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contents
PREFACE XVIII 2 Economics: Evolving Systems 28
PROLOGUE XXVIII Business and Economies Working Together 32
Microeconomics and Macroeconomics 32 Factors of
SCORING GUIDELINES XLVIII Production: The Building Blocks of Business 33 Economics as
a Circular Flow 34
Part 1 The Business Environment 1 Global Economic Systems 34
Market Economy 35
Introduction 2 CREATING THE FUTURE OF BUSINESS: Patrick Lor, iStockphoto 36
The Command Economy 36 Socialism 37 Mixed Economic
1 Politics: Governments’ Roles 8 Systems 37
The World of Business 12 Market Structures 38
Government—More than One Level 13 Perfect Competition 38 Monopolistic Competition 39
Federal Government—Overseeing the Well-Being of Oligopoly 39 Pure Monopoly 40
Canada 13 Provincial/Territorial Governments—Protecting SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Toronto-
Rights 13 Municipal Governments—Delivering the Dominion Bank 41
Services 14 Serving the Public’s Interest—The Audit 14
Microeconomics: Businesses, Industries, and
The Governments’ Other Roles 14 Consumers 41
Governments as Tax Agents 14 Governments The Nature of Demand 42 The Nature of Supply 42
as Regulators 15 Governments as Providers of How Demand and Supply Interact to Determine Prices 43
Essential Services 15 Governments as Providers Changes in Demand 43 Changes in Supply 45
of Incentives 15 Governments as a Customer and
Competitor 16 Macroeconomics: The Big Picture 45
Striving for Economic Growth 46
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: What Does
EXPANDING AROUND THE GLOBE: Your Tablet—Your Laptop:
It Mean? 16
Citizen of the World 47
EXPANDING AROUND THE GLOBE: Magna International Inc.— Keeping People on the Job 47
An International Success Story 17 Measuring Unemployment 48 Types of Unemployment 48
Keeping Prices Steady 48
Protecting Businesses and Consumers 17
Types of Inflation 48 How Inflation Is Measured 49
Patents, Copyrights, and Trademarks 17 Bankruptcy The Impact of Inflation 50
and Insolvency Act 18 Deregulation of Industries 18
Tort Law 18 Achieving Macroeconomic Goals 50
Monetary Policy 50 Fiscal Policy 51
CREATING THE FUTURE OF BUSINESS: Young Entrepreneurs 19 Crowding out Private Investment 51
Consumer Protection 19 Warranties 20 Product-Liability Economic Crises of 2008 and 2011 51
Law 20 Competition Act 20 Steady Growth 52 Full Employment 52
Taxation of Business 21 Steady Prices 52
Income Taxes 21 Other Types of Taxes 21 The Future of Economics 52
The Future of Politics and Governments’ Roles 22
MAKING ETHICAL CHOICES: Purchasing Power 52
Clean Technology Projects 22 Canada—Looking for Skilled
Waning Confidence in the Markets 53
Labour 22 More Transparency 22
Europe 53 United States 53 Global Economic Recovery 53
Great Ideas to Use Now 22 Meeting Competitive Challenges 53 Entrepreneurship
Government—Is It Your Career Choice? 22 Spreads Worldwide 54
MAKING ETHICAL CHOICES: The Alberta Oil Sands 23 Great Ideas to Use Now 55
SUMMARY OF LEARNING OUTCOMES 23 SUMMARY OF LEARNING OUTCOMES 56

KEY TERMS 24 KEY TERMS 57
EXPERIENTIAL EXERCISES 25 EXPERIENTIAL EXERCISES 58
REVIEW QUESTIONS 25 REVIEW QUESTIONS 58
CREATIVE THINKING CASE 26 CREATIVE THINKING CASE 59
vi NEL
Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has
deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
3 Social: Society, Corporate Responsibility, and Transforming Businesses Through Information 96
Making Ethical Decisions 60 Information Technology 96 Data and Information
Systems 97
Social Trends—Our Changing Society 64
EXPANDING AROUND THE GLOBE: Electronic Hubs Integrate
Different Lifestyles, Different Choices 64 Women in the
Global Commerce 98
Workforce 65 Demographic Trends 66
The Connected Ones of Generation Z 67 Management Information Systems 99
The Digital Kids of Generation Y 67 Generation X Reaches Transaction-Processing Systems 99 Decisions, Decisions:
Middle Age 68 Prime Time for Baby Boomers Management Support Systems 100 Decision Support
and Beyond 68 Not Over the Hill Yet 69 Systems 100 Executive Information Systems 101
Diversity Matters—Canada’s Strength 69 The Impact of CREATING THE FUTURE OF BUSINESS: Matt Inglot, Tilted Pixel 102
Immigration 70 Expert Systems 102 Office Automation Systems 102
Managing a Socially Responsible Business 70 Linking Up: Technology behind the Information 103
Understanding Social Responsibility 71 Corporate Connecting Near and Far with Networks 104 An Inside Job:
Responsibility to Stakeholders 72 Intranets 105
CREATING THE FUTURE OF BUSINESS: Greg Overholt, Students
MAKING ETHICAL CHOICES: Ethics Activity 106
Offering Support 72
Responsibility to Employees 73 Responsibility to SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Nokia 106
Customers 73 Responsibility to Investors 73 Enterprise Portals Open the Door to Productivity 107
Responsibility to Suppliers 73 Responsibility to No More Tangles: Wireless Technologies 107 Private
Governments 73 Responsibility to Society 74 Lines: Virtual Private Networks 108 Software on Demand:
Application Service Providers 109
EXPANDING AROUND THE GLOBE: Clean Water, No Profit 74
Technology Management and Planning 110
Corporate Governance 75
Optimize IT! 110 Managing Knowledge Resources 111
Ethics—It’s a Personal Choice 75 Technology Planning 112
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Protecting Computers and Securing Information 113
The Global 100 76 Data Security Issues 113 Preventing Problems with
Utilitarianism—Seeking the Best for the Majority 76 Governance 115 Keep IT Confidential: Privacy Concerns 117
Individual Rights 77 Justice—The Question of The Future of Information Technology 117
Fairness 77 Stages of Ethical Development 77 Computers
Cyber–Sleuthing: A New Style of Crime Busting 117 The
and Ethics 78 Recognizing Unethical Business Activities 78
Distributed Workforce 118 Grid Computing Offers Powerful
How Organizations Influence Ethical Conduct 80 Solutions 118
Leading by Example 80 Offering Ethics Training Great Ideas to Use Now 119
Programs 80 Establishing a Formal Code of Ethics 80
Preparation Pays Off 120 Protect Your Good Name 120
The Future of Society, Corporate Responsibility,
and Ethics 81 SUMMARY OF LEARNING OUTCOMES 120
Experienced Workers in High Demand 81 The Growth of KEY TERMS 122
Social Responsibility—Just Keeps on Growing 81
Corporate Transparency 81 More Protection for EXPERIENTIAL EXERCISES 122
Whistleblowers 81 Changes in Corporate
Philanthropy 82 A New Social Contract Trend between REVIEW QUESTIONS 123
Employer and Employee 82
CREATIVE THINKING CASE 124
Occupy Movement—Financial and Social Inequities 82
Global Ethics and Social Responsibility 83
5 International: The Global Marketplace 126
MAKING ETHICAL CHOICES: Too Delicious to Resist 83
Canada Goes Global 130
Great Ideas to Use Now 84 The Importance of Global Business to Canada 131
Resolving Ethical Problems in Business 84 “Front Page of the The Impact of Multinational Corporations 131
Newspaper” Test 84 The Multinational Advantage 131 The Multinational
Challenges 132
SUMMARY OF LEARNING OUTCOMES 84 Measuring Trade Between Nations 132
KEY TERMS 85 Exports and Imports 132 Balance of Trade 133 Balance of
Payments 133
EXPERIENTIAL EXERCISES 86 The Impact of the 2008 and 2011 Economic Crises on
Canada 134 The Changing Value of Currencies 135
REVIEW QUESTIONS 87
Why Nations Trade 135
MAKING ETHICAL CHOICES: What Are Acceptable International
4 Technology: Managing Information Business Practices? 135
Absolute Advantage 136 Comparative Advantage 136
for Business Success 90 The Fear of Trade and Globalization 136 Benefits of
Is There Business Value in Information? 94 Globalization 137
The Value of E-Commerce 95 International Economic Communities 137
NEL CONTENTS vii

North American Free Trade Agreement (NAFTA) 137 What Is a Small Business? 168
Mercosur 137 The European Union 138 ASEAN 139 Small Business, Large Impact 169
Participating in the Global Marketplace 139 Why Stay Small? 169
Exporting 140 Licensing and Franchising 140 Contract
Manufacturing 140 Joint Ventures 141 Foreign Direct MAKING ETHICAL CHOICES: Minding Your Business 170
Investment 141 Managing a Small Business—Coping with the Challenges 170
Using Outside Consultants 171 Hiring and Retaining
CREATING THE FUTURE OF BUSINESS: Chris and Martin Employees 171 Going Global with Exporting 171
Herrington, Herrington Teddy Bears 141
Countertrade 142
Ready, Set, Start Your Own Business 172
Getting Started 172
Fostering Global Trade 142 Finding the Idea 172 Choosing a Form of Business
Antidumping Laws 143 The World Trade Organization 143 Organization 173 Developing the Business Plan 173
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Coca-Cola 144 Financing the Business 174 An Alternative—Buying a Small
The World Bank and International Monetary Fund 144 Business 175 Risky Business 176
Threats in the Global Marketplace 145 There’s Help Out There 177
Political Considerations 145 Cultural Differences 146 The Business Development Bank of Canada 177
The Economic Environment 146 Natural Barriers 147 Canada Business Network 177 Financial Institutions 178
Tariff Barriers 148 The Future of Entrepreneurship and Small-Business
Arguments for and against Tariffs 148 Ownership 178
EXPANDING AROUND THE GLOBE: Dell’s Success in China Tells Changing Demographics Create Entrepreneurial Diversity 178
Tale of a Maturing Market 148 The Growth of “Web-Driven Entrepreneurs” 179 Economic
Non-Tariff Barriers 149 Times—Motivation to Go It Alone? 179
Import Quotas 149 Embargoes 149 Customs
Great Ideas to Use Now 180
Regulations 149 Exchange Controls 149
Taking the First Steps 180 Working at a Small Business 180
The Future of the Global Marketplace 150
Canada—Increasing Its Prominence in the World 150 SUMMARY OF LEARNING OUTCOMES 181
Canada—Seeking New Markets 150 The Emergence of BRIC
Economic Power 150 KEY TERMS 182
Great Ideas to Use Now 151 EXPERIENTIAL EXERCISES 182
Continue Your Education 151 Study the Role of a Global
Manager 151 REVIEW QUESTIONS 184
SUMMARY OF LEARNING OUTCOMES 152 CREATIVE THINKING CASE 185
KEY TERMS 153 YOUR CAREER AS AN ENTREPRENEUR 186
EXPERIENTIAL EXERCISES 154 7 Analyzing the Business 188
REVIEW QUESTIONS 154 The Critical Success Factors 192
Achieving Success 193 Stakeholder Analysis 195
CREATIVE THINKING CASE 155 CREATING THE FUTURE OF BUSINESS: Ray Cao and Aditya Shah,
Loose Button 196
SWOT—A Basic Framework for Analyzing the Business 196
Part 2 Building a Business 157 Where Have We Been 196 Where Are We Now—
The SWOT 197
6 Entrepreneurship and Small Business 158 Identify the Company’s Internal Strengths and Weaknesses 197
Entrepreneurship Today 162 Analyze the External Environment 197
Entrepreneur or Small-Business Owner? 163 Analyzing the Strategy 198
CREATING THE FUTURE OF BUSINESS: Paul Maxwell, Maxwell’s Determine Competencies and Competitive Advantages 200
Music House 163 Analyze the Corporate-Level Strategy 200 Analyze the
Types of Entrepreneurs 164 Business-Level Strategy 201
Classic Entrepreneurs 164 Multipreneurs 164 MAKING ETHICAL CHOICES: Is It Ethical?—What’s Your
Intrapreneurs 164 Position 202
Why Become an Entrepreneur? 164 Analyze the Structure and Control Systems 203 Make
EXPANDING AROUND THE GLOBE: Lululemon Athletica Recommendations 203
Inc. 165 Financial Analysis 203
Characteristics of Successful Entrepreneurs 166 Financial Statements 203 Ratio Analysis 204
The Entrepreneurial Personality 166 Managerial Ability and SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Analytical
Technical Knowledge 167 Models 204
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Patagonia, Cost/Benefit Analysis 205
Inc. 167 The Future of Analyzing Business 205
Small Business: Driving Canada’s Growth 168 The Customers 205 The Environment 205 Society 205
viii CONTENTS NEL
EXPANDING AROUND THE GLOBE 206 CREATING THE FUTURE OF BUSINESS: Lauren Friese,
Great Ideas to Use Now 207 Talentegg.ca 250
Organizing 253
SUMMARY OF LEARNING OUTCOMES 207
Leading, Guiding, and Motivating Others 254
KEY TERMS 208 Leadership Styles 254 Employee Empowerment 256
EXPERIENTIAL EXERCISES 208 SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Statoil 256
REVIEW QUESTIONS 209 EXPANDING AROUND THE GLOBE: Leadership in Foreign
Subsidiaries 257
CREATIVE THINKING CASE 210 Corporate Culture 258
8 Forms of Business Ownership 212 Controlling 258

