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

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Presentation transcript:

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

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

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

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

Objectives of Business Survival Growth Social Responsibility Profit

Factors of Production Land Labor Capital Entrepreneurship Knowledge

Environments of Business Economic Technological Social Competitive Global

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

Technological Environment Internet E-commerce Responsiveness to Customer Information Management

A Business and Its Stakeholders (Figure 1.4 )

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

Internet Impact Communications Access No Borders

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

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

Social Environment Diversity/Multicultural Two Income Families Single Parent Families

Global Environment Quality Productivity Changes

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

Thanks