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Understanding
Business:
THE CORE
This Book is Available on YakiBooki.com
This Book is Available on YakiBooki.com
Understanding
Business:
THE CORE
William G. Nickels
University of Maryland
James M. McHugh
St. Louis Community College at Forest Park
Susan M. McHugh
Applied Learning Systems
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UNDERSTANDING BUSINESS: THE CORE
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2017 by McGraw-Hill Education. All rights reserved. Printed
in the United States of America. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or
retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or
transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the United States.
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mheducation.com/highered
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dedication
To our families—Marsha, Joel, Carrie, Claire, Casey,
Dan, Molly, Michael, Patrick, and Quinn. Thank you
for making everything worth doing and giving us the
support to do it well!
and
To the team that made this edition possible, especially
the instructors and students who gave us such valuable
guidance as we developed the text and package.
v
ABOUT THE AUTHORS
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Bill Nickels is emeritus professor of business at the University of Maryland, Col-
lege Park. He has over 30 years’ experience teaching graduate and undergraduate busi-
ness courses, including introduction to business, marketing, and promotion. He has won
the Outstanding Teacher on Campus Award four times and was nominated for the award
many other times. He received his M.B.A. degree from Western Reserve University and
his Ph.D. from The Ohio State University. He has written a marketing communications text
and two marketing principles texts in addition to many articles in business publications. He
has taught many seminars to businesspeople on subjects such as power communications,
marketing, non-business marketing, and stress and life management. His son, Joel, is a
professor of English at the University of Miami (Florida).
Jim McHugh holds an M.B.A. degree from Lindenwood University and has had broad
experience in education, business, and government. As chairman of the Business and
Economics Department of St. Louis Community College–Forest Park, Jim coordinated
and directed the development of the business curriculum. In addition to teaching sev-
eral sections of Introduction to Business each semester for nearly 30 years, Jim taught in
the marketing and management areas at both the undergraduate and graduate levels. Jim
enjoys conducting business seminars and consulting with small and large businesses. He
is actively involved in the public service sector and served as chief of staff to the St. Louis
County Executive.
Susan McHugh is a learning specialist with extensive training and experience in
adult learning and curriculum development. She holds an M.Ed. degree from the Uni-
versity of Missouri and completed her course work for a Ph.D. in education administra-
tion with a specialty in adult learning theory. As a professional curriculum developer,
she has directed numerous curriculum projects and educator training programs. She
has worked in the public and private sectors as a consultant in training and employee
development. While Jim and Susan treasure their participation in writing projects,
their greatest accomplishment is their collaboration on their three children. Casey is
carrying on the family’s teaching tradition as an adjunct professor at Washington Uni-
versity. Molly and Michael are carrying on the family writing tradition by contributing
to the development of several supplementary materials for this text.
vi
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Understanding Business:
WALKTHROUGH
The Core
What Is Understanding Business: The Core?
We listened. You have asked us for a Nickels/McHugh/McHugh program that
was briefer, high in quality, and affordably priced.
We delivered. Understanding Business: The Core provides a flexible and understanding
proven-effective experience that enhances your teaching, improves student
performance, and is accessible to all. Its 18-chapter format provides a briefer Business
content coverage—all in a value-priced package.
High-Quality Authors
Authors who actually teach the course are unique in this market. Bill Nickels’ the
core
experience as an Introduction to Business instructor at a 4-year university
teaches sections of more than 300 students; Jim McHugh is a community
Nickels McHugH McHugH
college Introduction to Business instructor; Susan McHugh is an educational
consultant. No one can deny the unique perspective this “perfect author
team” has.
Briefer
Many instructors have asked us to develop a condensed version of the #1 best-selling
Intro Biz program (since 1995), Understanding Business. We delivered. Understanding
Business: The Core provides a briefer, 18-chapter presentation of the core concepts. We
condensed the presentation of the marketing concepts to two chapters by focusing on the
essential concepts and tightened their explanations. Four bonus chapters are provided and
can be accessed via Connect/SmartBook.
Value-Priced
Understanding Business: The Core has been priced to effectively meet students where they
are. For more information on pricing, please contact your Learning Technology Represen-
tative. To find your Learning Technology Representative, visit bit.ly/findmyltr
We Listen to Our Customers
We look to the experts—full-time faculty members, adjunct instructors, and of course,
students—to drive the decisions we make about the text itself and the ancillary package.