Going It Alone: Sole Proprietorships 216 MAKING ETHICAL CHOICES: Waiting and Waiting and
Advantages of Sole Proprietorships 216 Disadvantages of Waiting 259
Sole Proprietorships 217 Managerial Roles 260
Partnerships: Sharing the Load 217 Managerial Decision Making 260
Advantages of Partnerships 218 Disadvantages of Managerial Skills 262
Partnerships 219 Technical Skills 262 Human Relations Skills 262
Corporations: Limiting Your Liability 219 Conceptual Skills 262 Global Management Skills 262
Public versus Private Corporations 220 Going Public 221 The Future of Management and Leadership 264
The Incorporation Process 221 The Corporate Structure 222 Crisis Management 264 Managers and Information
Advantages of Corporations 224 Disadvantages of Technology 264 Managing in Diverse Cultural
Corporations 224 The One-Person Corporation 224 Environments 264
MAKING ETHICAL CHOICES: The Board Game 225 Great Ideas To Use Now 265
A Special Type of Corporation: The Crown Corporation 226 Effective Time Management 266 Stress Management 266
Specialized Forms of Business Organization 226
Cooperatives 226 Joint Ventures 227 Direct Selling 228 SUMMARY OF LEARNING OUTCOMES 267
Mergers and Acquisitions—Making It Bigger and Better 228 KEY TERMS 268
Types of Mergers and Acquisitions 229 Merger and
Acquisition Motives 229 EXPERIENTIAL EXERCISES 268
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Timberland 230
REVIEW QUESTIONS 269
Franchising: A Popular Trend 230
CREATING THE FUTURE OF BUSINESS: Ryan Smolkin, Smoke’s CREATIVE THINKING CASE 270
Poutinerie 231 10 Designing Organizational Structures 272
Advantages of Franchises 231 Disadvantages of
Franchises 232 Franchise Growth 232 The Next Big Thing Building Organizational Structures 276
in Franchising 233 International Franchising 233 Division of Labour 277 Departmentalization 277
EXPANDING AROUND THE GLOBE: Setting Up (Sandwich) Shop CREATING THE FUTURE OF BUSINESS: Dave Wilkin, Redwood
in China 234 Strategic 278
The Future of Business Ownership 234 Organization Chart 279
Joining Forces 234 “Baby Boomers” Rewrite the Rules of Managerial Hierarchy 280
Retirement 234 Franchise Innovations 235 Span of Control 281
Great Ideas to Use Now 235 Degree of Centralization 283
Is Franchising in Your Future? 236
Organizational Design Considerations 283
SUMMARY OF LEARNING OUTCOMES 237 Mechanistic versus Organic Structures 283
KEY TERMS 239 SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Johnson &
EXPERIENTIAL EXERCISES 239 Johnson 284
Factors Influencing the Choice between Mechanistic versus
REVIEW QUESTIONS 240 Organic Structures 285
CREATIVE THINKING CASE 241 Traditional and Contemporary Structures 286

Line-and-Staff Organization 286 Matrix Structure 287
Committee Structure 288
Part 3 Business Management 243 Teams 289
Understanding Group Behaviour 289 Work Groups versus
9 Management and Leadership in Today’s Work Teams 290 Types of Teams 291
Organizations 244
MAKING ETHICAL CHOICES: Team Spirit—Oh, Really? 291
The Role of Management and Leadership 248
EXPANDING AROUND THE GLOBE: Harnessing Talent to
Planning 249 Harness the Wind 292
NEL CONTENTS ix
Building High-Performance Teams 293 Achieving High Performance through Human Resource
The Informal Organization 293 Management 336
Functions of the Informal Organization 294 Informal HR Planning and Job Analysis and Design 337 HR Planning
Communication Channels 294 and Forecasting 338
The Future of Organizational Structures 295 Employee Recruitment 339
Re-engineering Organizational Structure 295 Internal Labour Market 339 External Labour Market 340
The Virtual Corporation 295 Virtual Teams 296 Electronic Job Boards 341
Outsourcing 296 Structuring for Global Mergers 296 Employee Selection 341
Great Ideas to Use Now 297 Employee Training and Development 343
On-the-Job Training 344 Off-the-Job Training 344
EXPANDING AROUND THE GLOBE: Employees on the
KEY TERMS 300 (International) Move 345
Performance Planning and Evaluation 345
EXPERIENTIAL EXERCISES 300
CREATING THE FUTURE OF BUSINESS: Jeff Nugent, Contingent
REVIEW QUESTIONS 301 Workforce Solutions Inc. 347
CREATIVE THINKING CASE 302 Employee Compensation and Benefits 347
Types of Compensation 348
11 Motivating Employees 304
MAKING ETHICAL CHOICES: Keeping Secrets 349
Early Theories of Motivation 309
Understanding Labour Relations in a Unionized
Frederick Taylor’s Scientific Management 309 Environment 349
The Hawthorne Studies 309 Modern Labour Movement 350 Negotiating Collective
Agreements 351
Maslow’s Hierarchy of Needs 311 Union Security 351 Management Rights 352
Alderfer’s ERG Theory 312 Wages and Benefits 352 Job Security and Seniority 352
McGregor’s Theories X and Y 313 Grievance and Arbitration 353
Tactics for Pressuring a Contract Settlement 354
Theory Z 314
Laws Affecting Human Resource Management 354
Herzberg’s Motivator-Hygiene Theory 315
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Adidas 356
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Pepsico 316
The Future of Human Resource Management 357
Contemporary Views on Motivation 317
Aging Population 357 Employee Diversity and Competitive
Expectancy Theory 317 Equity Theory 318 Goal-Setting
Advantage 357 Outsourcing HR and Technology 357
Theory 318
Organizational Culture and Hiring for Fit 358
CREATING THE FUTURE OF BUSINESS: Marci Andrews,
Healthpod Baby 319
Planning Your Career 358 Human Resources Decision
From Motivation Theory to Application 319 Making 358
Reinforcing Behaviour (Contingencies of Reinforcement) 319
EXPANDING AROUND THE GLOBE: Motivation Is Culture
Bound 320 KEY TERMS 360
Motivational Job Design 321 Work-Scheduling Options 322
Recognition, Empowerment, and Economic Incentives 322
MAKING ETHICAL CHOICES: Volunteerism—or Self Benefit 323
The Future of Motivation 324 CREATIVE THINKING CASE 363
Education and Training 324 Employee Ownership 324 13 Marketing: The Customer Focus 366
Work–Life Benefits 324 Nurturing Knowledge Workers 324
The Marketing Concept 370
Customer Value 371 Customer Satisfaction 371 Building
SUMMARY OF LEARNING OUTCOMES 326 Relationships 372
Creating a Marketing Strategy 373
KEY TERMS 327
Understanding the External Environment 373 Defining the
EXPERIENTIAL EXERCISES 328 Target Market 373 Creating a Competitive Advantage 374
Cost Competitive Advantage 375 Differential Competitive
REVIEW QUESTIONS 329 Advantage 375
CREATIVE THINKING CASE 330 SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Kraft Foods
Inc. 376
Niche Competitive Advantage 376
Part 4 Functional Areas of Business 331 Developing a Marketing Mix 377
Product Strategy 377 Pricing Strategy 377 Distribution
12 Managing Human Resources and Labour Strategy 377 Promotion Strategy 378 Not-for-Profit
Relations 332 Marketing 378
x CONTENTS NEL
Buyer Behaviour 378 CREATING THE FUTURE OF BUSINESS: Chris Jones, Entrix
Influences on Consumer Decision Making 380 Sports 416
Culture 380 Social Factors 380 Individual Influences on Alternative Channel Arrangements 417
Consumer Buying Decisions 381 Psychological Influences on Multiple Channels 418 Non-Traditional
Consumer Buying Decisions 382 Channels 418 Strategic Channel Alliances 418
Types of Buying Decisions 383 The Functions of Distribution Channels 419
Consumer Purchase Decision Making 383 Business-to- Channels Reduce the Number of Transactions 419 Channels
Business Purchase Decision-Making 384 Characteristics of Ease the Flow of Goods 419 Channels Perform Needed
the Business-to-Business Market 384 Functions 420
Market Segmentation 384 EXPANDING AROUND THE GLOBE: The Easy Way 421
Demographic Segmentation 385 Geographic Segmentation 386 The Intensity of Market Coverage 422
Psychographic Segmentation 386 Promotion—Selling Our Products 422
CREATING THE FUTURE OF BUSINESS: Michael Johnson, The Promotional Mix 423 Factors That Affect
SCIsupply Inc. 386 the Promotional Mix 424 The Nature of the
Benefit Segmentation 387 Volume Segmentation 387 Product 424 Market Characteristics 424 Available
Funds 425 Push and Pull Strategies 425
Using Marketing Research to Serve Existing Customers
and Find New Customers 387 Supply Chain Management: Increasing Efficiency and
Define the Marketing Opportunity or Issue 388 Choose a
Customer Satisfaction 425
Research Method 388 Collect the Data 389 Analyze the
MAKING ETHICAL CHOICES: Sugar-Coating the Truth 426
Data 389 Make Recommendations to Management 390
Managing the Logistical Components of the Supply Chain 427
The Future of Marketing 390 Sourcing and Procurement 427 Production Scheduling 428
Social-Media and Mobile Marketing 390 Green and Social Choosing a Warehouse Location and Type 428 Inventory
Marketing 390 Loyalty Cards 390 Control 428 Setting Up a Materials-Handling System 428
Making Transportation Decisions 429
EXPANDING AROUND THE GLOBE: Challenges of Conducting
Global Marketing Research 391 The Future of Marketing Strategies 430
Not Just Traditional Products: Increased Variety of Mobile
Devices 430 Marketing Dollars Going Social 430 Bargains,
Participate in Marketing Research Surveys 391 Bargains: Using Technology to Save 430 Supply Chain
MAKING ETHICAL CHOICES: Hitting the Long Shot 392 Management: Increasing Its Importance 430
Understanding Cognitive Dissonance 392 Great Ideas to Use Now 431
A Buyer’s Guide 431
SUMMARY OF LEARNING OUTCOMES 392 Browsing/Searching 431 Bidding 431
KEY TERMS 393 A Seller’s Guide 432
Listing 432 Closing the Deal 432
KEY TERMS 434
14 Creating Marketing Strategies 398 REVIEW QUESTIONS 437
Products—The Company’s Offerings 402
Brands—It’s Not Just the Name 402 Classifying Consumer
Products 402 15 Achieving World-Class Operations
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: L’Oréal 404 Management 440
Classifying Business Products 405
Production and Operations Management—
The Product Life Cycle 406 An Overview 444
Stages of the Life Cycle 406 The Product Life Cycle as a Gearing Up: Production Planning 446
Management Tool 407
The Production Process: How Do We Make It? 447
Pricing Products Right 407
One for All: Mass Production 447 Just for You:
Pricing Objectives 408 Customizing Goods 447
Profit Maximization 408 Achieving a Target Return on Converting Inputs to Outputs 448
Investment 409 Value Pricing 410 Production Timing 448
Product Pricing Strategies 410
Price Skimming 410 Penetration Pricing 411 Leader Location, Location, Location: Where Do We
Pricing 411 Bundling 411 Odd-Even Pricing 412 Make It? 449
Prestige Pricing 412 Availability of Production Inputs 450
How Managers Set Prices 412 Marketing Factors 450
Break-Even Analysis 412 Markup Pricing 414
MAKING ETHICAL CHOICES: Sweating It Out at New Era Cap 450
The Nature and Functions of Distribution 414 Manufacturing Environment 451 Local Incentives 451
Marketing Intermediaries in the Distribution Channel 416 International Location Considerations 451
NEL CONTENTS xi
Designing the Facility 451 The Balance Sheet (Statement of Financial Position) 485
Process Layout: All Welders Stand Here 451 Product Layout: Assets 486 Liabilities 487 Owners’ Equity 488
Moving Down the Line 453 Fixed-Position Layout: Staying
CREATING THE FUTURE OF BUSINESS: Alyssa Richard,
Put 453 Cellular Manufacturing: A Start-to-Finish Focus 453
RateHub.ca 489
Pulling It Together: Resource Planning 453
The Income Statement 489
Make or Buy? 453 Inventory Management: Not Just
Parts 454 Computerized Resource Planning 454 Revenues 489 Expenses 490 Net Profit or Loss 491
Keeping the Goods Flowing: The Supply Chain 455 The Statement of Cash Flows 492
Strategies for Supply Chain Management 456
Analyzing Financial Statements 492
Talk to Us: Improving Supplier Communications 456
Liquidity Ratios 493 Profitability Ratios 495
EXPANDING AROUND THE GLOBE: Sophisticated Supply-Chain Activity Ratios 495 Debt Ratios 495
Strategies Keep Products on the Move 457
The Future of Accounting 496
Production and Operations Control 458 Accountants Expand Their Role 496
Routing: Where to Next? 458 Scheduling: When Do We Do
It? 458 MAKING ETHICAL CHOICES: Grocery Companies Shelve
Tracking Progress with Gantt Charts 459 The Big Picture: Revenues and Can Auditors 496
CPM and PERT 459 SUSTAINABLE BUSINESS, SUSTAINABLE WORLD:
Looking for a Better Way: Improving Production and Ernst & Young 497
Operations 461 Valuing Knowledge Assets 497 Green and Social
Putting Quality First 461 Accounting 498
Worldwide Excellence: International Quality Great Ideas to Use Now 498
Standards 462
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: The Hudson’s SUMMARY OF LEARNING OUTCOMES 498
Bay Company 462
Lean Manufacturing—Streamlining Production 463 KEY TERMS 500
Transforming the Factory Floor with Technology 464 EXPERIENTIAL EXERCISES 500
Computer-Aided Design and Manufacturing Systems 464
Robotics 464 Adaptable Factories: Flexible Manufacturing REVIEW QUESTIONS 503
Systems 465 Quick Change with Computer-Integrated
Manufacturing 465 CREATIVE THINKING CASE 504
Technology and Automation at Your Service 465
CREATING THE FUTURE OF BUSINESS: Mike Morrice, Sustainable 17 Understanding Money and the Canadian Financial
Waterloo Region 466 System 506
The Future of Production and Operations Show Me the Money 510
Management 466 Characteristics of Money 510 Functions of Money 510
Asset Management 467 Modular Production 467 The Canadian Money Supply 511
Designing Products for Production Efficiency 467
The Bank of Canada 512
Great Ideas to Use Now 468 Carrying Out Monetary Policy 513
SUMMARY OF LEARNING OUTCOMES 469 The Canadian Financial System 513

