Small_Business_Management_in_the_21st_Century
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Preface
Chapter 1
Foundations for Small Business
The Twenty-First-Century Small-Business Owner
1.1 Small Business in the US Economy
LEARNING OBJECTIVES
KEY TAKEAWAYS
EXERCISES
1.2 Success and Failure in Small Businesses
LEARNING OBJECTIVES
What Is a Successful Small Business?
Why Do Small Businesses Fail?
“Entrepreneurs Turn Business Failure into Success”
KEY TAKEAWAYS
EXERCISES
1.3 Evolution
LEARNING OBJECTIVES
Stages of Growth
Organizational Life Cycle
Industry Life Cycle
KEY TAKEAWAYS
EXERCISE
1.4 Ethics
LEARNING OBJECTIVES
What Ethics Are Not
Why Ethics Are Important
Business Ethics
Video Link 1.1
Do Business Ethics Pay?
The Costs of Unethical Business Conduct
Small Business Ethics
Developing an Ethics Policy
Ethical Behavior Survey
KEY TAKEAWAYS
EXERCISES
1.5 The Three Threads
LEARNING OBJECTIVES
Customer Value
Cash Flow
Digital Technology and the E-Environment
Why Digital Technology?
Using Smartphones in Your Business
Why E-business?
Why E-commerce?
KEY TAKEAWAYS
EXERCISES
Chapter 2
Your Business Idea: The Quest for Value
Cheshire Package Store
2.1 Defining the Customer’s Concept of Value
LEARNING OBJECTIVES
What Is Value?
Different Customers—Different Definitions
Video Clip 2.5
KEY TAKEAWAYS
EXERCISES
2.2 Knowing Your Customers
LEARNING OBJECTIVES
Research
Who Your Customer Is—and Is Not
What Your Gut Tells You
The Voice of the Customer—QFD
QFD Analysis and Excel
How to Become a Better Listener
Website
KEY TAKEAWAYS
EXERCISES
2.3 Sources of Business Ideas
LEARNING OBJECTIVES
Creativity and Innovation
Social and Consumer Trends
Websites
KEY TAKEAWAYS
EXERCISES
2.4 The Three Threads
LEARNING OBJECTIVES
Focusing on Providing Value to the Customer
Value’s Impact on Cash Flow
Digital Technology and E-Environment Implications
KEY TAKEAWAYS
EXERCISE
Disaster Watch
Chapter 3
Family Businesses
Westbrook Lobster
3.1 Family Business: An Overview
LEARNING OBJECTIVES
Market and Employment Presence
Video Link 3.1
Advantages and Disadvantages of the Family Business
Advantages
Video Link 3.2
Why Family Businesses Are So Special
Disadvantages
In Their Own Words
KEY TAKEAWAYS
EXERCISE
3.2 Family Business Issues
LEARNING OBJECTIVE
Communication
Commitment
Secrecy
Risks of Bad Communication
Employing Family and Nonfamily Members
Pros
Cons
Hiring Nonfamily Members
Professional Management
Culture and Nonfamily CEOs
Employment Qualifications
Salaries and Compensation
Some of the Problems
Some of the Solutions
Oh, Those Sleepless Nights!
Succession
The Succession Plan
The Family Business and Technology
KEY TAKEAWAYS
EXERCISES
3.3 Conflict
LEARNING OBJECTIVES
Sources of Conflict
Avoiding Conflict
KEY TAKEAWAYS
EXERCISE
3.4 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Digital Technology and E-Environment Implications
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 4
E-Business and E-Commerce
Vermont Teddy Bear Company
4.1 E-Business and E-Commerce: The Difference
LEARNING OBJECTIVES
E-Business
E-Business Components
E-Commerce
Types of E-Commerce
E-Commerce Business Models
E-Commerce Trends
Video Clip 4.2
Is E-Commerce for All Small Businesses?
KEY TAKEAWAYS
EXERCISES
4.2 E-Commerce Operations
LEARNING OBJECTIVES
The Website: Buy or Build?
Legal
Ethical Issues
Security and Privacy
Examples of Cybercrimes [26]
Trust
Video Link 4.1
Payment Options
KEY TAKEAWAYS
EXERCISES
4.3 E-Commerce Technology
LEARNING OBJECTIVES
E-Commerce Platforms
Customer Relationship Management
Going Mobile
Video Clip 4.8
Web 2.0
KEY TAKEAWAYS
EXERCISES
4.4 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Digital Technology and E-Environment Implications
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 5
The Business Plan
Consolidated Industries’ Hammer Forge
5.1 Developing Your Strategy
LEARNING OBJECTIVES
Do You Have a Strategy and What Is It?
