Fundamentals of Business, third edition

Fundamentals of Business, third edition (2020) is an 370-page open education resource intended to serve as a no-cost, faculty customizable primary text for one-semester undergraduate introductory business courses. It covers the following topics in business: Teamwork; economics; ethics; entrepreneurship; business ownership, management, and leadership; organizational structures and operations management; human resources and motivating employees; managing in labor union contexts; marketing and pricing strategy; hospitality and tourism, accounting and finance, and personal finances. The textbook was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business and is shared under a Creative Commons Non-Commercial ShareAlike 4.0 license. Read more about the book and see various access links at: https://blogs.lt.vt.edu/openvt/2021/01/06/announcing-open-textbook-fundamentals-of-business-third-edition

Material Type: Interactive, Reading, Textbook

Authors: Ron Poff, Stephen J. Skripak

Introduction to Business

This course is designed as a survey course that will expose you to business terminology, concepts, and current business issues, with the intent of helping students develop a viable business vocabulary, foster critical and analytical thinking, and refine business decision-making skills.

Material Type: Full Course

Fundamentals of Business, Second Edition

Fundamentals of Business, Second Edition (2018) is an 372-page open education resource intended to serve as a no-cost, faculty customizable primary text for one-semester undergraduate introductory business courses. It covers the following topics in business: Teamwork; economics; ethics; entrepreneurship; business ownership, management, and leadership; organizational structures and operations management; human resources and motivating employees; managing in labor union contexts; marketing and pricing strategy; hospitality and tourism, accounting and finance, and personal finances. The textbook was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business and is shared under a Creative Commons Non-Commercial ShareAlike 4.0 license. 2018 version formats include: PDF, Accessible "screen reader friendly" PDF, ePub, Mobi, XML/Pressbooks (editable), and open document format. The Pressbooks online version (HTML) is available at: https://doi.org/10.21061/fundamentals-of-business The 2016 version of this book includes editable MSWord files. If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand your use by filling out this form http://bit.ly/business-interest Instructor resource sharing portal: https://www.oercommons.org/groups/fundamentals-of-business-user-group/1379

Material Type: Textbook

Author: Skripak Stephen J

Testbank for Fundamentals of Business

The testbank includes 377 peer-reviewed, multiple-choice questions which correspond to topics taught in introductory-level business open textbook, "Fundamentals of Business." "Fundamentals of Business" is a freely available, openly licensed resource available at: http://hdl.handle.net/10919/84848 . Between 11-29 multiple-choice items are available for each of the following topics: Teamwork in Business, Foundations of Business, Economics and Business, Ethics and Social Responsibility, Business in a Global Environment, Forms of Business Ownership, Entrepreneurship: Starting a Business, Management and Leadership, Structuring Organizations, Operations Management, Motivating Employees, Managing Human Resources, Union/Management Issues, Marketing: Providing Value to Customers, Pricing Strategy, Hospitality and Tourism, Accounting and Financial Information, and Personal Finances. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. Please complete the four steps listed at http://hdl.handle.net/10919/93404 to request access to the testbank. 1. View and test the "sample" files at http://hdl.handle.net/10919/93404 in the left hand column to determine which format works best for you. Additional information about each format type is available below under FORMATS. 2. Indicate requested files by clicking on any of the testbank files at http://hdl.handle.net/10919/93404 on the left (marked "permission required") add a note and press submit to request access. 3. Email a copy of the course syllabus to openeducation@vt.edu 4. Complete and submit the User Verification Process Form https://forms.gle/ueaihc96LgNrE9uf9. You will receive a copy of your request via email. Requested files will be released via email when steps two through four have been completed and reviewed. Note that access approvals are processed only during regular business hours. Please visit: http://hdl.handle.net/10919/93404 for Terms of Use, license information, and to view or report errata. SAMPLE QUESTIONS Sample questions are available for those who wish to test various formats and assess the suitability of the testbank as part of their course material adoption decision-making process. Sample questions are provided in the same formats (XLS, Canvas IMS QTI 1.1.3, XML QTI, and Blackboard formats) as the permission-only testbank files. Sample questions have been removed from the electronically secure testbank. FORMATS The testbank and portions thereof are available in multiple formats. Links to external sites regarding uploading different types of QTI files are here: Canvas | Blackboard or on the help pages for your respective learning management system by searching for "QTI". Files marked "IMS QTI 1.1.3" and have been tested to successfully import into Canvas but may work with other LMS/VLE systems. Please use the sample files to determine if one of the export formats will work for your specific situation. Please note that we are unable to provide additional file types, support for uploading, or assistance with reformatting files. Please contact your local learning management system (LMS) manager for additional support. Distribution The information in the testbank is of a proprietary nature, produced by or for faculty of public institutions of higher education as a result of collaborative study, research, and peer review. Because it is intended to be used in student assessment the information has not been publicly released or published. If you become aware of public distribution of the testbank or portions thereof shared outside of a secure electronic environment, assessment context, or other security breach please inform us at: openeducation@vt.edu LIABILITY The testbank and testbank items are provided "as is." Users of this resource assume all risks and further agree to hold Virginia Tech, the Commonwealth of Virginia and their employees and agents, and project contributors harmless from any and all actions related to use of this program.

