In the newly revised 19th Edition of Contemporary Business, a distinguished team of business experts delivers an accessible and intuitive introduction to central concepts in business and management. Designed to engage with and cultivate interest in the world of business, the book explores topics as varied as entrepreneurship, promotion and pricing strategies, the role of technology in modern business, and customer-driven marketing.

Preface vi

1 The Changing Face of Business 1

2 Economic Challenges Facing Business Today 29

3 International Business and Competing in World Markets 58

4 Business Ethics and Social Responsibility 87

5 Small Business and the Legal Forms of Business Ownership 116

6 Entrepreneurship and Starting a Business 150

7 Management, Leadership, and the Internal Organization 174

8 Human Resource Management: From Recruitment to Labor Relations 202

9 Top Performance through Empowerment, Teamwork, and Communication 230

10 Production and Operations Management 255

11 Using Technology to Manage Information 282

12 Customer-Driven Marketing 310

13 Product and Distribution Strategies 340

14 Promotion and Pricing Strategies 372

15 Trends in E-Commerce 404

16 Understanding Accounting and Financial Statements 429

17 The Financial System and Investing 459

18 Financial Management 491

Appendix A Business Law 516

Appendix B Insurance and Risk Management 532

Appendix C Personal Financial Planning 542

Appendix D Developing a Business Plan 553

Appendix E Careers in Business Today 561

Appendix F Launching Your Career 578

Glossary 587

Notes 595

Company Index 626