Depository Financial Institutions 514
KEY TERMS 470 Chartered Banks 514 Trust Companies 515 Credit
Unions and Caisses Populaires 515
EXPERIENTIAL EXERCISES 471 Non-Depository Financial Institutions 515
Insurance Companies 515 Pension Funds 515 Brokerage
REVIEW QUESTIONS 472 Companies 515 Finance Companies 516
CREATIVE THINKING CASE 473 Insuring Bank Deposits 516
16 Accounting for Financial Success 474 International Banking 516

SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Sun Life
Accounting: More than Numbers 478
Financial 517
Who Uses Financial Reports? 478
EXPANDING AROUND THE GLOBE: Breaching Banking Barriers
EXPANDING AROUND THE GLOBE: Moving Toward One World in China 518
of Numbers 481 Investor’s Choice: Shares and Bonds 518
The Accounting Profession 481 Sharing the Wealth—and the Risks 518
The Accounting Designations 481 Common Shares 518
Basic Accounting Procedures 482 CREATING THE FUTURE OF BUSINESS: Matt Schnarr, AWAKE
The Accounting Cycle 483 The Accounting Equation 483 Corporation 519
The T-Account 484 The Trial Balance 485 Computers in Preferred Shares 520
Accounting 485 Cashing in with Bonds 520
xii CONTENTS NEL
Corporate Bonds 521 Government Securities 521 Secured Short-Term Loans 550
Bond Ratings 521 Raising Long-Term Financing 550
Playing the Market with Other Types of Securities 522 Debt versus Equity Financing 551
Mutual Funds 522 Exchange-Traded Funds 524 Futures Long-Term Debt Financing 551
Contracts 524 Options 524
Equity Financing 552
Securities Markets 524
Selling New Issues of Common Shares 552
The Role of Investment Bankers and Stockbrokers 525
Online Investing 525 Types of Markets 526 Buying SUSTAINABLE BUSINESS, SUSTAINABLE WORLD: Encana
and Selling at Securities Exchanges 526 The Primary Corporation 553
Canadian Stock Exchanges 527 Other Exchanges Important Dividends and Retained Earnings 553 Preferred Shares 554
to Canadian Businesses 527 Global Trading and Foreign Venture Capital 554
Exchanges 527 Dealer Markets 527
NASDAQ 528 The Over-the-Counter Market 528 MAKING ETHICAL CHOICES: The Friends and Family
Market Conditions: Bull Market or Bear Market? 528 IPO Plan 555
The Future of the Financial Industry 528 Managing Risk and Insurance 555
Changing the Way We Bank 528 Risk Management 556
Types of Risk 556 Strategies to Manage Risk 556
MAKING ETHICAL CHOICES: Trials and Manipulations 529
Increased Financial Responsibilities 529 Insurance Concepts 556
Insurable Risks 557 Premium Costs 558 Insurance
Great Ideas to Use Now 529 Providers 558
The Time Is Now 529 Public Insurance 558 Private Insurance Companies 559
Types of Insurance 559
SUMMARY OF LEARNING OUTCOMES 530 Property and Liability Insurance 559 Special Types of
KEY TERMS 532 Business Liability Insurance 560
The Future of Financial Management 561
EXPERIENTIAL EXERCISES 532 The CFO’s Role Continues to Expand 561 Weighing the
Risks 562
18 Finance: Maximizing the Value 536
KEY TERMS 565
The Role of Finance and the Financial Manager 541
The Financial Manager’s Responsibilities and Activities 542 EXPERIENTIAL EXERCISES 566
Financial Planning: Looking Ahead 543
Forecasting the Future 543 Budgets 544 REVIEW QUESTIONS 568
CREATING THE FUTURE OF BUSINESS: Patti Dibski, Gibson Fine CREATIVE THINKING CASE 569
Art 544
How Organizations Use Funds 546
Short-Term Expenses 546 Appendix A Basic Understanding of
Cash Management: Assuring Liquidity 546
Our Legal Environment 572
EXPANDING AROUND THE GLOBE: Follow the Money 547
Managing Accounts Receivable 547 Inventory 548 GLOSSARY 581
Long-Term Expenditures 548
Obtaining Short-Term Financing 548 ENDNOTES 601
Unsecured Short-Term Loans 549 COMPANY INDEX 609
Trade Credit: Accounts Payable 549 Bank Loans 549
Commercial Paper 550 SUBJECT INDEX 613
NEL CONTENTS xiii

an integrative
approach to business
INTEGRATED LEARNING SYSTEM
The Integrated Learning System helps students learn quickly by driving home key
chapter concepts and providing a framework for studying. It links all of the instructor
and student materials to each chapter’s learning outcomes.
Learning outcomes are listed at the beginning of each chapter, and then major
headings within the chapter are identified by the relevant chapter learning outcome.
Each section of the chapter ends with Concept Checks that can be used to self-test
understanding of the material.
The Summary of Learning Outcomes at the end of the chapter provides easy
review of the chapter’s content.
izations do compete for people’s scarce volunteer time and donations.
GOVERNMENT—MORE THAN ONE LEVEL LO2

Canada is a diverse country with a large land mass and a very small population
(approximately 34.5 million). There are three levels of government in Canada: fed-
eral, provincial/territorial, and municipal. Each has different responsibilities and
regulations that affect business and society. Some of those responsibilities are listed
below.
Federal Government—Overseeing
LEARNING OUTCOMES the Well-Being of Canada
The federal government has the authority for money and banking, trade regulation,
external relations, defence, criminal law, employment insurance, copyrights, and
1 Describe the world of business. 4 Explain some of the Canadian laws that transportation, just to name a few responsibilities. Through the use of the fiscal policy
(taxation and spending—discussed in Chapter 2) and the Bank of Canada (monetary
protect businesses and consumers. policy—discussed in Chapter 2) Canada’s financial system is regulated and wealth is col-
2 Understand the responsibilities of the lected, transferred, and spent to provide Canadians with one of the highest standards
three levels of government in Canada. 5 List the most common taxes paid by of living in the world. Although the Bank of Canada is not a government department
(it is actually a Crown corporation) and operates with considerable independence, we
businesses.
3 List some of the roles governments
introduce it here because of its impact on our economy (see Chapter 2).
Although the majority of Canada’s workforce is regulated by the provincial/
play in Canada and how they affect 6 List some of the trends that are reshaping territorial legislation, approximately 10 percent of Canada’s workforce is regulated
by the federal government’s Canada Labour Code. The Code regulates employment
business. the political environment. standards in industries such as banking, marine shipping, ferry and port service, air
transportation, railway, and road transportation.
Provincial/Territorial Governments—
Protecting Rights Concept Check
Some of the responsibilities of the provinces/territories are the administra-
tion of labour laws (other than that mentioned above), education, health Define business and differentiate between goods
and services.
and welfare, protection of property and civil rights, natural resources, and
the environment. One of the most significant provincial/territorial juris- What is standard of living and how is it measured?
dictions is labour law. This includes minimum working standards such as What are revenues and costs?
minimum wages, vacations, statutory holidays, overtime, etc.
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Summary of Learning Outcomes
Explain what Economics is the study of how individuals, businesses, and governments use scarce
LO1 economics is and resources to produce and distribute goods and services. The two major areas in economics
how the three sectors are macroeconomics, the study of the economy as a whole, and microeconomics, the
of the economy are
study of households and businesses. The individual, business, and government sectors
linked.
of the economy are linked by a series of two-way flows. The government provides
public goods and services for the other two sectors and receives income in the form of
taxes. Changes in one flow affect the other sectors.
Understand the An economic system is the combination of policies, laws, and choices made by a
LO2 primary features of nation’s government to establish the systems that determine what goods and services
the world’s economic are produced and how they are allocated. The main economic systems in the world
systems.
today include market economies (capitalism), command (planned) economies,
socialism, and mixed economies.
Explain the four types Market structure is the number of suppliers in a market. Perfect competition is
LO3 of market structure. characterized by a large number of buyers and sellers, very similar products, good
market information for both buyers and sellers, and ease of entry into and exit from
the market. In monopolistic competition, many companies sell close substitutes in a
market that is fairly easy to enter. In an oligopoly, a few companies produce most or all
of the industry’s output. An oligopoly is also difficult to enter, and what one company
does will influence others. In a pure monopoly, there is a single seller in a market.
Discuss the basic Demand is the quantity of a good or service that people will buy at a given price.
LO4 microeconomic Supply is the quantity of a good or service that companies will make available at a
concepts of demand given price. When the price increases, the quantity demanded falls but the quantity
and supply, and how supplied rises. A price decrease leads to increased demand but a lower supply. At the
they establish prices.
point where the quantity demanded equals the quantity supplied, demand and supply
are in balance. This equilibrium point is achieved by market adjustments of quantity
and price.
Show how economic A nation’s economy is growing when the level of business activity, as measured by
LO5 growth, full gross domestic product, is rising. GDP is the total value of all goods and services
employment, and produced in a year. The goal of full employment is to have a job for all who can and
price stability indicate
want to work. How well a nation is meeting its employment goals is measured by
a nation’s economic
the unemployment rate. There are four types of unemployment: frictional, structural,
health.
cyclical, and seasonal.
With price stability, the overall prices of goods and services are not moving either
up or down very much. Inflation is the general upward movement of prices. When
prices rise, purchasing power falls. The rate of inflation is measured by changes in the
consumer price index (CPI) and the producer price index (PPI). There are two main
causes of inflation. If the demand for goods and services exceeds the supply, prices will
i Thi i ll d d d ll i fl i Wi h h i fl i hi h d i
xiiv
xiv NEL
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THE INTEGRATIVE MODEL OF BUSINESS
The Integrative Perspective in The Future of Business helps students understand the impor-
tant connections of business and prepares them for the intricacies of working in an ever
more interconnected world. The Introduction to the text sets up this perspective, and
it is reinforced before each chapter in the Making the Connection feature. Making the
Connection introduces each chapter; this section shows how the chapter concepts relate
to the “Integrative Model,” helping students connect the chapter concepts to the external
and internal business environments.
PART 1 illustrates the relationship of each chapter to the Political, Economic, Social,
Technological, and International (PESTI) model.
PART 2 shows the impact of different forms of business on the PESTI model and the
functional areas of the business.
PART 3 connects strategic decisions of management, structure, and motivation to the

business’s goals in the external environment.
PART 4 shows the impact of the external environment on each business unit through
the PESTI model and how those business units both influence and are influenced by
other functional areas.
chapter 1 chapter 6
Making the Making the