Types of Strategies
Low-Cost Advantage
Differentiation
Focus—Low Cost or Differentiation
Evaluating Strategies
KEY TAKEAWAYS
EXERCISES
5.2 The Necessity for a Business Plan
LEARNING OBJECTIVES
Overcoming the Reluctance to Formally Plan
Plans for Raising Capital
Bankers
Venture Capitalists
Angel Investors
KEY TAKEAWAYS
EXERCISE
5.3 Building a Plan
LEARNING OBJECTIVES
Video Link 5.1
Gathering Information
Library Sources
Background Sources
Company and Industry Sources
Statistical Sources
Internet Resources
Government Sites
Forecasting for the Plan
Web Resources for Forecasting
Building a Plan
Components of the Plan
Cover Page
Executive Summary
Business Section
Industry Review
Products or Services
Marketing Plan
The Management Team
Financial Statements
Income Statement
Balance Sheet
Cash-Flow Statement
Additional Information
Appendixes
Developing Scenarios
Identify Significant Changes That Might Impact the Business
Consideration of Disasters
New Opportunities
Computer Aids
KEY TAKEAWAYS
EXERCISES
5.4 The Three Threads
LEARNING OBJECTIVES
Customer Value
Cash-Flow Implications
The Influence of E-Commerce and E-Business
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 6
Marketing Basics
Max and Mina’s Homemade Ice Cream and Ices
6.1 What Marketing Is All About
LEARNING OBJECTIVES
The Marketing Concept…and Beyond
Video Link 6.1
Customer Value
Market Segmentation
Target Market
Marketing Mix
Product
Price
Promotion
Place
Two Marketing Mixes
The Marketing Environment
Marketing Strategy versus Marketing Management
Video Link 6.2
Video Link 6.3
KEY TAKEAWAYS
EXERCISE
6.2 The Customer
LEARNING OBJECTIVES
Customer Markets
Understanding the Customer
Consumer Behavior
Video Link 6.4
Business Buying Behavior
The Customer Experience
Customer Experience in the B2C Market
The Role of Store Design in Customer Experience
Video Link 6.5
Customer Experience in the B2B Market
Video Link 6.6
Customer Loyalty
Grounds for Loyalty
Video Link 6.7
Video Link 6.8
KEY TAKEAWAYS
EXERCISES
6.3 Marketing Research
LEARNING OBJECTIVES
What Is Marketing Research?
Why Do It?
Types of Marketing Research
The Marketing Research Process
What Does It Cost?
When Should Marketing Research Be Done?
Common Marketing Research Mistakes
KEY TAKEAWAYS
EXERCISE
FRANK’S BARBEQUE: A MARKETING QUESTION
6.4 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Digital Technology and E-Environment Implications
KEY TAKEAWAYS
EXERCISE
Disaster Watch
Chapter 7
Marketing Strategy
Elegant Touch
7.1 The Importance of a Marketing Strategy
LEARNING OBJECTIVES
KEY TAKEAWAYS
EXERCISE
7.2 The Marketing Strategy Process
LEARNING OBJECTIVES
Vision and Mission
Marketing Objectives
The Marketing Strategy
KEY TAKEAWAYS
EXERCISES
7.3 Segmentation and the Target Market
LEARNING OBJECTIVES
Segmentation
Target Market
KEY TAKEAWAYS
EXERCISES
7.4 Differentiation and Positioning
LEARNING OBJECTIVES
Differentiation
Video Link 7.1
Positioning
Video Link 7.2
Joe’s Redhots’ Business Positioning Strategy
KEY TAKEAWAYS
EXERCISES
7.5 Marketing Strategy and Product
LEARNING OBJECTIVES
Product Features and Benefits
Product Mix
Product Design
Packaging Design
Brand
Product Life Cycle
The New Product Development Process
The Company Website
Website Objectives
Website Layout
Color
Color Perceptions for Business
Typography
Graphics
Site Navigation
Site Usability
Site Interactivity
Content
Video Link 7.3
Product Display
Performance
KEY TAKEAWAYS
EXERCISES
7.6 Marketing Strategy and Price
LEARNING OBJECTIVES
Pricing Objectives
Pricing Strategy
Discount Pricing
Cost-Based Pricing
Prestige Pricing
Even-Odd Pricing
Geographic Pricing
KEY TAKEAWAYS
EXERCISES
7.7 Marketing Strategy and Place
LEARNING OBJECTIVES
Channels of Distribution
Direct Channel
Video Link 7.4
Retail Channel
Wholesale Channel
Multichannel Distribution
Physical Distribution (Logistics)
Place and the Website
KEY TAKEAWAYS
EXERCISES
7.8 Marketing Strategy and Promotion
LEARNING OBJECTIVES
IMC Objectives
Marketing Communications Mix
Advertising
Video Link 7.5
Sales Promotion
Events and Experiences
Public Relations and Publicity
Video Link 7.6
Direct Marketing
Video Link 7.7
Interactive Marketing
Personal Selling
Video Link 7.8
KEY TAKEAWAYS
EXERCISES
7.9 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Digital Technology and E-Environment Implications
KEY TAKEAWAYS
EXERCISE
Disaster Watch
Chapter 8
The Marketing Plan
The New Britain Rock Cats
8.1 The Need for a Marketing Plan
LEARNING OBJECTIVES
What Is a Marketing Plan?
