INSTRUCTORS MANUAL - 4th Canadian Edition, 4e Louis Boone, David Ku...

Contemporary Business 4th Canadian Edition, 4e Louis Boone, David Kurtz, Michael Khan, Brahm Canzer

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INSTRUCTOR’S MANUAL

Boone & Kurtz Contemporary Business, Fourth Canadian Edition Instructor’s Manual 1

CHAPTER 1, THE CHANGING FACE OF

BUSINESS

Chapter Overview

To succeed, businesses must know what their customers want, and they must supply it quickly and efficiently. The products that firms produce often reflect changes in consumer tastes, such as the growing preference for sports drinks and vitamin-fortified water. But firms can also lead by promoting technology and other changes. Firms organize the resources, the know-how, and the financial incentive to bring about real innovations, such as smartphones, new cancer treatments, and alternative energy sources like wind power. Thus, when businesses succeed, everybody wins.You’ll see throughout this book that businesses require physical inputs such as auto parts, chemicals, sugar, thread, and electricity. They also need the accumulated knowledge and experience of their managers and employees. Businesses also rely heavily on their own ability to change with the times and with the marketplace. Flexibility is a key to long-term success—and to growth.Business is a leading force in our economy—and Contemporary Business is right there with it. This book explores the strategies that allow companies to grow and compete in today’s interactive marketplace.This book also explores the skills you will need to turn ideas into action for your own success in business. This chapter sets the stage for the entire text by defining what business is and describing its role in society. The chapter’s discussion illustrates how the private enterprise system encourages competition and innovation while preserving business ethics.

Learning Objectives

1.1. Define business.

1.2 Identify and describe the economic factors of production.

1.3 Describe the private enterprise system.

1.4 Identify the seven eras in the history of business.

1.5 Explain current trends in business.

1.6 Identify the skills and attributes needed for today’s manager.

1.7 Outline the characteristics that make for a successful and admired company.

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INSTRUCTOR’S MANUAL

Boone & Kurtz Contemporary Business, Fourth Canadian Edition Instructor’s Manual 2 Chapter Outline

• Chapter 1 Overview
• The Environmental Forces Influencing Business Activity
• The Functional Area of Business Activity
• The Goals of Business Activity
• What Is Business?
• Not-for-Profit Organizations
• Economic Factors of Production
• The Private Enterprise System

i. Business & Technology: Combining Business and Tech in Fashion at

Nordstrom

• Basic Rights in the Private Enterprise System
• The Entrepreneurship Alternative
• Seven Eras in the History of Business
• The Colonial Period
• The Industrial Revolution
• The Age of Industrial Entrepreneurs
• The Production Era
• The Marketing Era
• The Relationship Era

i. Job Description: “BizOps” Associate

• The Social Era
• Current Trends Related to Business
• COVID-19
• Growing Partnerships and Relationships
• Changes in the Workforce

i. Clean & Green Business: Happy Meal Packaging Not All Happy

• Skills and Attributes Needed by Today’s Managers
• Importance of Vision

i. Business Model: Shake Shack Blends Up “Enlightened Hospitality”

• Importance of Critical Thinking and Creativity
• Ability to Lead Change
• What Makes for a Successful and Admired Company

i. Judgement Call: Volkswagen Fails the Emissions Test

• What’s Ahead

Chapter Figures Figure 1.1 A Conceptual Map of the Major Interrelated Areas of Business Study Figure 1.2 The Canadian Red Cross organizes efforts to respond to natural disasters such as the forest fires that threatened Fort McMurray, Alberta, in 2016.Figure 1.3 Like other industries, today’s agricultural industry requires large-scale capital investments in machinery and specialized equipment that allows for efficient production.Figure 1.4 Basic Rights within a Private Enterprise System 3 / 4

INSTRUCTOR’S MANUAL

Boone & Kurtz Contemporary Business, Fourth Canadian Edition Instructor’s Manual 3 Figure 1.5 Total Private Employment by Industrial Sector and Establishment Figure 1.6 Alexander Graham Bell opening a long distance phone line from New York to Chicago in 1892.Figure 1.7 Population Projections, Children and Seniors Figure 1.8 Top 10 Countries of Birth of Recent Immigrants, Canada, 2016 Figure 1.9 Film director, writer, and inventor James Cameron (left) knows how to entertain audiences.Figure 1.10 Exercises and Guidelines to Promote Creative Thinking

Chapter Tables • Table 1.1 Factors of Production and Their Factor Payments

Chapter Cases

▪ Case 1A: Canadian Entertainers Are Cultivating Global Audiences Online

▪ Case 1B: Vancity: On Top of Its Game

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