Connection Connection
Politics: Governments’ Roles Entrepreneurship and Small Business
In this chapter, you’ll learn about the role of government in sufficiently. The Big Three—General Motors, Ford, and Now that we have looked at the different factors that make but to still take care of their families and their health. This is
business. But first, you might be wondering, “Where does Chrysler—were already in trouble as oil prices skyrocketed up the external environment of business—the context in a critical lesson for entrepreneurs: the integrative nature of
all this fit into our understanding of a successful business?” leading into the economic crisis, because a large part of which it operates—we can start to examine businesses them- business extends beyond their businesses to their personal
Take a peek back at the model introduced in Framework their market was gas-guzzling SUVs and pickup trucks. This selves. We will start at the beginning of a business—with the lives as well. Since it creeps into life outside of work, the
for Business Success. The most obvious relationship between position put them in even more serious financial trouble people whose ideas create businesses. In this chapter, you interconnections need to be viewed on a much broader level.
this chapter and the model of a successful business is in when credit tightened up, and had General Motors and will be learning about entrepreneurship and small business. You can’t get more integrative than that! But you’d also have
the external environment. The PESTI model of the external Chrysler running to governments for bail-out money. Many What motivates people to start businesses, and what factors to look long and hard to find a job more rewarding than to
environment is an acronym for the political, economic, groups in society felt that the automakers put themselves shape the business’s success? see your own dreams come alive.
social, technological, and international environments that into that position by not sufficiently responding to the Individuals with a desire to start a business, whether This chapter is full of examples of trends in the external
interact with business. environment by building fuel-efficient cars in the first place. they are people who simply want to start a small business environment affecting entrepreneurs and small-business
The political environment is thus a part of our PESTI This is an example of how the integrative nature of business of their own or entrepreneurs with a grander vision, need owners—trends that provide the motivation and the ideas
model of the external environment. In this chapter, we can cause a large number of complex spinoff effects. to see the big picture. Every business is affected by its to fuel these businesses. Start by looking at why people
l i All h i lf h h i b i F l i h i
chapter 9 chapter 12
Making the Making the

Connection Connection
Management and Leadership in Today’s Organizations
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Managing Human Resources and Labour Relations
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In this section of the text, we will take a look at the internal is therefore unlikely that a decision like this one would ever
In this chapter, you will be introduced to management and promotion. This is called control—results are measured and environment of a business or, more simply, the functional be made by The Bay. Even if there were opportunities in the
the first function of a manager in the act of managing a compared against objectives, and changes are made to keep areas of a business. These areas are what most people think market for ATVs, it would not match with the strengths of
business—planning. Management is what managers do to everything on track or under control. of when they think of a business or a career in business— the company. Financial resources would therefore not be
ensure that the organization achieves the critical success But remember that managers don’t perform this human resources, marketing, operations, and accounting and released for this type of project to begin with.
factors. As we state later in the chapter, “management is the highly integrative process in a vacuum. They make plans finance. In this chapter, we’ll take a look at our first functional
process of guiding the development, maintenance, and allo- contingent on the opportunities and threats they see in Before we take a look inside each of the functional areas area. The old adage “last but not least” certainly applies here.
cation of resources to attain organizational goals.” That is the external environment in relation to the strengths and in detail, in separate chapters, one very important message As we discussed earlier, gaining the commitment of employees
why the process of management encircles our model of a weaknesses the business has internally. What is done to must be communicated clearly at the outset. Even though is the most critical factor, because all of the other four
successful business. It is the process whereby all of the activ- implement the plan, with respect to organizational structure, each of these areas is discussed separately in different critical success factors are achieved through the people in
ities of a business toward achieving the factors critical to its motivational tactics, and control mechanisms, also depends chapters of introductory textbooks, and later in separate the company. Without a strong human resource area and the
success are implemented. It ties everything together and, on the internal and external environments. For example, a courses in business schools, they cannot act separately strong commitment of the employees toward organizational
when done properly, ensures that activities are integrated. company might choose an open, flexible structure with less if the business is to be successful. They are all part of the goals, the company simply cannot be successful in any
All of the activities within the process of management— bureaucracy to encourage employees to be more creative, i t t db i d l th t h b th t l th f f ti l ll
NEL
NEL CHAPTER
CHA
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APTE
PTER 3 Soc
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s Soc
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isions
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siness
ess xv
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CHAPTER Four Thematic Boxes
FEATURES THAT EXPANDING AROUND THE GLOBE This boxed feature demonstrates
how globalization is important in today’s marketplace and its impact on real
CONNECT companies.
MAKING ETHICAL CHOICES The ethical activities in these boxes present

Opening Vignettes real-world ethical challenges to stimulate discussion about ethical issues faced
Opening Vignettes teach key princi- by organizations.
ples through real-life examples.
GOVERNMENT GRANTS—STUDENT JOBS

Instead of finding a summer job in 2011, Melanie Mirza of
Brantford, Ontario, started a business called Adirondeck Art. Expanding Around the Globe
Her attention-getting Adirondack chairs are hand-painted
with unique designs, some commissioned at client request.
This business was made possible with a grant from the
Making Ethical Choices
M
“Summer Company” program of the Ontario government. MAGNA INTERNATIONAL INC.—AN INTER
Melanie received $1500 to start her company; a second
SUCCESS STORY
$1500 was available to student firms that stayed in business
all summer.
THE ALBERTA OIL SANDS
Not everyone is aware of the many government Magna International is the world’s most diversified Charter” is built on the premise that
programs created to reduce economic difficulties such as automobile supplier in the world. Today, it has 275 share the responsibility to ensure the s Over the next 20 to 25 years, it is estimated that capital
O That’s the good n
student unemployment and graduate debt. manufacturing operations in 26 countries on five continents and Some of the principles in the “ iinvestment in the oil sands of Alberta will amount to sands as being “dirty
Some not-for-profits are eligible for federal grants that
employs more than 100,000 people. security, fair treatment, a safe and he a
approximately $218 billion according to the Canadian land, and water. The
pay 100 percent of the cost of employing a student, including
wages and all mandatory employment-related expenses
Its founder, Frank Stronach, started a tool and die company (a wages and benefits, communication a E
Energy Research Institute. For every dollar that is develop better, more
such as Employment Insurance and Canada Pension Plan. company which makes tools used in the manufacturing business) and profit participation. iinvested, it creates approximately $8 dollars of eco- Also, independent,
This program may be supported by donations encouraged called Multimatic Investments Limited, and eventually expanded to Today Magna is developing green n
nomic activity. In the 2009–2010 budget year, the based Climate Chan
through income tax credits. the production of automobile parts. In 1969, Multimatic merged with efficiencies, and lightweight products w A
Alberta government was paid $1.9 billion in royalties (CCEMC) have a ma
Public sector employers and businesses with fewer than Magna Electronics Corporation becoming Magna International Inc. and convenience. Since its beginnings
51 employees may also access federal grants that pay up to b
by the companies working the oil sands. This money develop new “clean”
The company is proud of its “Fair Enterprise” philosophy that presence today, Magna is just one exam
50 percent of the cost of employing a student. Larger firms was used to help fund many public programs and services (e.g., them. For example, in
builds ownership and inspires pride in its employees. The company
cannot access these programs. The government recognizes infrastructure, health, and education). The expected royalties are Energy, along with its
COURTESY OF MELANIE MIRZA
small business as the creator of most new jobs and, for that believes that its continued success is dependent on the skills, SOURCE: Adapted from “Employee’s Charter,” Ma
knowledge, and commitment of its employees. The “Employees’ magna.com/for-employees/employee’s-charter>.
estimated at approximately $184 billion over the next 20 to 25 years. greener technology.
reason, many government programs support small businesses.
Employers can also access other grant programs to Alberta is not the only financial beneficiary of the oil sands. It is
help support student positions. For example, infrastructure estimated that, over the next 20 to 25 years, the oil sands will gen- ETHICAL DILEMMA:
grants may provide the facilities, and program grants may erate more than $307 billion in tax revenue across Canada with downsides of the oil s
fund equipment and services that the students use to do
approximately 61 percent ($187 billion) going to the federal gov-
their jobs.
Frequently, government also provides matching grants
that are paid in proportion to donations received from
According to the Canadian Federation of Students, the
average student graduates after four years with $27,000 in debt,
PROTECTING BUSINESSES LO4 ernment. Key industries such as manufacturing (e.g., machinery and
metal fabrication) primarily situated in Ontario benefit. In Atlantic
SOURCES: Government of A
oilsands.alberta.ca/economic
private citizens.
Government interventions in the economy serve more
with interest ranging from 5 to 9 percent. Since many students
need grants and loans to pay for tuition and living costs, being AND CONSUMERS Canada, contracts worth approximately $50 million have been signed Emissions Management Corp
about/fast-facts, February 14
gainfully employed each summer serves to reduce that need. to steel manufacturers to supply their products to the oil sands. Also, funding for clean technology
than one purpose. Creating employment is just one objective.
Perhaps in 2012, Melanie will hire a student to help her … many of the skilled labourers come from various regions and con-
Another purpose is to support other government priorities, The legal environment is meant to not only protect citizens in everyday life, but also to http://www.marketwire.com/
and access a Canada Summer Jobs grant to fund half the cost.1
such as increasing diversity in the workplace or supporting provide protection to owners and consumers alike. Below is a brief discussion of some tribute to their local communities back home. for-clean-technology-research
the work of not-for-profits by funding summer jobs.
Student job creation is supported both directly and of these protections.
indirectly. Indirect support includes setting up student THINKING CRITICALLY
employment centres or making exceptions in visa regulations
to permit international students to work on-campus.
As you read this chapter consider the following questions: Patents, Copyrights, and Trademarks
Directly, federal, provincial/territorial, and municipal
governments also hire students. Seasonal needs such as parks
1. How does government influence business operations?
2. How can governments help businesses?
Canadian law protects authors, inventors, and creators of other intellectual property The Canadian government promotes itself as delivering programs and service
that are focused on improving the quality of life for all Canadians. You might want t
HOT
and recreation or environmental research lend themselves by giving them the rights to their creative works. Patents, copyrights, and registration
well to summer jobs. And sometimes, students are fortunate 3. What impact do governments’ agendas have on
of trademarks are legal protection for key business assets. work in one of our High Commissions or embassies around the world. Working wit
h fi d ki h i h f d h i li i h l b i ?
09637_01_Ch01.indd 11 20/12/12 5:11 PM
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD These boxes highlight the growing importance of sustainability in
today’s business practices.
CREATING THE FUTURE OF BUSINESS This new boxed feature profiles young Canadian entrepreneurs who have been
successful in their business ventures.
their functions. Some businesses (e.g., road construction companies) rely on gov-
ernments for most, if not all, of their revenues. Businesses that want to sell their
products to the governments usually must register their business with them. The
governments are also a competitor, for example, competing with the private sector
for employees—maybe you’ll work for government when you graduate, let’s say, as a
commercial attaché! 09637_01_Ch01.indd 17 20/12/12 5:12 PM
Creating the Future of Business