Why Have a Marketing Plan?
What If There Is No Marketing Plan?
KEY TAKEAWAYS
EXERCISE
8.2 The Marketing Plan
LEARNING OBJECTIVE
Executive Summary
Executive Summary Example
Vision and Mission
Vision Statement Examples
Mission Statement Examples
Situation Analysis
Market Summary
Market Summary Example
The Market and Its Attributes
Demographics for Sigmund’s Gourmet Pasta
Behavior and Lifestyle Factors for Sigmund’s Gourmet Pasta
Geographics for Sigmund’s Gourmet Pasta
Market Size for Sigmund’s Gourmet Pasta
Estimated Market Growth for Sigmund’s Gourmet Pasta
Identifying and Meeting Market Needs for Sigmund’s Gourmet Pasta
Identifying Market Trends for Sigmund’s Gourmet Pasta
Competition
Direct Competition for Sigmund’s Gourmet Pasta
Product or Service Offering
Service Offering for Sigmund’s Gourmet Pasta
SWOT Analysis
Strengths for Sigmund’s Gourmet Pasta
Video Link 8.1
Weaknesses for Sigmund’s Gourmet Pasta
Opportunities for Sigmund’s Gourmet Pasta
Video Link 8.2
Threats for Sigmund’s Gourmet Pasta
Video Link 8.3
Keys to Success and Critical Issues
Keys to Success for Sigmund’s Gourmet Pasta
Critical Issues for Sigmund’s Gourmet Pasta
Marketing Strategy
Introduction to Marketing Strategy for Sigmund’s Gourmet Pasta
Marketing Objectives
Marketing Objectives for Sigmund’s Gourmet Pasta
Target Market
Target Markets for Sigmund’s Gourmet Pasta
Positioning
Positioning for Sigmund’s Gourmet Pasta
Marketing Strategy Pyramid
Strategy Pyramid for Sigmund’s Gourmet Pasta
Marketing Mix
Marketing Mix for Sigmund’s Gourmet Pasta
Marketing Research
Marketing Research for Sigmund’s Gourmet Pasta
Financials
Breakeven Analysis
Breakeven Analysis for Sigmund’s Gourmet Pasta
Sales Forecast
Sales Forecast for Sigmund’s Gourmet Pasta
Expense Forecast
Expense Forecast for Sigmund’s Gourmet Pasta
Implementation, Evaluation, and Control
Implementation
Implementation Milestones for Sigmund’s Gourmet Pasta
Evaluation
Video Link 8.4
Marketing Calculators
Evaluation for Sigmund’s Gourmet Pasta
Controls
Marketing Plan Control for Sigmund’s Gourmet Pasta
KEY TAKEAWAYS
EXERCISE
8.3 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Digital Technology and E-Environment Implications
KEY TAKEAWAYS
EXERCISE
Disaster Watch
Chapter 9
Accounting and Cash Flow
Simione Consultants LLC
9.1 Understanding the Need for Accounting Systems
LEARNING OBJECTIVES
Alternative Approaches to Accounting Systems
KEY TAKEAWAYS
EXERCISES
9.2 Financial Accounting Statements
LEARNING OBJECTIVES
The Balance Sheet Statement
The Income Statement
The Cash-Flow Statement
KEY TAKEAWAYS
EXERCISES
9.3 Financial Ratio Analysis
LEARNING OBJECTIVES
KEY TAKEAWAYS
EXERCISES
9.4 The Three Threads
LEARNING OBJECTIVES
Customer Value
Cash-Flow Implications
Digital Technology and E-Environment Implications
Video Link 9.1
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 10
Financial Management
The Notch Store
10.1 The Importance of Financial Management in Small Business
LEARNING OBJECTIVES
Impact of Organization Type on Finance Decisions