Material Type: Assessment

Authors: Bamgarner Sarah, Cortes Anastasia, Futyma Frank, Goodwin Thomas, Hertweck Bryan, Manfred Michelle, Poff Ron, Tuttle Mallory, Walz Anita, Watters Sheila

MARKETING

LEARNING OBJECTIVESAfter studying this chapter, you shoud be able to:explain the meaning of‘marketing’; distinguish between ‘marketing’and ‘selling’;list out important functions of marketing;examine the role of marketing in the development of an economy in a firm, to the society and to consumers;explain the elements of  marketing-mix; classify products into different categories; analyse the factors affecting price of a product;list out the types of channels of distribution; and  explain the major tools of promotion, viz. advertising, personal selling, salespromotion and publicityWHERE DO COMPANIES DO THEIR BUSINESS?In the Markets or in the Society?It is an undisputed fact that a company’s survival does not depend upon its consumers alone, but a diverse set of stakeholders like the government, religious leaders, social activists, NGOs, media, etc. Hence, earning the satisfaction of these segments is also as imperative as they add to the power of the brand by word of mouth.The social concern adds to the strength of the brand. Corporates that embraced the deepest social values, have been successful in building powerful brand, and, eventually, robust customer relationship. The area of corporate social justice fall under two broad categories. The issues such as the nutrition of children, child care, old-age homes, amelioration of hunger, offering aid to those affected by naturalcalamities, etc. needing instant attention with humanitarian perspective, comes under the first category.“Business is not financial science, it’s about trading, buying and selling. It’s about creating a product or service so good that people will pay for it.” — Anta Roddick“Marketing takes a day to learn. Unfortunately it takes time to master.”WHAT IS A MARKETIn the traditional sense, the term ‘market’ refers to the place where buyers and sellers gather to enter into transactions involving the exchange of goods and services. It is in this sense that this term is being used in day today language, even today. The other ways in which this term is being used is in the context of a product market(cotton market, gold or share market), market (national and international market), type of buyers(consumer market and industrial market) and the quantity of goods transacted (retail market and wholesale market).WHAT IS MARKETINGThe term marketing has been described by different people in different ways. Some people believe that marketing is same as ‘shopping’. Whenever they go out for shopping of certain products or services, they describe it as marketing.There are some other people who confuse marketing with ‘selling’ and feel that marketing activity starts after a product or service has been produced. Some people describe it to mean ‘merchandising’ or designing aproduct. All these descriptions may be partly correct but marketing is a much broader concept.1. Needs and Wants:The process of marketing helps individuals and groups in obtaining what they need and want. Thus, the primary reason or motivation for people to engage in the process of marketing is to satisfy some of their needs or wants. In other words, the focus of the marketing process is on satisfaction of the needs and wants of individuals and organisations.A need is a state of felt deprivation or feeling of being deprived of something. If unsatisfied, it leaves a person unhappy and uncomfortable.For example, on getting hungry, we become uncomfortable and start looking for objects that are capable ofsatisfying our hunger. Needs are basic to human beings and do not pertain to a particular product. Wants, on the other hand, are culturally defined objects that are potential satisfiers of needs. In other words, human needs shaped by such factors as culture, personality and religion are called wants. A basic need for food,for example, may take various forms such as want for dosa and rice for a South Indian and chapatti and vegetables for a North Indian person.2. Creating a Market Offering:On the part of the marketers, the effort involves creation of a ‘market offering. Market offering refers to a completeoffer for a product or service, having given features like size, quality, taste, etc; at a certain price; available at agiven outlet or location and so on. Let us say the offer is for a cell phone, available in four different versions, onthe basis of certain features such as size of memory, television viewing, internet, camera, etc., for a given price,say between Rs. 5,000 and Rs. 20,000 (depending on the model selected), available for sale at say firm’s exclusiveshops in and around all metropolitan cities in the country. A good ‘market offer’ is the one which is developed afteranalysing the needs and preferences of the potential buyers.3. Customer Value:The process of marketing facilitates exchange of products and services between the buyers and the sellers. The buyers, however, make buying decisions on their perceptions of the value of the product or service in satisfying theirneed, in relation to its cost. A product will be purchased only if it is perceived to be giving greatest benefit or valuefor the money. The job of a marketer, therefore, is to add to the value of the product so that the customers preferit in relation to the competing products and decide to purchase it.4. Exchange Mechanism:The process of marketing works through the exchange mechanism. The individuals (buyers and sellers) obtain what they need and want through the process of exchange. In other words, the process of marketing involves exchange of products and services for money or something considered valuable by the people. Exchange refers to the processthrough which two or more parties come together to obtain the desired product or service from someone,offering the same by giving something in return.For example, a person feeling hungry may get food by offering to give money or some other product or service in return to someone who is willing to accept the same for food.