YOUNG organization run by 100 volunteers at 35 universities and colleges
across Canada. Its aim is to “foster a spirit of entrepreneurship
Sustainable Business, Sustainable World ENTREPRENEURS among high school and university students” with a view that
“entrepreneurship embodies something bigger than just starting a
So you think you want to start your own business. That is exciting! You
09637_01_Ch01.indd 23 20/12/12 5:12 PM
business—a mindset towards life that can help achieve any dream.”
truly are the “future of business” as you will be the ones running the
WHAT DOES IT MEAN? businesses that shape tomorrow.
Sounds pretty great to us. How about you? If you want to get started
on your journey, check out their program called Impact Apprentice
Start by thinking about what it means to be an entrepreneur.
The term “sustainable development” The business environment of the 21st century is ecologically Competition, inspired by Donald Trump’s The Apprentice at http://
was coined in 1972 at the United Nations uncertain, socially complex, financially unpredictable and ethically There is a great video—www.youtube.com/watch?v=lZKhZmvJuZY—
apprentice.impact,org.
Conference on Human Development. It was challenging. From a business ethics point of view, sustainable put together for New York Entrepreneur Week that describes in very
As quoted in Career Options Magazine, Canada’s National Youth
popularized through Our Common Future (1987), development provides an opportunity to achieve the greatest good real, concrete terms what it means to be an entrepreneur. If that
Entrepreneur Social Attitude and Innovation Study, conducted in
the report of the UN World Commission on Environment and or least harm to the Earth’s human and non-human inhabitants.8 describes you, then read on …
January 2008, showed that “close to 50 percent of youth between the
Development, also known as the Brundtland Commission. One feature Does business have a moral obligation to see that its practices are So what does it mean to be a “young entrepreneur”? Is it really
ages of 16 and 24 would like to start their own business.” If you are
of the Brundtland Commission was its challenge that business be part socially just and ecologically sustainable? Markets operate within possible to start a business at your age? Absolutely. Just look at Mark
one of the 50 percent, there are lots of resources and networks available
of the solution rather than part of the problem. Since then, sustainable certain constraints. While business is free to pursue profits, there Zuckerberg of Facebook, Chad Hurley of YouTube, or Blake Ross
for you to get started, from the Impact Entrepreneurship Group
development has been commonly understood as “development that is a moral minimum within which business operates and companies and David Hyatt of Mozilla, all of whom are on The 50 Richest Young
meets the needs of the present without compromising the ability have the responsibility to operate within these limits. Traditional (www.impact.org), to Youth Canada (www.youthcanada.ca), ACE (www
Entrepreneurs Under 30 list. Or check out Blake Mycoskie’s story of
of future generations to meet their needs.” Thus, linking social models of social responsibility include legal and moral constraints; .acecanada.ca), and Young Social Entrepreneurs of Canada (www
how he created TOMS shoes in the book Start Something That Matters.
and environmental variables within economic agendas is a hallmark the sustainable development approach also includes ecological .ysec.org). Good luck. Remember, you are the “future of business.”
Inc. Magazine puts together a list of the Top 30 Under 30 young
of sustainable development. Sustainable development provides constraints.9
entrepreneurs every year. There are lots of lists and lots of examples.
a framework to describe the bigger picture within which human Corporate responsibility can be seen to encompass a set of tools Thinking Critically
These particular examples may seem like anomalies to you. We have,
activities occur, the intention of which is to preserve or enhance for achieving goals and assessing the performance of individuals and 1. If youth did not start businesses, what would the “future of
the systems—ecological, socioeconomic and cultural—upon which organizations within the larger context of the sustainable development
however, profiled a number of very real, accessible examples for you;
many of whom have graduated from your own schools. Read their business” look like?
humans and other species depend.4 This bigger picture frames the business environment. This might include ecological, social, financial,
stories, contact them, and ask your questions. They all had a dream, a 2. Do you think that youth today have a different perspective
business environment for the 21st century. governance and cross-cultural performance. Corporate leaders in the
Humans have an increasing impact on the planet. Along with 21st century innovate strategic capabilities, achieving competitive vision, and went for it. And they will all inspire you. You can do it too. than those who started businesses 20 or 30 years ago? Will the
various forms of pollution and toxic waste, climate change and loss of advantage through sustained, responsible performance in these areas. You will see that a number of the young entrepreneurs we have “future of business” look different because of it?
habitat, we are responsible for the greatest rate of species extinction profiled for you have also won awards. One such award is the FUEL 3. What different perspectives and priorities do the youth of today
since the demise of the dinosaurs in the Mesozoic era 65 million Awards for Canada’s best young entrepreneurs. These awards were bring to new businesses?
years ago.5 As a single species, humans have already exceeded the Thinking Critically launched recently, in 2011, to “promote entrepreneurship in Canada SOURCES: Entrepreneur Week website, http://www.entrepreneurweek.net; http://www.
ecological capacity of the biosphere.6 The wealthiest 20 percent of 1. What do you think is the responsibility of companies to protect by identifying forward-thinking role models for youth and illustrating retireat21.com/top-youngentrepreneurs; Blake Mycoskie, “How I Did It: The TOMS Story,”
the world’s human population uses some 80 percent of the resources. our environment? the many benefits of venturing out on one’s own.” The awards are Entrepreneur.com, September 20, 2011, http://www.entrepreneur.com/article/220350;
The wealthiest 25 percent of the world gets 75 percent of the income, 2. What responsibilities do consumers have to ensure that the sponsored by Rogers, KPMG, TD Bank, Filemobile, Profit Magazine, “30 Under 30,” Inc.com, http://www.inc.com/30under30/2011/index.html; Fuel Awards:
even after adjustment for the parity of purchasing power.7 Thus, products and services they are purchasing and using contribute Celebrating the Best Young Entrepreneurs in Canada, http://www.fuelawards.ca; Vinod
and Impact Entrepreneurship Group. Rajasekaran and Despina Sourias, “Entrepreneurship: The Path of Change Makers,”
along with addressing our collective and individual impacts on the to sustainability?
The Impact Entrepreneurship Group was started as a one-day Career Options Magazine online, http://www.careeroptionsmagazine.com/1394/
biosphere—which has led, amongst other things, to the dwindling of
natural resources—sustainable development must also address issues
event at University of Waterloo in 2004 and has grown into a national entrepreneurship-the-path-of-change-makers.
SOURCE: David Lertzman, Ph.D. The University of Calgary, September 2011. Used with
of equity in sharing those resources. permission.
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HOT
HOT
Concept in Action
Hot Links Interesting companies, business leaders, and ideas are featured
The Hot Links feature appears in the margin to in our “Concept in Action” photo essays. Many of these con-
provide an opportunity to connect to relevant clude with a critical thinking question to spark further discus-
websites that expand on chapter information. sion and study about a business topic.
bankruptcy Concept in Action

The legal procedure by which PPP Canada is a Crown corporation
created to improve the delivery of
individuals or businesses that cannot public infrastructure to Canadians. The
meet their financial obligations are private sector assumes a major share of
the responsibility in the public–private
relieved of some, if not all, of their debt. partnerships (P3). One example is the
$11 million the Government of Canada
contributed towards a new biosolids
L
management facility in Sudbury,
HOT inks Ontario.
For more information on corporate

bankruptcy, see the website that helps
people and businesses get a fresh
financial start at
www.bankruptcycanada.com
Key Terms
Business terms are carefully defined and conveniently located in the text margins beside the section where the term is first
09637_01_Ch01.indd 15 20/12/12 5:12 PM
introduced. A complete glossary of all key terms is included at the end of the text.
s, and registration
END-OF-CHAPTER SKILL-BUILDING e, use, and sell an

t meet its require-
hine, or formula is
patent
A form of protection (limited monopoly)
established by the government for
ACTIVITIES, EXERCISES, AND RESOURCES

inventors; it gives an inventor the
to produce drugs exclusive right to manufacture, use, and
perty (i.e., they do sell an invention for 20 years.
usive right, shown copyright

A form of protection established by the
Experiential Exercises
that is given to a
government for creators of works of art,
sell her or his cre-
music, literature, or other intellectual
t include printed property; it gives the creator the
This feature allows students to practise and apply the chapter concepts and to expand aphs, and movies. exclusive right to use, produce, and sell
the creation during the lifetime of the
he creator plus 50
on the chapter topics. These exercises can be used as assessments or assignments and to onsidered intellec-
creator and extends these rights to the
creator’s estate for 50 years thereafter.
add a real-world application. manufacturer uses trademark

ogo (symbol) is an The legally exclusive design, name,
or other distinctive mark that a
Review Questions inds of customers.

well known that it
manufacturer uses to identify its goods
in the marketplace.
Review questions confirm students’ learning and understanding of chapter topics. often used to refer
Creative Thinking Cases

These chapter-ending cases encourage the exploration and analysis of business strategies.
09637_01_Ch01.indd 17 20/12/12 5:12 PM

CREATIVE THINKING CASE
Experiential Exercises Review Questions Inside Intel: It’s about Copying—Exactly
Intel Corporation has more than 82,000 employees worldwide, but innovation depends
1. Find out what’s happening in Canadian business at www.canadianbusi on people like Trish Roughgarden, an Air Force veteran whose job is to copy slavishly.
1. What is a business? Ms. Roughgarden is known inside Intel as a “seed,” an unofficial title for technicians
2. Check out the latest on the world’s ranking of highest quality of l who transfer manufacturing know-how from one Intel chip factory to another. Her
countries at www.mapsofworld.com/world-top-ten/world-top-ten-q 2. Products consist of goods and services. List some of the differen job: to help ensure that Intel’s latest plant works just like identical plants around the
world. If there is a problem at one plant, production may be slowed but not stopped—
life-map.html. and services. other plants pick up the slack. So when an earthquake interrupts a plant in China, a
plant in Oregon may increase production.
3. Search for any not-for-profit organization. See what challenges the 3. What impact do our governments have on our standard of liv It is all part of a major Intel strategy known as “Copy Exactly,” which discourages
experimentation at individual factories. Instead, engineers and technicians painstak-
funding, volunteerism, etc. life? ingly clone proven Intel manufacturing techniques from one plant to the next—down
to the colour of workers’ gloves and wall paint, or other features that would seem to
4. Check out what is new in the federal government at www.gc.ca. have no bearing on efficiency. New plants fall into two basic categories: model plants
4. Explain the relationship between revenues, costs, and profits. that will be copied and those that are copies.
5. Search your provincial/territorial government’s website to see the latest The strategy emerged after a production disaster in the 1980s, when maddening
5. What are the responsibilities of the three levels of government variations between factories hurt productivity and product quality. Japanese competi-
6. Search how your local government impacts business activities through tors nearly drove Intel out of business. Today, Copy Exactly shapes Intel’s response to
7. What is new at the Office of the Auditor General of Canada? See www 6. What roles do the governments play in our economy? the latest economic downturn, helping accelerate the relentless pace of technology
improvements known as Moore’s Law, after former Intel chairman Gordon Moore.
Moore predicted that the number of transistors that could be placed on a computer
gc.ca. 7. Explain our legal system in terms of public and private law. chip (of the same size) would double every two years.
Although it prohibits willy-nilly changes, the Copy Exactly methodology encour-
8. Learn more about our legal system at www.blakes.com/DBIC/guide/ht 8. What laws govern business operations? ages Intel workers to come up with ideas to boost productivity or make chip features
system.html. smaller. But the ideas must pass a committee called the Process Change Control Board,
9. What are the conditions of a valid contract? which requires workers to come up with tests to prove the value of their suggestions.
9. How are our courts organized, both federally and provincially/territo The idea of Copy Exactly comes into the planning of new plants such as the $5 bil-
lion facility expected to open in 2013. Located in Chandler, Arizona, near several other
www.justice.gc.ca/eng/dept-min/pub/ccs-ajc/. 10. What remedies are available for the breach of a contract? Intel facilities, this plant will employ 1,000 and Intel executives project that it will be
the most advanced high-volume semiconductor manufacturing facility anywhere in
10. What patents, copyrights, and trademarks are expiring? Search the Inter 11. What are the most common taxes paid by businesses and the world. This project received significant tax incentives from the state of Arizona,
but the government sees the value of the high-paying jobs coming to or staying in the
out! governments? state. The innovations for the Chandler plant are evolutions of the ongoing improve-
ments at other plants and, as the new processes are developed, seeds will take them out
11. Check out Health Canada to see the latest advisories, warnings, and
12. What trends are occurring in politics and governments today? to the other Intel plants and continue the “Copy Exactly!” process.
products at www.hc-sc.gc.ca/cps-spc/advisories-avis/index-eng.php. Thinking Critically
1. Explain the link between quality and “Copy Exactly.”
2 How important is technology to a global competitor like Intel? What about
NEL
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xv ii
09637_01_Ch01.indd 26 20/12/12 5:12 PM

preface
YOUR FUTURE IS OUR BUSINESS
The Future of Business, Fourth Edition, provides a personal road map for understanding
and navigating the future of business. The fourth edition builds on the success of the
first three editions with thorough coverage of business principles and leading-edge
practices adopted by business innovators, all illustrated with relevant and interesting
business examples. The Future of Business, Fourth Edition, takes an integrative approach
to business, highlighting how functional areas work together and how innovation
fuels new forms of collaboration. The text is written in a friendly and conversational
style and helps prepare students of all interests and abilities for future achievements
with the information, skills, and techniques they need to get to work and jump on the
fast-track to success.
THE INTEGRATIVE PERSPECTIVE: MAJOR

BUSINESS TOPICS UP CLOSE
Business and business units do not work in isolation; they work within the external
and internal environments. Our approach has been to discuss the various topics with
a focus on the integrative nature of business. The Integrative Perspective in The Future
of Business helps students understand these connections and prepares them for the
intricacies of working in an ever-interconnected world. The introduction to the text
sets up this perspective, and it is reinforced before each chapter in the Making the
Connection feature.
Making the Connection

Making the Connection introduces each chapter. This section shows how the
chapter concepts relate to “The Integrative Model” to help students connect the
chapter concepts to the external and internal business environments.
Part 1: Illustrates the relationship of each chapter to the Political, Economic,

Social, Technological, and International (PESTI) model.
Part 2: Shows the impact of different forms of business on the PESTI model and
the functional areas of the business.
Part 3: Connects strategic decisions of management, structure, and motivation
to the business’s goals in the external environment.
Part 4: Shows the impact of the external environment on each business unit
through the PESTI model and how those business units both influence and are
influenced by other functional areas.
The Making the Connection feature helps students contextualize the chapter con-
tent within the framework of business as a whole, and allows them to begin to see the
bigger picture.
xviii NEL
WHAT’S NEW IN THE FOURTH EDITION
Today’s most important business topics and trends are thoroughly covered in the
fourth edition—this means more insight into the key economic and business develop-
ments that shape the future. Topics at the forefront of business, covered in this edition,
include
• integration of business practices;

• globalization and global management skills;
• sustainable business;
• changing Canadian demographics;
• corporate ethical standards;
• managing multinational cultures in the workplace;
• virtual teams and corporations;
• nurturing knowledge workers; and
• entrepreneurship.
Through extensive reviews, we discovered that instructors teaching the Introduc-

tion to Business course place considerable importance on the topics of ethics, the role
of technology in business, e-commerce, entrepreneurship and small business manage-
ment, global business opportunities, and careers. Therefore, we gave these topics spe-
cial emphasis.
The Future of Business is supported by real-world examples to introduce today’s stu-
dents to tomorrow’s business careers. Highlights of new content to the fourth edition
include the following:
Reorganization
In response to reviewers’ suggestions, the following organizational changes were
incorporated:
• more discussion of sustainability and entrepreneurship;

• an UPDATED chapter on International Business to expand our PEST model to the
new PESTI model;
• a NEW chapter that offers advice on “Analyzing the Business”;
• new and updated chapter-opening vignettes and closing creative-thinking cases;
and
• a reorganization of the chapters to make the flow easier for students.
New Features
Two new boxed features have been added or expanded.
CREATING THE FUTURE OF BUSINESS This new boxed feature profiles young
Canadian entrepreneurs who have been successful in their business ventures.
SUSTAINABLE BUSINESS, SUSTAINABLE WORLD To supplement the “Making

Ethical Choices” boxes, we have included “Sustainable Business, Sustainable World”
boxes in all chapters. These boxes highlight the growing importance of sustainability
in today’s business practices.
New Canadian Examples

Some of the many Canadian examples profiled in this edition include Lululemon Athletica’s
move to global markets; SMART Technologies’ interactive SMART Board’s appearance in
classrooms, meeting rooms, and training centres around the country; ProSkate’s small
NEL PREFACE xix

business built on clear values; Oasis Bags’ management and leadership; Contact North’s
organizational structure; and Encana Corporation’s sustainability practices.
Prologue
An updated prologue, “A Quick Guide to Your Future Success in Business,” offers prac-
tical and inspiring advice for developing test-taking, interpersonal, time management,
and planning skills. The prologue also features suggestions for finding the right career
and succeeding in that first professional job. Not only will students find up-to-date
guidelines for finding a job using the Internet, they can also gain insights into their
own readiness for the job market. Fun Self-Tests explore the following topics:
• Can You Persuade Others?