Through a series of focus groups, symposia, as well as full-book, single-chapter manuscript
reviews of the text and ancillaries we have heard the stories of more than 450 professors.
Their insights and experiences are evident on every page and in every supplement.
vii
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Current
Things change quickly in the business environment and it’s critical your students get the
most up-to-date and accurate information as they begin to navigate their business majors
and careers. The authors write a monthly newsletter sent to all users—the perfect way to
keep your course up-to-date.
Service
Authors are extremely responsive to customers. The McGraw-Hill Education Introduction
to Business Team will work with you to provide a customized print and online solution
to meet your needs. The McGraw-Hill Education Team is here to support you in every
aspect, from course administration to implementation.
Quality of Our Supplements Package
The supplements package for Understanding Business: The Core is a derivative of Under-
standing Business, which is truly the platinum standard—it’s what all competitors now
try to emulate. The format of the supplements package is always geared to the part-time
instructor or the instructor with little time to prep for this course. We want to help you with
the resources you need to easily start teaching from this text.
Tight Integration of Text, Resources, and Technology
The elements of the book and supplements are all tightly integrated, especially in the
Instructor’s Manual. Here you will find every element of the supplements package and text
organized into a lecture outline so you can easily see what other resources you may want to
pull into your lecture and course. All of these resources are organized by the same learning
objectives in every chapter.
Digital Faculty Consultants
Digital Faculty Consultants are instructors at colleges and universities across the United States
who have successfully integrated our digital products into their courses and would like to share
their experience and advice with colleagues. Digital Faculty Consultants host small-group ses-
sions online, help provide training for instructors, and share stories, tips, and best practices to
support successful implementation of digital products in your courses.
If you would like to speak with a Digital Faculty Consultant, please contact
michael.gedatus@mheducation.com
viii
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Improves Student
Performance
Proven Results
LearnSmart Advantage® More than 2 million students have
+13% answered more than 1.3 billion questions in LearnSmart®
since 2009, making it the most widely used and intelligent
adaptive study tool available on the market today. LearnSmart
is proven to strengthen memory recall, keep students in class,
pass rate and boost grades—students using LearnSmart are 13% more
likely to pass their classes and 35% less likely to drop out. Go
to bit.ly/introductiontobusiness to learn more about the results
instructors have been able to achieve with Connect® Business.
SmartBook® within Connect Business
SmartBook makes study time as productive and efficient as possible.
It identifies and closes knowledge gaps through a continually adapting
reading experience. This ensures every minute spent with SmartBook
is returned to the student as the most value-added minute possible. The
result? More confidence, better grades, and greater success.
Go to bit.ly/MHSmartBook to learn more.
Insight Enabled
Connect Insight® is Connect Business’ one-of-a-kind visual analytics dashboard—available
for instructors and students—that provides at-a-glance information regarding student per-
formance, which is immediately actionable. By presenting assignment, assessment, and
topical performance results together with a time metric that is easily visible for aggre-
gate or individual results, Connect Insight gives the user the ability to take a just-in-time
approach to teaching and learning, which was never before available.
Go to bit.ly/connectinsight to learn more about Connect Insight.
Interactive Applications within Connect Business
Available for each chapter, Interactive Applications allow students to practice real business
situations, stimulate critical thinking, and reinforce key concepts. Students receive immedi-
ate feedback and can track progress in their own report. Detailed results let instructors see at
a glance how each student performs and track the progress of every student in their course.
Go to bit.ly/interactiveapplications to learn more.
Test Prep Questions
to help retain
Featured throughout, Test Prep helps students under- Use LearnSmart ned. Access test prep
what you have lear nect course
your instructor's Con
stand and retain material discussed. These questions mart, or go to
to check out LearnSe.com for help.
• What are the advantages to a firm of using licensing as a method of
entry in global markets? What are the disadvantages?
learnsmartadvantag
stop students at important points to assess what they’ve • What services are usually provided by an export-trading company?
• What is the key difference between a joint venture and a strategic
learned before they continue reading and help them prep alliance?
• What makes a company a multinational corporation?
for quizzes and exams.
ix
