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Cover of Exploring Business v5.0
Published: 
November 2023
Page Count: 
794
ISBN (Digital): 
978-1-4533-4125-4

Exploring Business

Version 5.0
By Karen Collins

Included Supplements

Key Features

  • Hyperlinks to 38 embedded streaming videos enrich online courses, engage students, and reinforce or augment many of the presented topics
  • End-of-chapter cases on five key areas of skill and knowledge endorsed by the Association to Advance Collegiate Schools of Business (AACSB): Learning on the Web, Career Opportunities, The Ethics Angle, Team-Building Skills, and The Global View
  • Covers the “essentials” and maintains academic rigor without burdening students and faculty with unnecessary detail
  • Timely emphasis on entrepreneurship is flexibly presented and easily reorganized
  • Supportive in-text learning features:
    • Chapter-Opening Scenarios grab the reader’s attention with topical and compelling real-world examples that preview material to come
    • “Learning Objectives” at the beginning of each main section preview the material to come and prepare students to learn
    • “Key Takeaways” at the end of each main section reflect the corresponding Learning Objectives and summarize key ideas in bullet-point fashion. Key Takeaways enable the learner to pause and consolidate the information just read or experienced into a "chunk." This process enables the reader to better understand and retain the section’s content and its key concepts
    • “Exercises” at the end of every main head section encourage students to analyze information just learned to encourage deeper learning and retention
    • “Chapter End Cases and Problems” align with five key areas of skill and knowledge endorsed by the AACSB
      • “Learning on the Web”
      • “Career Opportunities”
      • “Ethics Angle”
      • “Team-Building Skills”
      • “The Global View”
    • Optional business plan project for students to work on alongside the course, including an Excel template to prepare financial reports
    • Optional Nike Case Study is integrated throughout and is available for instructors who wish to introduce students to business using a dynamic case study
  • Author-written supplementary materials provide robust instructional support and include an instructor manual, test items, quizzes, PowerPoint lecture slides, and online homework
  • Customizable
  • Suggested responses for exercises and case questions included in the instructor’s manual

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Students

Online Access Price:  $36.95 Color Printed Textbook with Online Access Price:  $63.95
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Exploring Business is suitable for Introduction to Business or Introduction to Entrepreneurship courses taught at the undergraduate level at two- and four-year colleges and universities. 

This book’s broad range of features connect with students at every level of preparation and without overwhelming them with details. Exploring Business conveys the excitement of the business world through the use of over 75 real-world examples—and features an optional, running case study for those instructors who want to expose students to case-based learning. An additional, optional business plan template simulates a hands-on learning opportunity by providing budding entrepreneurs with practice conceptualizing a new business.  

New in This Version

  • Updated coverage of ongoing impacts of the COVID-19 pandemic (Ch. 1)
  • New opening story on Sheila Johnson, entrepreneur and founder of the Black Entertainment Channel (BET) and Salamander luxury hotel chain (Ch. 2)
  • Updated discussion of Amazon (Section 3.7)
  • New opening story on Wells Fargo Bank and ethics issues (Ch. 4 “Business Ethics and Social Responsibility”)
  • Addresses unlawful opioid distribution and the resulting epidemic of addictions (Section 4.2)
  • New coverage of unethical and fraudulent actions of Elizabeth Holmes and Theranos (Section 4.2)
  • New subsection called “Making Ethical Decisions” (Section 4.3)
  • Expanded coverage of leading, including new examples such as Martin Luther King, Jr., Dolores Huerta, and César Chávez and leadership styles with new examples such as Oprah Winfrey, Indra Nooyi, and Phil Knight  (Section 5.5)
  • Expanded discussion of workplace diversity, now called “Diversity, Equity, and Inclusion” (Section 6.3)
  • Many incremental, but important, updates to global business topics and examples (Ch. 9 “Business in a Global Environment”)
  • New chapter opening story on Domino’s Pizza and constructive responses to negative feedback (Ch. 10 “Marketing: Providing Value to Customers”)
  • New subsection on Amazon’s response to the COVID-19 pandemic and struggling drone delivery service (Section 11.4)
  • Streamlined coverage of accounting fully focuses on cash-basis statements by moving accrual-based statements to an appendix (Section 12.3)
  • New subsection on cryptocurrencies (Section 13.2) 
  • Updated the majority of tables and graphs with new data
  • Refreshed and sharpened many end-of-section exercises and end-of-chapter cases
  • About the Author
  • Acknowledgments
  • Dedication
  • Preface

    • Part 1: Business in a Dynamic Environment

    Chapter 1: The Foundations of Business

  • 1.1 Why Is Apple Successful?
  • 1.2 Introduction
  • 1.3 Getting Down to Business
  • 1.4 What Is Economics?
  • 1.5 Perfect Competition and Supply and Demand
  • 1.6 Monopolistic Competition, Oligopoly, and Monopoly
  • 1.7 Measuring the Health of the Economy
  • 1.8 Government’s Role in Managing the Economy
  • 1.9 Careers in Economics
  • 1.10 Cases and Problems
  • 1.11 Nike Case