• Can You Play the Political Game?
• How Well Do You Manage Your Time?
• Are You Good at Managing Money?
• Do You Have Good Study Habits?
• How Assertive Are You?
• Are You a Good Listener?
GREAT FEATURES RETAINED FROM

THE PREVIOUS EDITIONS
Chapter Organization
Organization matters! Each chapter of The Future of Business, Fourth Edition, has been
organized into a unique three-part structure that links principles, trends, and ideas:
PRINCIPLES OF BUSINESS Gives students a comprehensive overview of current

business practices, and teaches key principles through real-world examples from the
largest global corporate giants to the smallest family startups.
TRENDS IN BUSINESS Explores the fundamental factors and emerging trends that
are reshaping today’s business world and altering tomorrow’s competitive environment.
This preview of the future gives students a keen advantage when entering the workplace.
GREAT IDEAS TO USE NOW Brings chapter topics to life with relevant and inter-
esting tips for making the most of a professional career or becoming a smart consumer.
Students develop skills that are applicable immediately.
Structure of Content
INTRODUCTION In the Introduction, students learn the basic terms that are asso-
ciated with organizations and business. They are given the foundation of what a busi-
ness is, how risk can affect the business, revenues, expenses and profits, etc. Here, too,
the students are first introduced to the “Integrated Model of a Successful Business.”
SUSTAINABILITY BOXES In each chapter is a “Sustainable Business, Sustainable

World” feature. This feature was first introduced in select chapters of the third edition
and proved to be very popular with both the students and the reviewers.
MAKING ETHICAL CHOICES BOXES These ethical activities boxes present

real-world ethical challenges to stimulate discussion of ethical issues faced by
organizations.
xx PREFACE NEL
CONCEPT IN ACTION In each chapter you will find interesting companies and
business leaders profiled in our “Concept in Action” photo essays. The photos and
accompanying essays are fun, contemporary, insightful, and a super learning tool for
the visual learner. Many of these conclude with a critical thinking question to spark
further discussion and study about a business topic.
HOT LINKS Hot Links give the student an opportunity to connect to various web-
sites to expand on the information presented in the chapter. Instructors may also
choose to send students to the website links to fulfill assignments.
ORGANIZATION
In Part One of The Future of Business, Fourth Edition, students learn how the PESTI (political,
economic, social, technology, international) model works and its impact on any business.
In these first four chapters, to either introduce or refresh the students’ awareness of cer-
tain elementary—but critical—components, the book discusses “Politics: Governments’
Roles” (Chapter 1), “Economics: Evolving Systems” (Chapter 2), “Social: Society, Corporate
Responsibility, and Making Ethical Decisions” (Chapter 3), “Technology: Managing
Information for Business Success” (Chapter 4), and “International: The Global Marketplace”
(Chapter 5).
Part Two introduces the concepts of Canadian business by discussing
“Entrepreneurship and Small Business” (Chapter 6), “Analyzing the Business”
(Chapter 7), and “Forms of Business Ownership” (Chapter 8).
Business Management (Part Three) examines “Management and Leadership in
Today’s Organizations” (Chapter 9), “Designing Organizational Structures” (Chapter 10),
and “Motivating Employees” (Chapter 11).
The final section, Part Four, gives the students a basic understanding of the func-
tional areas of business. The seven chapters cover “Managing Human Resources and
Labour Relations,” “Marketing: The Customer Focus,” “Creating Marketing Strategies,”
“Achieving World-Class Operations Management,” “Accounting for Financial Success,”
“Understanding Money and the Canadian Financial System,” and “Finance: Maximizing
the Value.”
SUPPLEMENTS FOR SUCCESS

Reliable and Easy-to-Use Instructor Ancillaries
Business success is stimulated by access to and mastery of vital resources. The same is
true for the classroom. Whether teaching an online course or simply enhancing your
course with Web resources, The Future of Business, Fourth Edition, offers a vast, comple-
mentary system of teaching and learning resources.
The Nelson Education Teaching Advantage (NETA) program delivers
research-based instructor resources that promote student engagement and higher-
order thinking to enable the success of Canadian students and educators.
Instructors today face many challenges. Resources are limited, time is scarce, and
a new kind of student has emerged: one who is juggling school with work, has gaps in
his or her basic knowledge, and is immersed in technology in a way that has led to a
completely new style of learning. In response, Nelson Education has gathered a group
of dedicated instructors to advise us on the creation of richer and more flexible ancil-
laries that respond to the needs of today’s teaching environments.
The members of our editorial advisory board have experience across a variety of
disciplines and are recognized for their commitment to teaching. They include
Norman Althouse, Haskayne School of Business, University of Calgary

Brenda Chant-Smith, Department of Psychology, Trent University
NEL PREFACE xxi

Scott Follows, Manning School of Business Administration, Acadia University
Jon Houseman, Department of Biology, University of Ottawa
Glen Loppnow, Department of Chemistry, University of Alberta
Tanya Noel, Department of Biology, York University
Gary Poole, Senior Scholar, Centre for Health Education Scholarship, and Associate
Director, School of Population and Public Health, University of British Columbia
Dan Pratt, Department of Educational Studies, University of British Columbia
Mercedes Rowinsky-Geurts, Department of Languages and Literatures, Wilfrid
Laurier University
David DiBattista, Department of Psychology, Brock University
Roger Fisher, Ph.D.
In consultation with the editorial advisory board, Nelson Education has com-
pletely rethought the structure, approaches, and formats of our key textbook ancillaries.
We’ve also increased our investment in editorial support for our ancillary authors. The
result is the Nelson Education Teaching Advantage and its key components: NETA
Engagement, NETA Assessment, and NETA Presentation. Each component includes one or
more ancillaries prepared according to our best practices, and a document explaining
the theory behind the practices.
NETA Engagement presents materials that help instructors deliver engaging con-
tent and activities to their classes. Instead of Instructor’s Manuals that regurgitate
chapter outlines and key terms from the text, NETA Enriched Instructor’s Manuals
(EIMs) provide genuine assistance to teachers. The EIMs answer questions like What
should students learn?, Why should students care?, and What are some common student
misconceptions and stumbling blocks? EIMs not only identify the topics that cause stu-
dents the most difficulty, but also describe techniques and resources to help students
master these concepts. Dr. Roger Fisher’s Instructor’s Guide to Classroom Engagement
(IGCE) accompanies every Enriched Instructor’s Manual. (Information about the NETA
Enriched Instructor’s Manual prepared for The Future of Business is included in the
description of the IRCD below.)
NETA Assessment relates to testing materials. Under NETA Assessment, Nelson’s
authors create multiple-choice questions that reflect research-based best practices
for constructing effective questions and testing not just recall but also higher-order
thinking. Our guidelines were developed by David DiBattista, a 3M National Teaching
Fellow whose recent research as a professor of psychology at Brock University has
focused on multiple-choice testing. All Test Bank authors receive training at work-
shops conducted by Prof. DiBattista, as do the copyeditors assigned to each Test Bank.
A copy of Multiple Choice Tests: Getting Beyond Remembering, Prof. DiBattista’s guide to
writing effective tests, is included with every Nelson Test Bank/Computerized Test Bank
package. (Information about the NETA Test Bank prepared for The Future of Business is
included in the description of the IRCD below.)
NETA Presentation has been developed to help instructors make the best use of
PowerPoint® in their classrooms. With a clean and uncluttered design developed
by Maureen Stone of StoneSoup Consulting, NETA Presentation features slides with
improved readability, more multimedia and graphic materials, activities to use
in class, and tips for instructors on the Notes page. A copy of NETA Guidelines for
Classroom Presentations by Maureen Stone is included with each set of PowerPoint
slides. (Information about the NETA PowerPoint prepared for The Future of Business is
included in the description of the IRCD below.)
IRCD Key instructor ancillaries are provided on the Instructor’s Resource CD (ISBN 978-
0-17-661728-8), giving instructors the ultimate tool for customizing lectures and
presentations. (Downloadable Web versions are also available at www.nelson.com/
futureofbusiness4e.) The IRCD includes the following:
xxii PREFACE NEL
NETA Engagement. The Enriched Instructor’s Manual was written by Norm
Althouse, University of Calgary. It is organized according to the textbook chapters,
and addresses key educational concerns such as typical stumbling blocks students face
and how to address them. Other features include classroom activity and discussion
suggestions, lesson plans, and additional exercises.
NETA Assessment. The Test Bank was revised by Mike Wade, Seneca College. It
includes over 1300 multiple-choice questions written according to NETA guidelines
for effective construction and development of higher-order questions. Also included
are approximately 465 True/False and 260 short-answer questions. Test Bank files are
provided in Word format for easy editing and in PDF format for convenient printing,
whatever your system.
The Computerized Test Bank by ExamView® includes all the questions from
the Test Bank. The easy-to-use ExamView software is compatible with Microsoft
Windows and Mac OS. Create tests by selecting questions from the question bank,
modifying these questions as desired, and adding new questions you write yourself.
You can administer quizzes online and export tests to WebCT, Blackboard, and other
formats.
NETA Presentation. Microsoft PowerPoint lecture slides for every chapter have been
created by Norm Althouse, University of Calgary. There is an average of 30 slides per chap-
ter, many featuring key figures, tables, and photographs from The Future of Business. NETA
principles of clear design and engaging content have been incorporated throughout.
Image Library. This resource consists of digital copies of figures, short tables, and
photographs used in the book. Instructors may use these jpegs to create their own
PowerPoint presentations.
DayOne. Day One—Prof InClass is a PowerPoint presentation that you can cus-
tomize to orient your students to the class and their text at the beginning of the course.
ADDITIONAL RESOURCES
TurningPoint®. Another valuable resource for instructors is TurningPoint class-
room response software customized for The Future of Business. Now you can author,
deliver, show, access, and grade, all in PowerPoint … with no toggling back and forth
between screens! JoinIn on Turning Point is the only classroom response software tool
that gives you true PowerPoint integration. With JoinIn, you are no longer tied to your
computer. You can walk about your classroom as you lecture, showing slides and col-
lecting and displaying responses with ease. There is simply no easier or more effective
way to turn your lecture hall into a personal, fully interactive experience for your stu-
dents. If you can use PowerPoint, you can use JoinIn on TurningPoint! (Contact your
Nelson publishing representative for details.)
DVD to accompany The Future of Business, Fourth Edition, and DVD Guide
(ISBN 978-0-17-662886-4). Designed to enrich and support chapter concepts, each of
the 23 video segments presents real business issues faced by a variety of service and
manufacturing organizations. The video cases, which have been written by textbook
author Christopher Hartt, challenge students to study business issues and develop
solutions to business problems. The instructor’s DVD guide, included in the instruc-
tor’s manual, suggests answers to the critical thinking questions that accompany each
video segment.
CourseMate. CourseMate brings course concepts to life with interactive learning
and exam preparation tools that integrate with the printed textbook. Students activate
their knowledge through quizzes, games, and flashcards, among many other tools.
CourseMate provides immediate feedback that enables students to connect results
to the work they have just produced, increasing their learning efficiency. It encour-
ages contact between students and faculty: You can choose to monitor your students’
level of engagement with CourseMate, correlating their efforts to their outcomes. You
can even use CourseMate’s quizzes to practise “Just in Time” teaching by tracking
results in the Engagement Tracker and customizing your lesson plans to address their
learning needs.
NEL PREFACE xxiii