Material Type: Lesson Plan

Author: Sachin Salate

Fundamentals of Business, First edition

Fundamentals of Business (2016) is an openly licensed (CC BY NC SA 3.0) textbook designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business. This work is a project of University Libraries and the Pamplin College of Business, Virginia Tech. A new version of this book was released in August 2018. See http://hdl.handle.net/10919/84848 for more details. If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand a little more about your use by filling out this form http://bit.ly/business-interest See also the faculty sharing portal at: https://www.oercommons.org/groups/fundamentals-of-business-user-group/1379

Material Type: Textbook

Author: Stephen J. Skripak

Ben Franklin: Highlighting the Printer

Students will learn that money is an invention. They will read and analyze an essay focusing primarily on one aspect of Ben Franklin's life his work as a printer and how he was an inventor and entrepreneur who also promoted the use of currency in the United States. Students will cite specific textual evidence regarding problems and solutions and will answer questions and complete a timeline. By using evidence and information gleaned from text, students will write a fictitious social media post defending the selection of Ben Franklin's portrait for the $100 note.

Material Type: Lesson, Lesson Plan, Reading

Class Slides for Fundamentals of Business

Class slides for Fundamentals of Business, fourth edition (2023) are freely-available, screen-reader friendly, openly-licensed, and editable. The slides align with the freely-available open textbook, Fundamentals of Business, fourth edition, which was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business.