Sole Proprietorship
Partnerships
C-Corporations
S-Corporations
Limited Liability Company
Acquisition of Funds
(a) Loan Programs
Web Resources
Capital Structure: Debt versus Equity
Web Resources
KEY TAKEAWAYS
EXERCISES
10.2 Financial Control
LEARNING OBJECTIVES
Relationships with Bank and Bankers
KEY TAKEAWAYS
EXERCISES
10.3 Financial Decision Making
LEARNING OBJECTIVES
Breakeven Analysis
Breakeven Analysis
Capital Structure Issues in Practice
KEY TAKEAWAYS
EXERCISES
10.4 The Three Threads
LEARNING OBJECTIVES
Customer Value
Cash-Flow Implications
Digital Technology and E-Environment Implications
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 11
Supply Chain Management: You Better Get It Right
R. W. Hine
11.1 The Supply Chain and a Firm’s Role in It
LEARNING OBJECTIVES
What Is a Supply Chain?
Key Elements of a Supply Chain
Web Resources
KEY TAKEAWAYS
EXERCISES
11.2 A Firm’s Role in the Supply Chain
LEARNING OBJECTIVES
Developing New Relationships
Managing Information in New Ways
Web Resources
KEY TAKEAWAYS
EXERCISES
11.3 The Benefits and the Risks of Participating in a Supply Chain
LEARNING OBJECTIVES
The Benefits of Successful Supply Chain Management
The Risks Associated with Supply Chain Management
Web Resources
KEY TAKEAWAYS
EXERCISES
11.4 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Implications of Technology and the E-Environment
Video Link 11.1
Web Resources
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 12
People and Organization
FWK
12.1 Principles of Management and Organization
LEARNING OBJECTIVES
What Is Management?
Management Functions
Planning
Organizing
Video Link 12.1
Staffing
Directing
Don’t Be This Kind of Leader or Manager
Controlling
Levels of Management
Management Skills
A Framework for Ethical Decision Making
KEY TAKEAWAYS
EXERCISE
12.2 Organizational Design
LEARNING OBJECTIVES
Fundamentals of Organization
Clear Objectives
Coordination
Formal and Informal Organization
Organization Chart
Centralization and Decentralization
Guidelines for Organizing
Unity of Command
Division of Labor
Span of Control
Scalar Principle
Types of Organization Structures
Functional Structure
Divisional Structure
Matrix Structure
Virtual Organization
Creating an Effective Business Organization Structure
KEY TAKEAWAYS
EXERCISES
12.3 Legal Forms of Organization for the Small Business
LEARNING OBJECTIVES
Factors to Consider
Sole Proprietorship
Partnership
Corporation
Limited Liability Company
KEY TAKEAWAYS
EXERCISES
12.4 People
LEARNING OBJECTIVES
Hiring New People
Identify Job Requirements
Choose Sources of Candidates
Review Applications and Résumés
Labor Laws Governing Employers
Interview Candidates
Conduct Employment Tests and Check References
Select a Candidate and Negotiate an Offer
Set Performance Expectations
Make Accommodations for Disabilities
Is a Business Hiring and Breeding Greedy and Selfish Employees?
Retention and Termination
Retention
Termination
Outsourcing
When Is Outsourcing a Good Idea?
When Is Outsourcing a Bad Idea?