    • Chapter 2: Entrepreneurship

  • 2.1 From BET to Billionaire: The Inspiring Story of Sheila Johnson
  • 2.2 What Is an Entrepreneur?
  • 2.3 The Importance of Small Businesses to the U.S. Economy
  • 2.4 What Industries Are Small Businesses In?
  • 2.5 Advantages and Disadvantages of Business Ownership
  • 2.6 Starting a Business
  • 2.7 The Business Plan
  • 2.8 How to Succeed in Managing a Business
  • 2.9 Cases and Problems
  • 2.10 Business Plan Project
  • 2.11 Nike Case

    • Chapter 3: Selecting a Form of Business Ownership

  • 3.1 The Ice Cream Men
  • 3.2 Factors to Consider
  • 3.3 Sole Proprietorship
  • 3.4 Partnership
  • 3.5 Corporation
  • 3.6 Other Types of Business Ownership
  • 3.7 Mergers and Acquisitions
  • 3.8 Cases and Problems
  • 3.9 Business Plan Project
  • 3.10 Nike Case

    • Chapter 4: Business Ethics and Social Responsibility

  • 4.1 Wells Fargo Scandal: What’s Wrong with Banking on Quotas
  • 4.2 Misgoverning Corporations: An Overview
  • 4.3 The Individual Approach to Ethics
  • 4.4 Identifying Ethical Challenges
  • 4.5 The Organizational Approach to Ethics
  • 4.6 Corporate Social Responsibility
  • 4.7 Environmentalism
  • 4.8 Stages of Corporate Responsibility
  • 4.9 Cases and Problems
  • 4.10 Business Plan Project
  • 4.11 Nike Case

    • Part 2: Operating a Successful Business

    Chapter 5: Managing for Business Success

  • 5.1 Noteworthy Management
  • 5.2 What Do Managers Do?
  • 5.3 Planning
  • 5.4 Organizing
  • 5.5 Leading
  • 5.6 Controlling
  • 5.7 Managerial Skills
  • 5.8 Careers in Management
  • 5.9 Cases and Problems
  • 5.10 Business Plan Project
  • 5.11 Nike Case

    • Chapter 6: Recruiting, Motivating, and Keeping Quality Employees

  • 6.1 The Grounds of a Great Work Environment
  • 6.2 Human Resource Management
  • 6.3 Developing Employees
  • 6.4 Motivating Employees
  • 6.5 What Makes a Great Place to Work?
  • 6.6 Performance Appraisal
  • 6.7 Labor Unions
  • 6.8 Cases and Problems
  • 6.9 Business Plan Project
  • 6.10 Nike Case

    • Chapter 7: Product Design and Development

  • 7.1 Riding the Crest of Innovation
  • 7.2 What Is a Product?
  • 7.3 Where Do Product Ideas Come From?
  • 7.4 Identifying Business Opportunities
  • 7.5 Understand Your Industry
  • 7.6 Forecasting Demand
  • 7.7 Breakeven Analysis
  • 7.8 Product Development
  • 7.9 Protecting Your Idea
  • 7.10 Cases and Problems
  • 7.11 Business Plan Project
  • 7.12 Nike Case

    • Chapter 8: Operations Management in Manufacturing and Service Industries

  • 8.1 The Challenge: Producing Quality Jetboards
  • 8.2 Operations Management in Manufacturing
  • 8.3 Facility Layouts
  • 8.4 Managing the Production Process in a Manufacturing Company
  • 8.5 Graphical Tools: Gantt and PERT Charts
  • 8.6 The Technology of Goods Production
  • 8.7 Operations Management for Service Providers
  • 8.8 Producing for Quality
  • 8.9 Cases and Problems
  • 8.10 Business Plan Project
  • 8.11 Nike Case

    • Part 3: Marketing in an Ever-Changing World

    Chapter 9: Business in a Global Environment

  • 9.1 It’s a Small World
  • 9.2 The Globalization of Business
  • 9.3 Opportunities in International Business
  • 9.4 The Global Business Environment
  • 9.5 Trade Controls
  • 9.6 Reducing International Trade Barriers
  • 9.7 Preparing for a Career in International Business
  • 9.8 Cases and Problems
  • 9.9 Business Plan Project
  • 9.10 Nike Case

    • Chapter 10: Marketing: Providing Value to Customers

  • 10.1 What to Do When Your Pizza Sucks
  • 10.2 What Is Marketing?
  • 10.3 The Marketing Mix
  • 10.4 Pricing a Product
  • 10.5 Placing a Product
  • 10.6 Promoting a Product
  • 10.7 Interacting with Your Customers
  • 10.8 The Product Life Cycle
  • 10.9 The Marketing Environment
  • 10.10 Careers in Marketing
  • 10.11 Cases and Problems
  • 10.12 Business Plan Project
  • 10.13 Nike Case