Another random document with
no related content on Scribd:
and a question is a perceptible rebuff to their confidingness. The
prevailing feeling appears to be one of affectionate admiration, a
matter of personal attraction rather than of critical esteem. Such a
claim in any man is very far from being negligible. It is clear that the
need of most people is an object of affection. They must love, or they
cannot appreciate. The modern school of novelists, which tries to be
very stern and almost legally unjust, provides little enough material
for the loving hearts. The modern school says to its readers: “You
are wicked, selfish, diseased, but horribly fascinating, and I’m going
to set you right by diagnosis”; and the reader feels a sting in the
fascination. Stevenson says, “We are all mighty fine fellows; and life
is a field of battle; but it is better to be a fool than to be dead; and the
true success is to labour”; and the reader feels that Stevenson is
One of Us! He is not, that is to say, austere; he does not ask
uncomfortable questions; he makes no claim upon his readers’
judgment, but only upon their self-esteem and their gratified assent.
He even tells them about himself. He says, “I knew a little boy”; and
his readers say: “It’s himself!” They read with enormous satisfaction.
Well, all that is delightful; but in its way it is a red-herring. It does not
help us to assay the literary value of Stevenson’s work. It is simply a
wide illustration of the fascination which Stevenson had for his
friends. It is an extension of that rare thing, personal charm. We may
say that it ought not to influence readers; and no doubt it influences
some too-critical readers adversely (criticism being understood by all
admirers of Stevenson as the merest corrosion); but the fact is that it
cannot be ignored by anyone who seeks to account for Stevenson’s
continued, and even now barely declining, popularity. Another very
good reason is that Stevenson had extraordinarily good friends. I
think it probable that no writer ever had friends more loyal and
affectionate. They criticised his work privately to its great
improvement, and then sold his work when it was completed, acting
as counsellors and agents. And this was done with the same
affectionate admiration which readers of his work still feel. He had
few intimate friends, says Mrs. Stevenson: if friendship consisted in
affection received (as distinguished from affection exchanged), I
think Stevenson would have been in friends the richest man of his
own generation. And since his death he has found a hundred
thousand friends for every one he had during his lifetime. No man
was ever richer in well-wishers. If he had few intimate friends that
was because he was naturally reserved, or, as Mrs. Strong says,
“secretive.” No doubt it was a part of his charm that his friends were
mystified by his reserve: I do not see why his readers also should be
mystified, for his writing is free of any mystery. I can only assume
that a slight air of sentimentalism which runs through essays and
romances alike, and over into such short stories as Will o’ the Mill
and Markheim, combines with the thin optimism of the essays and
the picturesque variety of incident of the romances to give body to
this charm. I have stated in an earlier chapter the features of the
romances which seem to me to be merits: it is not necessary to
repeat the merits here. They include occasional pieces of
distinguished imagination, a frequent exuberance of fancy, and a
great freshness of incident which conceals lack of central or unifying
idea and poverty of imagined character. Intrinsically, although their
literary quality is much higher, the romances—with the possible
exception of Kidnapped—are inferior to the work of Captain Marryat.
V
Finally, the fact which all must recognise in connection with
Stevenson’s work is the versatility of talent which is displayed. From
essays personal to essays critical; from short-stories picturesque to
short-stories metaphysical, and stories of bogles to fairy stories of
princes and magic bottles and wondrous enchanted isles; from tales
of treasure to the politics of a principality, from Scottish history to
tales of the South Seas; from travel-books to poems for men and
children; from the thermal influences of forests to a defence of a
Roman Catholic hero-priest; from Samoan politics to the story of the
Justice Clerk; from plays to topographical history and imaginary war-
news and the cutting of wood-blocks (to the satisfaction of Mr.
Joseph Pennell)—that is a dazzling record. Quite obviously one
cannot contemplate it without great admiration. When it is
remembered also that it is the product of a man who was very
frequently (though not, as is generally supposed, continuously) an
invalid, the amount of it, and the variety, seems to be impossible. Yet
it is possible, and this fact it is which finally explains our attitude to
Stevenson. We think it marvellous that he should have been able to
write at all, forgetting, as we do, that “writing his best was very life to
him.” We do forget that; we ought not to forget it. We ought not to
forget that Stevenson was a writer. He meant to be a writer, and a
writer he became. He is known chiefly in these days as a writer; and
in the future he will be still more clearly seen as a writer. The
weaknesses of his work will be realised; to some extent his writing
will fall in popular esteem; but he will be less the brave soul travelling
hopefully and labouring to arrive, and more the deliberate writer.
When other men sing and walk and talk and play chess and loiter,
Stevenson wrote. In his life there is no question that he sang and
walked and loitered and talked and played chess; but when he could
do none of these things he could write. Writing was as the breath of
his body; writing was his health, his friends, his romance. He will go
down into literary history as the man who became a professional
writer, who cared greatly about the form and forms of expression.
The fact that he concentrated upon expression left his mind to some
extent undeveloped, so that he could express very excellently
perceptions more suitable to his youth than to his maturer years. It
made his earlier writing too scented and velvet-coated. But it
enabled him, when his feeling was aroused, as it only could have
been in the last years of his life, to write at great speed, with great
clearness, an account of the political troubles in Samoa and in
particular of German diplomacy there, which seems to us still
valuable—not because the facts it records are of extreme
significance, but because at the end of his life Stevenson was at last
to be found basing his work upon principles, really and consciously
grasped, from which the incidental outcome was of less importance
than the main realisation. Where he had hitherto been shuttlecocked
by his impulses, and tethered by his moralism, he became capable
of appreciating ideas as of more importance than their expression. If
he had been less prolific, less versatile, less of a virtuoso, Stevenson
might have been a greater man. He would have been less popular.
He would have been less generally admired and loved. But with all
his writing he took the road of least resistance, the road of limited
horizons; because with all his desire for romance, his desire for the
splendour of the great life of action, he was by physical delicacy
made intellectually timid and spiritually cautious. He was obliged to
take care of himself, to be home at night, to allow himself to be
looked after. Was not that the greatest misfortune that could have
befallen him? Is the work that is produced by nervous reaction from
prudence ever likely to enjoy an air of real vitality? In the versatility of
Stevenson we may observe his restlessness, the nervous fluttering
of the mind which has no physical health to nourish it. In that, at
least, and the charming and not at all objectionable inclination to
pose. He was a poseur because if he had not pretended he would
have died. It was absolutely essential to him that he should pose and
that he should write, just as it was essential that he should be
flattered and anxiously guarded from chill and harm. But it was
necessary for the same reason, lest the feeble flame should perish
and the eager flicker of nervous exuberance be extinguished. That
Stevenson was deliberately brave in being cheerful and fanciful I do
not for one moment believe; I think such a notion is the result of pure
ignorance of nervous persons and their manifestations. But that
Stevenson, beneath all his vanity, realised his own disabilities,
seems to me to be certain and pathetic. That is what makes so much
of the extravagant nonsense written and thought about Stevenson
since his death as horrible to contemplate as would be any dance of
ghouls. The authors of all this posthumous gloating over Stevenson’s
illnesses have been concerned to make him a horribly piteous figure,
to harrow us in order that we should pity. How much more is
Stevenson to be pitied for his self-constituted apostles! We shall do
ill to pity Stevenson, because pity is the obverse of envy, and is as
much a vice. Let us rather praise Stevenson for his real
determination and for that work of his which we can approve as well
as love. To love uncritically is to love ill. To discriminate with mercy is
very humbly to justify one’s privilege as a reader.
VI
It is sufficient here to maintain that Stevenson’s literary reputation, as
distinct from the humanitarian aspect of his fortitude, is seriously
impaired. It is no longer possible for a serious critic to place him
among the great writers, because in no department of letters—
excepting the boy’s book and the short story—has he written work of
first-class importance. His plays, his poems, his essays, his
romances—all are seen nowadays to be consumptive. What remains
to us, apart from a fragment, a handful of tales, and two boy’s books
(for Kidnapped, although finely romantic, was addressed to boys,
and still appeals to the boy in us) is a series of fine scenes—what I
have called “plums”—and the charm of Stevenson’s personality.
Charm as an adjunct is very well; charm as an asset is of less
significance. We find that Stevenson, reviving the never-very-
prosperous romance of England, created a school which has brought
romance to be the sweepings of an old costume-chest. I am afraid
we must admit that Stevenson has become admittedly a writer of the
second class, because his ideals have been superseded by other
ideals and shown to be the ideals of a day, a season, and not the
ideals of an age. In fact, we may even question whether his ideals
were those of a day, whether they were not merely treated by
everybody as so much pastime; whether the revival of the pernicious
notion that literature is only a pastime is not due to his influence. We
may question whether Stevenson did not make the novel a toy when
George Eliot had finished making it a treatise. If that charge could be
upheld, I am afraid we should have another deluge of critical articles
upon Stevenson, written as blindly as the old deluge, but this time
denouncing him as a positive hindrance in the way of the novel’s
progress. However that may be, Stevenson seems very decidedly to
have betrayed the romantics by inducing them to enter a cul-de-sac;
for romantic literature in England at the present time seems to show
no inner light, but only a suspicious phosphorescence. And that fact
we may quite clearly trace back to Stevenson, who galvanised
romance into life after Charles Reade had volubly betrayed it to the
over-zealous compositor.
Stevenson, that is to say, was not an innovator. We can find his
originals in Wilkie Collins, in Scott, in Mayne Reid, in Montaigne,
Hazlitt, Defoe, Sterne, and in many others. No need for him to admit
it: the fact is patent. “It is the grown people who make the nursery
stories; all the children do, is jealously to preserve the text.” That is
what Stevenson was doing; that is what Stevenson’s imitators have
been doing ever since. And if romance rests upon no better base
than this, if romance is to be conventional in a double sense, if it
spring not from a personal vision of life, but is only a tedious
virtuosity, a pretence, a conscious toy, romance as an art is dead.
The art was jaded when Reade finished his vociferous carpet-
beating; but it was not dead. And if it is dead, Stevenson killed it.
BIBLIOGRAPHY
(The dates within brackets are those of composition or of first
periodical publication.)
The Pentland Rising, 1866.
A New Form of Intermittent Light, 1871.
The Thermal Influence of Forests, 1873.
An Appeal to the Clergy of the Church of Scotland, 1875.
An Inland Voyage, 1878.
Edinburgh: Picturesque Notes, 1879.
Travels with a Donkey, 1879.
Virginibus Puerisque, 1881.
Virginibus Puerisque: four parts (1876-1879);
Crabbed Age and Youth (1878); An Apology for
Idlers (1877); Ordered South (1874); Æs Triplex
(1878); El Dorado (1878); The English Admirals
(1878); Some Portraits by Raeburn; Child’s Play
(1878); Walking Tours (1876); Pan’s Pipes (1878); A
Plea for Gas Lamps (1878).
Familiar Studies of Men and Books, 1882.
Victor Hugo’s Romances (1874); Some Aspects of
Robert Burns (1879); Walt Whitman (1878); Henry
David Thoreau (1880); Yoshida Torajiro (1880);
François Villon (1877); Charles of Orleans (1876);
Samuel Pepys (1881); John Knox, and his Relations
to Women (1875).
New Arabian Nights, 1882.
The Suicide Club and the Rajah’s Diamond (1878);
The Pavilion on the Links (1880); A Lodging for the
Night (1877); The Sire de Malétroit’s Door (1878);
Providence and the Guitar (1878).
The Silverado Squatters, 1883.
Treasure Island, 1883.
Prince Otto, 1885.
A Child’s Garden of Verses, 1885.
The Dynamiter, 1885.
Dr. Jekyll and Mr. Hyde, 1886.
Kidnapped, 1886.
The Merry Men, 1887.
The Merry Men (1882); Will o’ the Mill (1878);
Markheim (1885); Thrawn Janet (1881); Olalla
(1885); The Treasure of Franchard (1883).
Memories and Portraits, 1887.
The Foreigner at Home (1882); Some College
Memories (1886); Old Mortality (1884); A College
Magazine; An Old Scotch Gardener (1871); Pastoral
(1887); The Manse (1887); Memoirs of an Islet;
Thomas Stevenson (1887); Talk and Talkers (1882);
The Character of Dogs (1883); “A Penny Plain and
Twopence Coloured” (1884); A Gossip on A Novel of
Dumas’s; A Gossip on Romance (1882); A Humble
Remonstrance (1884).
Underwoods, 1887.
Memoir of Fleeming Jenkin (in “Papers Literary, Scientific,
etc.,” by Fleeming Jenkin), 1887.
The Black Arrow, 1888.
The Master of Ballantrae, 1889.
The Wrong Box, 1889.
Father Damien, 1890.
Ballads, 1890.
Across the Plains, 1892.
Across the Plains (1883); The Old Pacific Capital
(1880); Fontainebleau (1884); Epilogue to “An Inland
Voyage” (1888); The Coast of Fife (1888); The
Education of an Engineer (1888); The Lantern-
Bearers (1888); A Chapter on Dreams (1888);
Beggars (1888); Letter to a Young Gentleman
(1888); Pulvis et Umbra (1888); A Christmas
Sermon (1888).
The Wrecker, 1892.
A Footnote to History, 1892.
Three Plays, 1892.
Deacon Brodie (1880); Beau Austin (1884); Admiral
Guinea (1884).
Island Nights Entertainments, 1893.
The Beach of Falesá (1892); The Bottle Imp (1891);
The Isle of Voices (1893).
Catriona, 1893.
The Ebb Tide, 1894.
Vailima Letters, 1895.
[Dr. Jekyll and Mr. Hyde and] Fables, 1896.
Weir of Hermiston, 1896.
Songs of Travel, 1896.
A Mountain Town in France, 1896.
Four Plays, 1896.
Deacon Brodie; Beau Austin; Admiral Guinea;
Macaire (1885).
St. Ives, 1898.
Letters to His Family and Friends, 1899.
In the South Seas, 1900.
The Pocket R. L. S. (containing “Prayers”), 1902.
Essays in the Art of Writing, 1905.
On Some Technical Elements of Style in Literature
(1885); The Morality of the Profession of Letters
(1881); Books which have Influenced Me (1887); A
Note on Realism (1883); My First Book: Treasure
Island (1894); The Genesis of “The Master of
Ballantrae” (1890); Preface to “The Master of
Ballantrae” (1889).
Tales and Fantasies, 1905.
The Misadventures of John Nicholson (1887); The
Body-Snatcher (1884); The Story of a Lie (1879).
Essays of Travel, 1905.
The Amateur Emigrant (1879); Cockermouth and
Keswick (1871); An Autumn Effect (1875); A
Winter’s Walk (1876); Forest Notes (1875-6); A
Mountain Town in France (1879); Rosa quo Locorum
(1890); The Ideal House; Davos in Winter (1881);
Health and Mountains (1881); Alpine Diversions
(1881); The Stimulation of the Alps (1881); Roads
(1873); On the Enjoyment of Unpleasant Places
(1874).
Poems, 1906.
Underwoods; Ballads; Songs of Travel.
Lay Morals and Other Papers, 1911.
Lay Morals (1879); Father Damien (1890); The
Pentland Rising (1866); The Day after To-morrow
(1887); [College Papers] Edinburgh Students in
1824 (1871); The Modern Student considered
generally (1871); Debating Societies (1871); The
Philosophy of Umbrellas (1871); The Philosophy of
Nomenclature (1871); [Criticisms] Lord Lytton’s
“Fables in Song” (1874); Salvini’s Macbeth (1876);
Bagster’s “Pilgrim’s Progress” (1882); [Sketches]
The Satirist (? 1870); Nuits Blanches (? 1870); The
Wreath of Immortelles (? 1870); Nurses (1870); A
Character (? 1870); The Great North Road (1895);
The Young Chevalier (1892); Heathercat (1894).
Records of a Family of Engineers, 1912.
Poems, 1918.
Underwoods; Ballads; Songs of Travel; A Child’s
Garden.
The Edinburgh Edition of the Works. 27 vols. 1894-97.
The Pentland Edition ” 20 vols. 1906-07.
The Swanston Edition ” 25 vols. 1911-12.
WILLIAM BRENDON AND SON, LTD.
PRINTERS, PLYMOUTH
MARTIN SECKER’S
COMPLETE CATALOGUE OF
BOOKS PUBLISHED BY HIM AT
NUMBER FIVE JOHN STREET
ADELPHI LONDON
AUTUMN
MCMXIV
The Books in this list should be obtainable from all
Booksellers and Libraries, and if any difficulty is
experienced the Publisher will be glad to be informed of
the fact. He will also be glad if those interested in
receiving from time to time Announcement Lists,
Prospectuses, etc., of new and forthcoming books from
Number Five John Street, will send their names and
addresses to him for this purpose. Any book in this list
may be obtained on approval through the booksellers, or
direct from the Publisher, on remitting him the published
price, plus the postage.
Telephone City 4779
Telegraphic Address:
Psophidian London
PART I
INDEX OF AUTHORS
ABERCROMBIE, LASCELLES
Speculative Dialogues. Wide Crown 8vo. 5s. net.
Thomas Hardy: A Critical Study. Demy 8vo. 7s.
6d. net.
The Epic (The Art and Craft of Letters). F’cap 8vo.
1s. net.
AFLALO, F. G.
Behind the Ranges. Wide Demy 8vo. 10s. 6d. net.
Regilding the Crescent. Demy 8vo. 10s. 6d. net.
Birds in the Calendar. Crown 8vo. 3s. 6d. net.
ALLSHORN, LIONEL
Stupor Mundi. Medium Octavo. 16s. net.
APPERSON, G. L.
The Social History of Smoking. Post 8vo. 6s.
net.
ARMSTRONG, DONALD
The Marriage of Quixote. Crown 8vo. 6s.
BARRINGTON, MICHAEL
Grahame of Claverhouse. Imperial 8vo. 30s. net.
Edition de Luxe 63s. net.
BENNETT, ARNOLD
Those United States. Post 8vo. 5s. net.
BLACK, CLEMENTINA
The Linleys of Bath. Medium 8vo. 16s. net.
The Cumberland Letters. Medium 8vo. 16s. net.
BOULGER, D. C.
The Battle of the Boyne. Med. 8vo. 21s. net.
The Irish Exiles at St. Germains. Med. 8vo. 21s.
net.
BOTTOME, PHYLLIS
The Common Chord. Crown 8vo. 6s.
BURROW, C. KENNETT
Carmina Varia. F’cap 8vo. 2s. 6d. net.
CALDERON, GEORGE (With St. John Hankin)
Thompson: A Comedy. Sq. Cr. 8vo. 2s. net.
CANNAN, GILBERT
Round the Corner. Crown 8vo. 6s.
Old Mole. Crown 8vo. 6s.
Samuel Butler: A Critical Study. Demy 8vo. 7s.
6d. net.
Satire (The Art and Craft of Letters). F’cap 8vo. 1s.
net.
CHESTERTON, G. K.
Magic: A Fantastic Comedy. Sq. Cr. 8vo. 2s. net.
CLAYTON, JOSEPH
The Underman. Crown 8vo. 6s.
Leaders of the People. Demy 8vo. 12s, 6d. net.
Robert Kett and the Norfolk Rising. Demy 8vo.
8s. 6d. net.
COKE, DESMOND
The Art of Silhouette. Demy 8vo. 10s. 6d. net.
CRAVEN, A. SCOTT
The Fool’s Tragedy. F’cap 8vo. 6s.
DE SÉLINCOURT, BASIL
Walt Whitman: A Critical Study. Demy 8vo. 7s.
6d. net.
DRINKWATER, JOHN
William Morris: A Critical Study. Demy 8vo. 7s.
6d. net.
D. G. Rossetti: A Critical Study. Demy 8vo. 7s.
6d. net.
The Lyric (The Art and Craft of Letters). F’cap 8vo.
1s. net.
DOUGLAS, NORMAN
Fountains in the Sand. Wide Demy 8vo. 7s. 6d.
net.
Old Calabria. Demy 8vo. 10s. 6d. net.
DOUGLAS, THEO
White Webs. Crown 8vo. 6s.
FEA, ALLAN
Old English Houses. Demy 8vo. 10s. 6d. net.
Nooks and Corners of Old England. Small
Crown 8vo. 5s. net.
The Real Captain Cleveland. Demy 8vo. 8s. 6d.
net.
FRANCIS, RENÉ
Egyptian Æsthetics. Wide Demy 8vo. 7s. 6d. net.
FREEMAN, A. M.
Thomas Love Peacock: A Critical Study. Demy
8vo. 7s. 6d. net.
GRETTON, R. H.
History (The Art and Craft of Letters). F’cap 8vo.
1s. net.
HANKIN, ST. JOHN
The Dramatic Works, with an Introduction by John
Drinkwater. Small 4to. Definitive Limited Edition in
Three Volumes. 25s. net.
The Return of the Prodigal. Sq. Cr. 8vo. 2s. net.
The Cassilis Engagement. Sq. Cr. 8vo. 2s. net.
The Charity that Began at Home. Sq. Cr. 8vo. 2s.
net.
The Constant Lover, etc. Sq. Cr. 8vo. 2s. net.
HAUPTMANN, GERHART
The Complete Dramatic Works. 6 vols. Crown
8vo. 5s. net per volume.
HEWLETT, WILLIAM
Telling the Truth. Crown 8vo. 6s.
Uncle’s Advice: A Novel in Letters. Cr. 8vo. 6s.
HORSNELL, HORACE
The Bankrupt. Crown 8vo. 6s.
HOWE, P.P.
The Repertory Theatre. Cr. 8vo. 2s. 6d. net.
Dramatic Portraits. Crown 8vo. 5s. net.
Bernard Shaw: A Critical Study. Demy 8vo. 7s.
6d. net.
J. M. Synge: A Critical Study. Demy 8vo. 7s. 6d.
net.
Criticism (The Art and Craft of Letters). F’cap 8vo.
1s. net.
HUEFFER, FORD MADOX
Henry James: A Critical Study. Demy 8vo. 7s. 6d.
net.
IBSEN, HENRIK
Peer Gynt. A New Translation by R. Ellis Roberts.
Wide Crown 8vo. 5s. net.
JACOB, HAROLD
Perfumes of Araby. Wide Demy 8vo. 7s. 6d. net.
LAMONT, L. M.
A Coronal: An Anthology. F’cap 8vo. 2s. 6d. net.
Thomas Armstrong, C.B.: A Memoir. Demy 8vo.
10s. 6d. net.
LLUELLYN, RICHARD
The Imperfect Branch. Crown 8vo. 6s.
LOW, IVY
The Questing Beast. Crown 8vo. 6s.
MACHEN, ARTHUR
Hieroglyphics: A Note upon Ecstasy in
Literature. F’cap 8vo. 2s. 6d. net.
MACKENZIE, COMPTON
Carnival. Crown 8vo. 6s. and 1s. net.
Sinister Street. I. Crown 8vo. 6s.
Sinister Street. II. Crown 8vo. 6s.
The Passionate Elopement. Crown 8vo. 6s. and
2s. net.
Poems. Crown 8vo. 5s. net.
Kensington Rhymes. Crown 4to. 5s. net.
MAKOWER, S. V.
The Outward Appearance. Crown 8vo. 6s.
MAVROGORDATO, JOHN
Letters from Greece. F’cap 8vo. 2s. net.
MELVILLE, LEWIS
Some Eccentrics and a Woman. Demy 8vo. 10s.
6d. net.
METHLEY, VIOLET
Camille Desmoulins: A Biography. Demy 8vo. 15s.
net.
MEYNELL, VIOLA
Lot Barrow. Crown 8vo. 6s.
Modern Lovers. Crown 8vo. 6s.
NIVEN, FREDERICK
A Wilderness of Monkeys. Crown 8vo. 6s.
Above Your Heads. Crown 8vo. 6s.
Dead Men’s Bells. Crown 8vo. 6s.
The Porcelain Lady. Crown 8vo. 6s.
Hands Up! Crown 8vo. 6s.
NORTH, LAURENCE
Impatient Griselda. Crown 8vo. 6s.
The Golightlys: Father and Son. Cr. 8vo. 6s.
ONIONS, OLIVER

