2014 Ricky Griffin - Business[8thCanadianED].pdf

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H
EIGHT
IAN
CANAD
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EDITIO
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IN
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F MIS
SITY O
IVER
RIFFIN
G
Y W.
M U N I V E R S I T Y
R I C K
XAS A &
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IA
.
A L D J
U R I - C O L U M B
RON
SO
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S TA R
O B A
.
I C K A
T Y O F M A N I T
R
R E D E
UNIVERSI
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NIER COLLE
D
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ORGE
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G
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D . L A
ELPH
L A N I E
SITY OF GU
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NIVER
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Toronto
To Ann, Eric, and Grant — F. A. S.
This book is dedicated to our beautiful newborn son, Costa
Dean, from his adoring parents — G.D. and N.D.
For Paul, Hannah, and Beth — M. D. L
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10 9 8 7 6 5 4 3 2
[CKV]
Library and Archives Canada Cataloguing in Publication
Business / Ricky W. Griffin . . . [et al.]. – 8th Canadian ed.
Includes bibliographical references and indexes.
ISBN 978-0-13-272199-8
1. Industrial management–Textbooks. 2. Business enterprises–
Textbooks. 3. Industrial management–Canada–Textbooks.
4. Business enterprises–Canada–Textbooks. I. Griffin, Ricky W
HD31.B84 2013
658
C2012-904920-4
ISBN 978-0-13-272199-8
Overview
PART 1
1
2
3
4
5
PART 2
6
7
8
9
10
PART 3
11
12
13
14
PART 4
Introducing the Contemporary Business World
  2
Understanding the Canadian Business System
  4
Understanding the Environments of Business
  36
Conducting Business Ethically and Responsibly
  72
Understanding Entrepreneurship, Small Business, and New Venture Creation
The Global Context of Business
  140
  106
The Business of Managing   
178
Managing the Business Enterprise
  180
Organizing the Business Enterprise
  214
Managing Human Resources
  242
Understanding Labour–Management Relations
Motivating and Leading Employees
  300
  274
Managing Operations and Information   
338
Producing Goods and Services
  340
Increasing Productivity and Quality
  372
Understanding Information Systems and Communication Technology
Understanding Accounting Issues
  428
  400
Managing Marketing
  460
15
Understanding Marketing Processes and Consumer Behaviour
  462
16
Developing and Promoting Goods and Services
  496
17
Pricing and Distributing Goods and Services
  534
PART 5
Managing Financial Issues
  572
18
Understanding Money and Banking
  574
19
Understanding Securities and Investments
  602
20
Financial Decisions and Risk Management
  630
APPENDIX A
Business Law
A-1
APPENDIX B
Managing Your Personal Finances  
B-1
APPENDIX C
Comprehensive Cases
C-1
iii
Contents
Preface
xii
Economic Growth
Economic Stability
Managing the Canadian Economy
The Technological Environment
Research and Development (R&D)
Product and Service Technologies
MANAGING IN TURBULENT TIMES
Process Technologies
THE GREENING OF BUSINESS
The Political-Legal Environment
ENTREPRENEURSHIP AND NEW VENTURES
The Socio-Cultural Environment
Customer Preferences and Tastes
Ethical Compliance and Responsible
Business Behaviour
The Business Environment
The Industry Environment
Emerging Challenges and Opportunities
in the Business Environment
Redrawing Corporate Boundaries
Acquisitions and Mergers
E-BUSINESS
+
SOCIAL MEDIA SOLUTIONS
Divestitures and Spinoffs
Employee-Owned Corporations
Strategic Alliances
Subsidiary and Parent Corporations
SUMMARY OF LEARNING OBJECTIVES
KEY TERMS
QUESTIONS FOR ANALYSIS
APPLICATION EXERCISES
Building Your Business Skills
Exercising Your Ethics: Team Exercise
CONCLUDING CASE 2-1
Air Canada’s Challenging
Environment: Competition, Economic Crisis, Fuel
Prices, Volcanoes, and More
CONCLUDING CASE 2-2
Inflationary Pressure/Deflationary
Pressure and the Validity of the CPI
39
45
48
49
49
49
50
52
53
54
55
56
56
56
57
58
60
61
61
62
63
63
64
64
65
66
66
67
67
68
PART 1
Introducing the Contemporary
Business World
1
Understanding the Canadian Business System
OPENING CASE
The Mobile Phone Market: It’s the Wild West
The Concept of Business and Profit
Economic Systems Around the World
Factors of Production
Types of Economic Systems
Interactions Between Business
and Government
How Government Influences Business
How Business Influences Government
The Canadian Market Economy
Demand and Supply in a Market Economy
E-BUSINESS + SOCIAL MEDIA SOLUTIONS
Private Enterprise and Competition
in a Market Economy
MANAGING IN TURBULENT TIMES
A Brief History of Business in Canada
The Early Years
The Factory System and the Industrial
Revolution
The Entrepreneurial Era
The Production Era
The Sales and Marketing Eras
The Finance Era
The Global Era
The Internet Era
SUMMARY OF LEARNING OBJECTIVES
KEY TERMS
QUESTIONS FOR ANALYSIS
APPLICATION EXERCISES
Building Your Business Skills
Exercising Your Ethics: Team Exercise
CONCLUDING CASE 1-1
Are We Headed for Shortages?
CONCLUDING CASE 1-2
Are Government Bailouts a Good Idea?
2
4
4
6
7
7
9
12
12
16
17
17
18
21
21
24
24
25
25
26
27
27
27
28
28
29
30
30
30
31
32
33
69
70
3
Conducting Business Ethically
and Responsibly
OPENING CASE
Ethical Lapses
Ethics in the Workplace
Individual Ethics
E-BUSINESS + SOCIAL MEDIA SOLUTIONS
Managerial Ethics
Assessing Ethical Behaviour
Company Practices and Business Ethics
Social Responsibility
72
72
74
74
75
76
78
80
81
2
Understanding the Environments of Business
OPENING CASE
Video Content Providers Must Evolve or Perish:
Netflix and Beyond
Organizational Boundaries and Environments
Organizational Boundaries
Multiple Organizational Environments
The Economic Environment
36
36
38
38
38
39
iv

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