System—The Courts • Contract Law • Laws Regarding Property Rights • Tort Law • Product Liability Laws • Laws that Regulate Business • Agency and Employment Law • Laws that Deal with Financial Capital • Bankruptcy Laws • Ethical Standards • Business Ethics—Realities • Social Responsibility • Law, Ethics, and Social Responsibility • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 8: FINANCIAL REPORTING AND ACCOUNTING • Introduction: Let’s Talk About Financial Reporting and Accounting for a Business • Why Accounting Matters • Accounting Processes • Accounting Rules • The Foundations of Accounting—Using Accounting Processes and Rules • The Rules of Accounting • The Basis of Accounting—Cash versus Accrual • The Balance Sheet • The Income Statement • Other Financial Statements and Information • Managerial Accounting • Accountants and the Accounting Profession • Financial Analysis • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnote

Chapter 9: VALUATION AND THE TIME VALUE OF MONEY • Introduction: Let’s Talk About Value and Time • Why Time Matters • Time and Business Value • Single Amounts • Multiple Amounts • Special Topics • Typical Long-Term Business Decisions • Business Valuation • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business

Chapter 10: FINANCING AND INVESTING: MONEY • Introduction: Let’s Talk About Acquiring and Using Money to Create Value • Why Understanding How Financing and Investing Works Matters • Borrowing Money from Lenders • Obtaining Money from Owners • Finding the Right Mix of Debt and Equity • Financing the Business and Creating Value: Debt versus Owners’ Equity • An Example • Investing For Value—Adding Value • Other Tools of Investing • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Problem • Endnotes

Chapter 11: UNDERSTANDING RISK • Introduction: Let’s Talk About Risk • Why Risk Matters • The Sources of Risk • Investing Risks • Financing Risks • Operating Risks • Addressing Risk • Descriptive Statistics • Statistical Measures • Sampling • Inferential Statistics • Managing, Risks, and Making Decisions • The Process of Risk Management • Alternatives to Help Manage Risk • The Total Firm Perspective • Pricing Risk • Chapter Summary • Keywords • Short-Answer Questions • Problems • Exploring real business • Endnotes

Chapter 12: MARKETING • Introduction: Let’s Talk About Marketing and Markets • Why Marketing Matters • The Marketing Function • Understanding the Marketing Mix • Marketing Research • Customers • Competitors • Segmenting the Market and Targeting the Customer • Creating a Competitive Advantage • Product Life Cycles • Impact of Competition • Marketing and the Law • Marketing and Ethics • Creating a Sustainable Competitive Advantage with Marketing • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 13: THE MARKETING MIX: PRODUCT,PLACE, PROMOTION, AND PRICE • Introduction: Let’s Talk About the Marketing Mix • Why the Marketing Mix Matters • Positioning Products and Product Lines by Type of Customer • Creating Customer Value with Product Attributes • Marketing Channels • Choosing the Correct Marketing Channel: • Creating Value • The Wants and Needs of the Business • Break-Even Analysis • Pricing Products with Break-Even Analysis
Cost-Plus Pricing • The Wants and Needs of the Customer • Price and Product Demand • Price and the Decision to Buy • Marketing Communication • The Promotion Process • The Promotional Mix • Choosing the Best Promotional Mix • Chapter Summary • Keywords • Short-Answer Questions • Problems • Exploring Real Business • Endnote

Chapter 14: ENTREPRENEURSHIP AND SMALL BUSINESS • Introduction: Let’s Talk About Starting Something New • Why Innovation and Entrepreneurship • Matter • The Nature of Innovation • The Process of Innovation • The Role of Research and Development • Constant Innovation: Creating and Developing Products and Processes • Innovation, Vision, and Fostering Change • Types of Entrepreneurs • Successful Entrepreneurs • The Challenges of Entrepreneurs • Support for Entrepreneurs • The Opportunities and Challenges of Small Business • Managing a Small Business • Resources of Small Business • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Special Assignment—Starting Your Own Business • Endnote

Chapter 15: PRODUCING PRODUCTS AND VALUE CHAINS • Introduction: Let’s Talk About Making Something Special • Why Producing the Right Product Matters • Example 1: Hyundai • Example 2: Target • Example 3: Google • Comparing Businesses and Their Value Chains • Managing Production and Operations • Production Inputs • Production Systems • Planning Production • Executing Production • Reviewing Production • Managing the Productivity and Costs of Assets, People,and Systems • Used in Production • Producing and Managing the Quality of Products • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnote