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SUMMARY OF LEARNING OUTCOMES 23 SUMMARY OF LEARNING OUTCOMES 56

NEL CONTENTS vii

viii CONTENTS NEL

8 Forms of Business Ownership 212 Controlling 258

CREATIVE THINKING CASE 241 Traditional and Contemporary Structures 286

SUMMARY OF LEARNING OUTCOMES 469 The Canadian Financial System 513

16 Accounting for Financial Success 474 International Banking 516

xii CONTENTS NEL

NEL CONTENTS xiii

izations do compete for people’s scarce volunteer time and donations.

GOVERNMENT—MORE THAN ONE LEVEL LO2

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09637_01_Ch01.indd 10 20/12/12 5:11 PM

PART 3 connects strategic decisions of management, structure, and motivation to the

Making the Making the

Making the Making the

09637_12_Ch12_REV2.indd 332 15/12/12 12:34 PM

MAKING ETHICAL CHOICES The ethical activities in these boxes present

GOVERNMENT GRANTS—STUDENT JOBS

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Creating the Future of Business

09637_01_Ch01.indd 16 20/12/12 5:12 PM

bankruptcy Concept in Action

HOT inks Ontario.

For more information on corporate

END-OF-CHAPTER SKILL-BUILDING e, use, and sell an

ACTIVITIES, EXERCISES, AND RESOURCES

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Review Questions inds of customers.

Creative Thinking Cases

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09637_01_Ch01.indd 26 20/12/12 5:12 PM

THE INTEGRATIVE PERSPECTIVE: MAJOR

Making the Connection

Part 1: Illustrates the relationship of each chapter to the Political, Economic,

• integration of business practices;

Through extensive reviews, we discovered that instructors teaching the Introduc-

• more discussion of sustainability and entrepreneurship;

SUSTAINABLE BUSINESS, SUSTAINABLE WORLD To supplement the “Making

New Canadian Examples

NEL PREFACE xix

• Can You Persuade Others?

GREAT FEATURES RETAINED FROM

PRINCIPLES OF BUSINESS Gives students a comprehensive overview of current

SUSTAINABILITY BOXES In each chapter is a “Sustainable Business, Sustainable

MAKING ETHICAL CHOICES BOXES These ethical activities boxes present

SUPPLEMENTS FOR SUCCESS

Norman Althouse, Haskayne School of Business, University of Calgary

NEL PREFACE xxi

xxii PREFACE NEL

NEL PREFACE xxiii

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