The Business Environment: A Global Perspective, 8th Edition PDF by Ian Worthington, Chris Britton and Ed Thompson

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The Business Environment: A Global Perspective, Eighth Edition

By Ian Worthington, Chris Britton and Ed Thompson

The Business Environment A Global Perspective, 8th Edition

Contents

Contributors xviii

Preface to the eighth edition xix

Acknowledgements xxi

Part One INTRODUCTION

1 Business organisations: the external environment 3

Ian Worthington

Learning outcomes and key terms 3

Introduction 4

The business organisation and its environment 4

The general or contextual environment 7

Mini case: The impact of regional economic conditions 8

The immediate or operational environment 9

Analysing the business environment 10

Mini case: Fresh but not so easy 10

Central themes 12

Synopsis 14

Summary of key points 14

Case study: Facing the unexpected 14

Review and discussion questions 15

Assignments 16

Further reading 16

2 Business organisations: the internal environment 17

Ian Worthington

Learning outcomes and key terms 17

Introduction 18

The concept of the organisation: an initial comment 18

Understanding the nature of organisations: theories of

organisation and management 19

Other theoretical approaches 23

Organisational structures 23

Mini case: ‘Into the Dragon’s Den’ 24

Mini case: Mergers and competition 27

The virtual organisation 29

Structural change 29

Aspects of functional management 30

Synopsis 35

Summary of key points 35

Case study: Reshuffle at Microsoft 36

Case study: Thomas Cook expansion 37

Review and discussion questions 37

Assignments 37

Further reading 38

3 The global context of business 39

Chris Britton

Learning outcomes and key terms 39

Introduction 40

Globalisation versus internationalisation 40

The role of multinational enterprises 43

Mini case: Transfer pricing 44

Globalisation and business 46

Mini case: Currency crisis in emerging markets 48

Globalisation and the small and medium-sized firm 49

Synopsis 49

Summary of key points 50

Case study: Global financial markets – too big to fail 50

Case study: FDI flows 51

Review and discussion questions 52

Assignments 52

Further reading 53

International business in action: The global car industry

and the changing business environment 55

Part Two CONTEXTS

4 The political environment 61

Ian Worthington

Learning outcomes and key terms 61

Introduction 62

Political systems 64

Government in democratic states 65

Mini case: Brought to book 69

The three branches or functions of government 72

Mini case: The power of the purse 73

Checks and balances in democracies 76

A model of the policy process 77

Synopsis 78

Summary of key points 79

Appendix 4.1: A democratic political system in action:

UK national government 79

Appendix 4.2: Subnational government: UK local authorities 86

Appendix 4.3: Supranational government: the European Union 88

Case study: The business of lobbying 94

Case study: Political campaign funding 95

Review and discussion questions 96

Assignments 96

Further reading 97

5 The macroeconomic environment 99

Ian Worthington

Learning outcomes and key terms 99

Introduction 100

Economic systems 101

Economies in transition 105

Politico-economic synthesis 106

The macroeconomy 107

Government and the macroeconomy: objectives 113

Mini case: Digging in for the long term 119

Government and the macroeconomy: policies 119

The role of financial institutions 124

Mini case: A new kid on the block: the rise of the credit rating agency 126

International economic institutions and organisations 128

Synopsis 131

Summary of key points 131

Case study: Austerity 132

Case study: Quantitative easing (QE) 132

Review and discussion questions 134

Assignments 134

Further reading 134

6 The demographic, social and cultural context of business 135

Ian Worthington

Learning outcomes and key terms 135

Introduction 136

The demographic environment of business 136

The social context 141

Mini case: A new class structure? 142

Lifestyles 145

The cultural environment 147

Mini case: National cultures 149

Application: market segmentation 150

Synopsis 152

Summary of key points 152

Case study: An invitation to ‘tweet’ 153

Case study: Supply and demands – a changing workforce 154

Review and discussion questions 154

Assignments 155

Further reading 155

7 The resource context: people, technology

and natural resources 157

Chris Britton

Learning outcomes and key terms 157

Introduction 158

People 158

Mini case: Zero-hours contracts 160

Technology 168

Mini case: The robots are coming 169

Natural resources 174

Synopsis 177

Summary of key points 178

Case study: Agricultural work and Brexit 178

Case study: Fracking 179

Review and discussion questions 181

Assignments 181

Further reading 182

8 The legal environment 183

Martin Morgan-Taylor

Learning outcomes and key terms 183

Introduction 184

Classification of law 184

Mini case: Verity and Spindler v Lloyds Bank (1995) 185

Sources of law 186

The legal system: the courts 188

Mini case: Jean-Marc Bosman – a case of foul play? 190

Business organisations and the law 191

Contract law: the essentials 191

Agency 195

Law and the consumer 196

Codes of practice 203

Synopsis 203

Summary of key points 204

Case study: The sale of goods on the Internet 204

Review and discussion questions 206

Assignments 207

Further reading 207

9 The ethical and ecological environment 209

Ian Worthington

Learning outcomes and key terms 209

Introduction 210

Ethics and business 211

Mini case: Illegal or unethical? 212

Corporate social responsibility 213

T he ‘environment’ as a business issue: the emergence of

corporate©environmentalism 214

Drivers of ‘green’ business 215

Why and how firms become more environmentally responsible 219

Mini case: Going round in circles: Desso Carpets 220

Another perspective: the ‘outside-in’ view 221

Summary of key points 221

Case study: Doing well by doing good 222

Review and discussion questions 223

Assignments 223

Further reading 224

International business in action: Migration 225

Part Three FIRMS

10 Legal structures 229

Ian Worthington

Learning outcomes and key terms 229

Introduction 230

Private sector organisations in the UK 230

Mini case: Companies under pressure 236

Social enterprises 239

Public sector business organisations in the UK 240

Business organisations in mainland Europe 243

The public sector in mainland Europe 246

Legal structure: some implications 247

Franchising, licensing and joint ventures 252

Mini case: Cross-national joint ventures 255

Synopsis 255

Summary of key points 256

Case study: Uber 256

Review and discussion questions 257

Assignments 257

Further reading 258

11 Size structure of firms 259

Chris Britton

Learning outcomes and key terms 259

Introduction 260

The size structure of UK industry 260

Organisational growth 261

Methods of growth 262

Mini case: The story of a failed merger 265

Finance for growth 266

Small firms 271

Mini case: ‘Olderpreneurs’ and small firms 273

Multinationals 281

Synopsis 281

Summary of key points 282

Case study: Gazprom, the Russian giant 282

Review and discussion questions 283

Assignments 284

Further reading 284

12 Industrial structure 285

Chris Britton

Learning outcomes and key terms 285

Introduction 286

The structure of industry 286

Mini case: The end of manufacturing? 292

Mini case: The life cycle model 299

Deindustrialisation 301

Synopsis 304

Summary of key points 304

Appendix 12.1: The Standard Industrial Classification (SIC), 2007 305

Case study: The rise of the public service companies: the case of Serco 306

Review and discussion questions 308

Assignments 308

Further reading 308

13 Government and business 311

Ian Worthington

Learning outcomes and key terms 311

Introduction 312

Government and business: an overview 312

Regional policy 313

Regional aid within the European Union 316

Mini case: The EU and state aid 319

UK urban policy 319

Selected urban policy instruments 321

Developments in urban policy: 1997–2010 323

Urban and industrial policy developments in the UK since 2010 324

Local government and business in the UK 326

Business as an influence on government 331

Mini case: A taxing issue 332

Synopsis 333

Summary of key points 333

Case study: Public sector procurement – the Royal Navy 334

Review and discussion questions 334

Assignments 335

Further reading 335

International business in action: A lot of bottle 337

Part Four MARKETS

14 The market system 341

Chris Britton

Learning outcomes and key terms 341

Introduction 342

The market mechanism 342

Demand 342

Supply 345

Shifts in demand and supply 349

Mini case: The effect of a factory fire on the market for microchips 350

Price controls 351

Mini case: The price of toilet rolls in Venezuela 353

Elasticity of demand 354

Elasticity of supply 357

The importance of the market to business 358

Synopsis 359

Summary of key points 359

C ase study: The housing market in the UK 360

Review and discussion questions 362

Assignments 362

Further reading 363

15 Market structure 365

Chris Britton

Learning outcomes and key terms 365

Introduction 366

Market structures – in theory and practice 367

Porter’s five-forces model 374

Mini case: Open Skies and contestability 377

Mini case: The success story of Prosecco 379

Measuring the degree of actual competition in the market 381

Synopsis 383

Summary of key points 383

Case study: A Porter’s five-forces analysis of the cigarette

industry in the UK 384

Review and discussion questions 386

Assignments 387

Further reading 387

16 International markets and trade 389

Chris Britton

Learning outcomes and key terms 389

Introduction 390

International trade – why it takes place 390

Restrictions to international trade 391

Mini case: The cotton dispute 392

The establishment and growth of the European Union 393

‘Brexit’ and Euroscepticism 394

The balance of payments 395

The history of the balance of payments in the UK 399

Mini case: The current account of the balance of payments 401

Exchange rates 404

The single European currency 410

Exchange rates and business 411

Synopsis 412

Summary of key points 412

Case study: Eurozone crisis 412

Review and discussion questions 415

Assignments 415

Further reading 416

17 Governments and markets 417

Ian Worthington

Learning outcomes and key terms 417

Introduction 418

Privatisation policy in the UK 418

Mini case: Government to the rescue 424

Competition policy 427

Mini case: Accusations of price fixing 429

Government and the labour market 435

Synopsis 439

Summary of key points 440

Case study: Who leads who? 441

Case study: ‘What a fine mess you’ve got me into’ 441

Review and discussion questions 443

Assignments 443

Further reading 443

International business in action: Working with the grain of the market 445

Part Five CONCLUSION

18 Strategy and the changing environment 449

David Orton and Ian Worthington

Learning outcomes and key terms 449

Introduction 450

The need to monitor environmental change 451

Analysing the business environment: broad approaches 452

Mini case: Multinational inward investment: a PESTLE analysis 453

Techniques 456

Mini case: Bucking the trend 458

Limitations to environmental analysis 461

Sources of information 462

Synopsis 469

Summary of key points 470

Case study: Scenario planning at Shell 470

Review and discussion questions 473

Assignments 473

Further reading 473

Glossary 475

Index 495

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