Office Productivity
Virtual or Telecommuting Employees
Video Link 12.2
KEY TAKEAWAYS
EXERCISES
12.5 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Implications of Technology and the E-Environment
KEY TAKEAWAYS
EXERCISE
Disaster Watch
Chapter 13
The Search for Efficiency and Effectiveness
Carrot Creative
13.1 Personal Efficiency and Effectiveness
LEARNING OBJECTIVES
Time Management
Web Resources
KEY TAKEAWAYS
EXERCISES
13.2 Creativity
LEARNING OBJECTIVES
The Financial Monitor from Simione Consultants
Web Resources
KEY TAKEAWAYS
EXERCISES
13.3 Organizational Efficiency
LEARNING OBJECTIVES
Quality Management
Quality in Small Business
Web Resources
KEY TAKEAWAYS
EXERCISES
13.4 Going Lean
LEARNING OBJECTIVES
Web Resources
KEY TAKEAWAYS
EXERCISES
13.5 Personnel Efficiency
LEARNING OBJECTIVES
Managing Meetings
Web Resources
KEY TAKEAWAYS
EXERCISES
13.6 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Implications of Technology and the E-Environment
Web Resources
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 14
Icebergs and Escapes
SoBe
14.1 Icebergs
LEARNING OBJECTIVES
Disaster Planning
A Disaster Planning Success Story
Plan to Stay in Business
Be Informed
Make a Continuity Plan
Talk to People
Involve Coworkers
Write a Crisis Communication Plan
Support Employee Health—and the Owner’s Health
Protect the Investment
Insurance Coverage
Secure Facilities, Buildings, and Plants
Improve Cybersecurity
Video Clip 14.1
Video Link 14.1
KEY TAKEAWAYS
EXERCISE
14.2 Disaster Assistance
LEARNING OBJECTIVE
Physical and Economic Injury Disaster Loans
Disaster Assistance from the Internal Revenue Service
SCORE Business Advice
Online Disaster Assistance
KEY TAKEAWAYS
EXERCISE
14.3 Escapes: Getting Out of the Business
LEARNING OBJECTIVES
When Walking Away Is Not the Owner’s Choice
Resources to Help Make a Decision
KEY TAKEAWAYS
EXERCISE
14.4 Exit Strategies
LEARNING OBJECTIVES
Liquidation or Walkaway
Family Succession
Video Clip 14.2
Bankruptcy
Alternatives to Bankruptcy
Taking a Company Public
Selling the Business
Acquisition
Friendly Buyout
Selling to Employees
Selling on the Open Market
KEY TAKEAWAYS
EXERCISE
Chapter 15
Going Global: Yes or No?
Center Rock Inc.
15.1 US Small Business in the Global Environment
LEARNING OBJECTIVES
The Small Business Global Presence
The Advantages of Going Global
Micromultinationals
Video Link 15.1
The Disadvantages of Going Global
2010 Winner of the Growth through Global Trade Award
KEY TAKEAWAYS
EXERCISE
15.2 What You Should Know Before Going Global
LEARNING OBJECTIVES
Video Link 15.2
Ways to Export
Direct Exporting
Indirect Exporting
Industry Analysis
Video Link 15.3
Business Assessment: Are You Ready?
Video Link 15.4
Marketing
Product
Cultural Differences
The Package
Global Packaging
The Business Website
Video Link 15.5
Translation Blunders in Global Marketing
Price
Place
Video Link 15.6
Video Link 15.7
Video Link 15.8
Promotion
Legal and Political Issues
Video Link 15.9
Currency Exchange Issues
Sources of Financing
Where to Go
Video Link 15.10
KEY TAKEAWAYS
EXERCISES
15.3 Key Management Decisions and Considerations
LEARNING OBJECTIVES
Organization for the Global Project
Market Selection
Market Entry Strategies
Getting Paid
Business Etiquette and Travel
Video Link 15.11
The Export Plan
Video Link 15.12
Video Link 15.13
KEY TAKEAWAYS
EXERCISE
15.4 The Three Threads
LEARNING OBJECTIVES
Customer Value Implications
Cash-Flow Implications
Implications of Technology and the E-Environment
KEY TAKEAWAYS
EXERCISES
Disaster Watch
Chapter 16
Appendix: A Sample Business Plan
16.1 Executive Summary
Objectives
Mission
Vision Statement
Mission Statement
Keys to Success
Company Summary
Company Ownership
Company History
Company Locations and Facilities
Products and Services
Competitive Comparison
Fulfillment
Future Products and Services
Market Analysis Summary
Market Segmentation
Market Needs
Web Plan Summary
Website Marketing Strategy
Development Requirements
Strategy and Implementation Summary
SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
Competitive Edge
Marketing Strategy
Sales Forecasts
Management Summary
Organizational Structure
Personnel Plan
Financial Plan
Important Assumptions
Key Financial Indicators
Breakeven Analysis
Projected Profit and Loss
Projected Cash Flow
Projected Balance Sheet
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