    • Chapter 11: Operating in a Digital Marketing and Social Networking Environment

  • 11.1 Two Talented Technology Geniuses Merge
  • 11.2 Product
  • 11.3 Pricing
  • 11.4 Placement
  • 11.5 Promotion
  • 11.6 Big Data and Privacy
  • 11.7 Cases and Problems
  • 11.8 Business Plan Project
  • 11.9 Nike Case

    • Part 4: Financing the Company

    Chapter 12: The Role of Accounting in Business

  • 12.1 Rent a Room or a House 
  • 12.2 The Role of Accounting
  • 12.3 Understanding Cash-Basis Financial Statements
  • 12.4 Careers in Accounting
  • 12.5 Cases and Problems
  • 12.6 Business Plan Project
  • 12.7 Nike Case

    • Chapter 13: Managing Financial Resources

  • 13.1 How to Keep from Going Under
  • 13.2 The Functions of Money
  • 13.3 Financial Institutions
  • 13.4 The Federal Reserve System
  • 13.5 The Role of the Financial Manager
  • 13.6 Understanding Securities Markets
  • 13.7 Financing the Going Concern
  • 13.8 Careers in Finance
  • 13.9 Cases and Problems
  • 13.10 Business Plan Project
  • 13.11 Nike Case

    • Part 5: Bonus Chapters

    Chapter 14: Teamwork and Communications 

  • 14.1 The Team with the RAZR’S Edge
  • 14.2 The Team and the Organization
  • 14.3 Why Teamwork Works
  • 14.4 The Team and Its Members
  • 14.5 The Business of Communication
  • 14.6 Communication Channels
  • 14.7 Forms of Communication
  • 14.8 Cases and Problems
  • 14.9 Business Plan Project

    • Chapter 15: Personal Finances 

  • 15.1 Where Does Your Money Go?
  • 15.2 Financial Planning
  • 15.3 Time Is Money
  • 15.4 The Financial Planning Process
  • 15.5 Cases and Problems

    • Chapter 16: Managing Information and Technology 

  • 16.1 A Winning Hand for Caesars
  • 16.2 Data versus Information
  • 16.3 Managing Data
  • 16.4 Types of Information Systems
  • 16.5 Computer Networks and Cloud Computing
  • 16.6 Data Communications Networks
  • 16.7 Security Issues in Electronic Communication
  • 16.8 Careers in Computer and Information Technology
  • 16.9 Cases and Problems

    • Chapter 17: The Legal and Regulatory Environment of Business

  • 17.1 Whatever Happened to . . . George McGovern?
  • 17.2 Law and the Legal System
  • 17.3 Criminal versus Civil Law
  • 17.4 Negligence Torts
  • 17.5 Product Liability
  • 17.6 Some Principles of Public Law
  • 17.7 Cases and Problems

    • Part 6: Appendices

    Appendix A: Introducing Your Business Plan Project

  • A.1 Choices and Tasks
  • A.2 Standard Business Plan Format: Instructions

    • Appendix B: Estimating Sales

  • B.1 Approaches to Estimating Sales

    • Appendix C: Preparing Financial Reports with the Excel Template

  • C.1 How to Use the Template
  • C.2 Completing Each Section
  • C.3 Review Your Income Statements
  • C.4 Preparing Your Financial Plan Group Report

    • Appendix D: Accounting

  • D.1 Accrual Accounting
  • D.2 Financial Statement Analysis
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    Karen Collins Lehigh University

    Karen Collins (PhD Virginia Tech) was Professor Emerita of Accounting at Lehigh University. Karen previously coordinated Lehigh’s Introduction to Business course taken by all first-year business students. Exploring Business and its robust package of support materials is based on Karen's innovative and successful approach to many years teaching and coordinating the course. For her service in this area, Karen was honored with an "Innovation in Teaching Award" from the Middle Atlantic Association of Colleges of Business Administration. 

    Karen was the recipient of numerous other teaching awards, including the "Deming Lewis Faculty Award" (for the faculty member who had the strongest influence on the ten-year graduating class); "Stabler Award for Excellence in Teaching" (for the faculty member who best demonstrates a mastery of his or her field and superior ability in communicating it to others), Coopers and Lybrand’s "Excellence in Teaching and Learning Award" (given to ten faculty members nationally in recognition of excellence in teaching), Coopers and Lybrand's "Faculty Internship" (given to one faculty member nationally based on his or her positive influence on students), and the "Andersen Consulting Faculty Fellowship for Excellence in Teaching" (a two-year fellowship given to a faculty member who demonstrates excellence in course development). This last fellowship allowed Karen to work with course designers at the firm’s national offices in Chicago in the development of the Introduction to Business course. 

    Karen's research interests included upward mobility of women in accounting, quality of life issues, stress, and ethnic diversity in the accounting profession.

    Additions & Errata

    8/30/24: 

    Section 15.1: Corrected " Fair Isaac Company" to current name which is "Fair Isaac Corporation."

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