1. NICKELS M C HUGH M C HUGH © The McGraw-Hill Companies, Inc., 2002 All Rights Reserved.

2. Business Defined The production and distribution of goods and services to satisfy the needs and wants of the consumer hopefully, at a profit

3. Chapter One Meeting the Challenge of Today’s Dynamic Business Environment

4. What Is Business? Activity seeking profit Provides goods/services Satisfy standard of living- quality of life Nonprofit organizations

5. Objectives of Business Survival Growth Social Responsibility Profit

6. Factors of Production Land Labor Capital Entrepreneurship Knowledge

7. Environments of Business Economic Technological Social Competitive Global

8. Economic Environment $Freedom of ownership $Contract laws $Elimination of corruption $Tradable currency $Minimum taxes & regulation

9. Technological Environment Internet E-commerce Responsiveness to Customer Information Management

10. A Business and Its Stakeholders (Figure 1.4 )

11. The 21 st Century Workforce Source: Workforce Magazine, Jan. 1998

12. Internet Impact Communications Access No Borders

13. E-commerce Explosion Transaction costs Size of purchase per transaction Flexibility Customer Interaction

14. Competitive Environment Customer Service –Customer Demands –Speed Community/Stakeholder Needs Natural/Ecological Concern

15. Social Environment Diversity/Multicultural Two Income Families Single Parent Families

16. Global Environment Quality Productivity Changes

17. 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

18. Thanks