Material Type: Teaching/Learning Strategy

Author: Ron Poff

Fundamentals of Business, fourth edition

Fundamentals of Business, fourth edition (2023) is an 434-page open education resource intended to serve as a no-cost, faculty-customizable primary text for one-semester undergraduate introductory business courses. It covers the following topics in business: Teamwork; economics; ethics; entrepreneurship; business ownership, management, and leadership; organizational structures and operations management; human resources and motivating employees; managing in labor union contexts; marketing and pricing strategy; hospitality and tourism, accounting and finance, personal finances, and technology in business. The textbook was designed for use in Virginia Tech’s Pamplin College of Business introductory level business course, MGT1104 Foundations of Business and is shared under a Creative Commons Attribution Non-Commercial ShareAlike 4.0 license. The main landing page for this book is: https://doi.org/10.21061/fundamentalsofbusiness4e An online, interactive, accessible version of this book is available at: https://pressbooks.lib.vt.edu/fundamentalsofbusiness4e Information for Instructors If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand your use by filling out this form http://bit.ly/business-interest. If you are an instructor seeking supplementary resources for teaching, please join the listserv for this book and the instructor resource sharing portal. Class slides are available for this book: http://hdl.handle.net/10919/105157 A testbank is available by request for this book: http://hdl.handle.net/10919/93404 Please note that the testbank does not at this point reflect changes made between the third and fourth editions. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. Please note that there are THREE steps in the test bank request process. Where to Find the Book Permanent handle: http://hdl.handle.net/10919/111385 (PDF, epub, and other versions) URL: https://pressbooks.lib.vt.edu/fundamentalsofbusiness4e (HTML eBook-Pressbooks) DOI: https://doi.org/10.21061/fundamentalsofbusiness4e (PDF, epub, and other versions) ISBN 978-1-957213-24-8 (print-color) Order here https://www.amazon.com/Fundamentals-Business-Color-4th-Poff/dp/1957213248 ISBN 978-1-957213-25-5 (print-black & white) Order here https://www.amazon.com/Fundamentals-Business-black-white-4th/dp/1957213256 ISBN 978-1-957213-21-7 (ebook-PDF) ISBN 978-1-957213-23-1 (HTML eBook-Pressbooks) ISBN 978-1-957213-22-4 (epub) Instructors reviewing, selecting or adapting the text are encouraged to register their use at http://bit.ly/business-interest in order to stay up to date regarding new volumes and editions, supplements, newly issued print versions, errata, and collaborative development or research opportunities. You may submit comments or report errors using this form http://bit.ly/business-feedback. Additional suggestions or feedback may be submitted via email at: publishing@vt.edu This work is published by Pamplin College of Business in association with Virginia Tech Publishing. Funding and technical assistance for this project was provided by the University Libraries' Open Education Initiative. Accessibility notice Virginia Tech Publishing is committed to making its publications accessible in accordance with the Americans with Disabilities Act of 1990. The Pressbooks (HTML) and ePub versions of this text are tagged structurally and include alternative text, which allows for machine readability. What’s new? This version of the book, the Fourth Edition, improves upon the 2016, 2018, and 2020 editions. Improvements include: - Data updates - Updated graphics and photos; - Added interactive, live-data graphs to the online version for key economic indicators in Chapter 3: Economics and Business; - Reorganized and added significant additional content to Chapter 4: Ethics and Social Responsibility; - Renamed and substantially expanded content in Chapter 7: Entrepreneurship and Small Business Development; - Added additional content to chapters 8, 10, 12, 13, 14, and 17; - Addition of completely new chapter — Chapter 19: Technology in Business; A detailed list of changes by chapter is available in Version Notes at the back of the book. Features of the book. Each chapter lists learning objectives at the beginning of the chapter and key takeaways at the end of the chapter. The Pressbooks version of this book also includes interactive self-quizzing. TABLE OF CONTENTS Chapter 1: Teamwork in Business Chapter 2: The Foundations of Business Chapter 3: Economics and Business Chapter 4: Ethics and Social Responsibility Chapter 5: Business in a Global Environment Chapter 6: Forms of Business Ownership Chapter 7: Entrepreneurship and Small Business Development Chapter 8: Management and Leadership Chapter 9: Structuring Organizations Chapter 10: Operations Management Chapter 11: Motivating Employees Chapter 12: Managing Human Resources Chapter 13: Union/Management Issues Chapter 14: Marketing: Providing Value to Customers Chapter 15: Pricing Strategy Chapter 16: Hospitality and Tourism Chapter 17: Accounting and Financial Information Chapter 18: Personal Finances Chapter 19: Technology in Business How to cite this book Ron Poff (2023). Fundamentals of Business, 4th Edition, Blacksburg: Pamplin College of Business. https://doi.org/10.21061/fundamentalsofbusiness4e. Licensed with CC BY-NC-SA 4.0 https://creativecommons.org/licenses/by-nc-sa/4.0. About the Author About the Previous Author Fundamentals of Business, 4th edition is adapted from a work produced and distributed under a Creative Commons license (CC BY-NC-SA 3.0) by a publisher who has requested that they and the original author not receive attribution. We wish to extend our gratitude to the original author for portions of her book which were remixed and adapted to form portions of Chapters 1-15 and 17-18 of Fundamentals of Business. If the publisher and author are both willing to allow us to provide attribution to the author while retaining use of the Creative Commons license and continuing to provide free public access, we will gladly and publicly thank the original author here. About Ron Poff Ron Poff is Assistant Professor of Management Practice in the Management Department at Pamplin College of Business, Virginia Tech, where he teaches management courses. He began his career as an enlisted member of the US Navy Reserves before entering his primary career in supply chain operations then sales and marketing, where he served in executive roles with large corporations for over 25 years. As an entrepreneur, he then founded his own marketing agency. His education includes a B.S. in Business Management, M.S. Marketing, and a Graduate Certificate in eMarketing. About Stephen Skripak Stephen J. Skripak is retired Professor of Practice in Management at Pamplin College of Business, Virginia Tech (2005 - 2021) and former Associate Dean for Graduate Programs (2006-2014). He is a senior executive with 25 years of business leadership experience, including positions as General Manager and Chief Financial Officer with divisions of Fortune 500 companies. His background includes financial services, consumer packaged goods, apparel, and industrial companies, with emphasis in turnaround situations. He was the lead contributor and subject matter expert for the 2016 and 2018 editions of Fundamentals of Business, and reviewed the 2020 and 2023 versions of the book. Contributors Lead Contributor: Ron Poff Contributors to the Fourth Edition: Howard Haines, John Andy Travers Managing Editor: Anita Walz Editorial Assistant, Graphic Design, and Production Manager: Kindred Grey Past reviewers/contributors: Anastasia Cortes, Jonathan De Pena, Lisa R. Fournier, Lauren Holt, Nina Lindsay, Katie Manning, Sarah Mease, Richard Parsons, Sachi Soni, Michael Stamper, Gary Walton, and Blake Warner

Material Type: Textbook

Authors: Ron Poff, Steven Skripak