CHAPTER 3: DOING BUSINESS IN GLOBAL MARKETS.
The theories of comparative and absolute advantage.
Strategies for reaching global markets: Licensing, exporting, franchising, contract manufacturing (outsourcing), joint venture, strategic alliance, foreign subsidiaries, and foreign direct investment.
What is meant by free trade?
What is meant by trade protectionism?
Understand the following terms: Tariff, import quota, and embargo.
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What is meant by balance of trade, trade surplus (favorable balance of trade), and trade deficit (unfavorable balance of trade)?
CHAPTER 4: DEMANDING ETHICAL AND SOCIALLY RESPONSIBLE BEHAVIOR.
Three important questions associated with addressing ethical dilemmas.
Understand the following terms: Ethical dilemma, situational ethics, social responsibility, and philanthropy.
Compliance-based ethics codes versus integrity-based ethics codes.
Social audits. What is one of the major problems in conducting a social audit?
CHAPTER 5: HOW TO FORM A BUSINESS.
Advantages and disadvantages of sole proprietorships.
Advantages and disadvantages of partnerships.
Advantages and disadvantages of corporations.
Differences between general partnership, limited partnership, and master limited partnership.
Differences between C corporations, S corporations, and limited liability companies.
Purpose of taking a firm private.
Distinguish between the three different types of mergers: Horizontal, vertical, and conglomerate.
Advantages and disadvantages of franchises.
CHAPTER 6: ENTREPRENEURSHIP AND STARTING A SMALL BUSINESS.
Intrapreneurs versus entrepreneurs.
Attributes of successful entrepreneurs.
Small-business success and failure.
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Ways to learn about small-business operations.
Important ingredients for starting and running a small business.
Definition of a market.
CHAPTER 7: MANAGEMENT AND LEADERSHIP.
Skills required for effective managers in the present/future world of business.
Understand the four functions of management: Planning, organizing, leading, and controlling.
What is a SWOT analysis?
Distinguish between the four different types of planning: Strategic, tactical, operational, and contingency.
Distinguish between goals and objectives.
Distinguish between the different leadership styles. Is any one leadership style superior to the others under all circumstances?
CHAPTER 8: STRUCTURING ORGANIZATIONS FOR TODAYS CHALLENGES.
Understand the organizational theories of Henri Fayol and Max Weber.
Understand the following terms: Bureaucracy (bureaucratic organization), hierarchy, span of control, division of labor, and departmentalization.
Distinguish between centralized and decentralized management.
Organization models: Line, staff, matrix, and cross-functional self-managed teams. What are the advantages and disadvantages of each type of organization model?
CHAPTER 10: MOTIVATING EMPLOYEES.
Intrinsic versus extrinsic rewards.
Understand Frederick Taylors scientific management.
The importance of the Hawthorne Studies in relation to the direction of management theory.
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Understand Abraham Maslows hierarchy of needs and the relationship to employee motivation.
Theory X versus Theory Y versus Theory Z managers.
Distinguish between Herzbergs hygiene factors and motivators.
What is meant by management by objectives (MBO)? How is an MBO program implemented?
The basic components of expectancy theory.
The basic components of equity theory.
CHAPTER 11: HUMAN RESOURCE MANAGEMENT: FINDING AND KEEPING THE BEST EMPLOYEES.
What is the role of human resource management? What are the opportunities and challenges of human resource management?
Understand the six steps in planning human resources. What is meant by a human resource inventory, job analysis, job description, and job specification?
Contingent workers.
Understand the six steps involved in the selection of employees.
Management development and the role of job rotation.
The purpose of appraising employee performance. What are the steps in the performance appraisal process?
Compensation for team performance.
Advantages and disadvantages of a flextime plan.
CHAPTER 13: MARKETING: HELPING BUYERS BUY.
What is the goal of the marketing process?
Understand the components of the marketing mix (i.e., the 4 Ps of marketing).
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Distinguish between the Consumer (B2C) and Business-to-Business (B2B) markets.
Understand the different types of market segmentation: Geographic, demographic, psychographic, benefit, and volume segmentation.
Primary data collection versus secondary data collection.
Understand the following terms: Niche marketing, mass marketing, target marketing, and relationship marketing.
What is cognitive dissonance?
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