Chapter 16: OPPORTUNITIES AND CHALLENGES IN MANAGING INFORMATION, TECHNOLOGY, AND E-BUSINESS • Introduction: Let’s Talk About Information, Technology, and E-Business • Why Information Matters • The Nature of Information • Information Systems • Business Analytics • Today’s Information Technologies • Transformation and Emerging • Technologies • E-commerce and E-tailing • Chapter Summary • Keywords • Short-Answer Questions •
Critical-Thinking Questions • Exploring Real Business

Chapter 17: OPPORTUNITIES AND CHALLENGES IN MANAGING PEOPLE • Introduction: Let’s Talk About People • Why People Matter • The Human Resource Function • Theories of Employee Behavior • A Summary View of Motivation • Cash Compensation • Fringe Benefits • Work–Life Arrangements • Non-Cash Compensation • Designing a Compensation Package • Organized Labor • Employment Laws • Deciding to End the Employee–Employer • Relationship—Termination • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 18: OPPORTUNITIES AND CHALLENGES IN MANAGING ASSETS • Introduction: Let’s Talk About Assets • Why Assets Matter • Various Types of Assets • Assets and Operating a Business • Working Capital and Current Assets • Non-Current Assets • The Value of Assets • Investing In and Managing Assets • Divesting Assets • Managing Assets—Putting It All Together • Analyzing Assets: An Example • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnotes

Chapter 19: OPPORTUNITIES AND CHALLENGES IN MANAGING FINANCIAL CAPITAL (DEBT AND EQUITY) • Introduction: Let’s Talk About Money • Why Money Matters • Using Trade Credit • Borrowing from Financial Intermediaries • Borrowing in Capital Markets • The Cost of Debt • The Types of Corporate Stock • Acquiring Equity Using Capital Markets • The Cost of Equity • The Value of Ownership—Measuring Return(ROE) • The Value of Ownership—Some Summary Thoughts • Chapter Summary • Keywords • Short-Answer Questions • Critical-Thinking Questions • Exploring Real Business • Endnotes

Appendix A: FINANCIAL ANALYSIS • Introduction to Financial Analysis • The Process of Financial Analysis • Step 1. Understand a Business’ Model and Strategy • Step 2. Understand the Environment in Which the Business Operates • Step 3. Analyze the Content of the Financial Statements and Other Information, Making Adjustments if Desired • Step 4. Analyze the Business’s Operations • Step 5. Use the Financial Analysis to Make Decisions

APPENDIX EXHIBIT: RATIOS USED IN FINANCIAL ANALYSIS • PROBLEM

Appendix B: DOING BUSINESS • AROUND THE WORLD

GLOSSARY

CREDITS

INDEX


About the Authors:

Robert S. Kemp, DBA, CPA is the Ramon W. Breeden, Sr. Research Professor at the McIntire School of Commerce, University of Virginia. During his 30 years at the school, he has taught numerous undergraduate and graduate courses, as well as executives around the world. His scholarly works include over 70 completed projects, including books, monographs, articles, cases, and working papers. He has worked with and taught for organizations such as Navigant, Bank of America, Wellington Management, Ernst & Young, the Russian Bankers Association, and other prestigious organizations. He is a Certified Public Accountant and possesses a baccalaureate, masters, and doctorate in business administration.

 

Adam Kemp, CPA has worked over 15 years in the fields of accounting and taxation in the private and public sectors. His experience covers state, local, federal, and international taxation of corporations, flow-through entities, and non-profits. Mr. Kemp has worked with some of the largest organizations in the United States, including Sallie Mae, MCI, and the PCAOB. He has drafted guidance and provided instruction on various topics, such as nexus standards, alternative tax systems, and deductible versus capital expenditures. Mr. Kemp is a Certified Public Accountant and holds a bachelor’s of science in accounting from the University of Virginia and master of professional accounting in taxation from the University of Texas at Austin.

 

Kelley Kemp, JD, Esq. is a practicing attorney in central Virginia, assisting clients in criminal and civil matters. She also serves as an adjunct instructor at various colleges, teaching courses on a variety of legal topics. Prior to becoming an attorney, Ms. Kemp worked in the field of securities regulation at FINRA (formerly NASD). Ms. Kemp received her bachelor’s degree from the University of Virginia and attended law school at the Washington College of Law at American University.

Target Audience:

This book is a valuable guide for Business and Management students.

 

 
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