Business and Its Environment / Edition 4

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Brings together the disciplines of economics, political science, law, and ethics to address a class of management issues of growing importance to the performance of companies. Provides conceptual frameworks for understanding issues in the environment of business and their development; strategy formulation; analysis of the news media; political analysis; the economics and politics of government intervention in markets (regulation, antitrust, and torts); the economics and politics of international trade; the political economy of countries; and ethical analysis and decision-making. For all business professionals, including managers looking to enhance their knowledge of an ever-changing, increasingly global field.
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Product Details

  • ISBN-13: 9780130470645
  • Publisher: Prentice Hall
  • Publication date: 7/19/2002
  • Edition description: Older Edition
  • Edition number: 4
  • Pages: 864
  • Product dimensions: 8.10 (w) x 10.10 (h) x 1.50 (d)

Table of Contents

List of Cases
Pt. I Strategy and the Nonmarket Environment 1
Ch. 1 Market and Nonmarket Environments 1
Ch. 2 Integrated Strategy 29
Ch. 3 The News Media and Nonmarket Issues 61
Ch. 4 Private Nonmarket Action 90
Pt. II Nonmarket Strategies and Government Institutions 125
Ch. 5 Political Theory and Government Institutions 125
Ch. 6 Political Analysis for Business 161
Ch. 7 Formulating Political Strategies 190
Ch. 8 Implementing Political Strategies 220
Pt. III Government and Markets 269
Ch. 9 Antitrust: Economics, Law, and Politics 269
Ch. 10 Regulation: Law, Economics, and Politics 313
Ch. 11 Environmental Protection: Economics, Politics, and Management 346
Ch. 12 Law and Markets 388
Ch. 13 Information Industries and Nonmarket Issues 432
Pt. IV International Political Economy 475
Ch. 14 The Political Economy of Japan 475
Ch. 15 The Political Economy of the European Union 511
Ch. 16 China: History, Culture, and Political Economy 555
Ch. 17 The Political Economy of International Trade Policy 587
Pt. V Ethics and Responsibility 642
Ch. 18 Corporate Social Responsibility 642
Ch. 19 Ethics Systems: Utilitarianism 682
Ch. 20 Ethics Systems: Rights and Justice 716
Ch. 21 Implementing Ethics Systems 759
Ch. 22 Ethics Issues in International Business 797
References 833
Index 847
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The environment of business consists of the market environment, characterized by the structure of the markets in which a firm operates, and the nonmarket environment, characterized by the legal, political, and social context in which the firm is embedded. The market and nonmarket environments are interrelated and shaped by the strategies of firms and other interested parties. Nonmarket strategies not only shape the nonmarket environment, they also affect the structure of the market environment and the positions of firms in that environment. Similarly, the market strategies of firms generate issues that are addressed in the nonmarket environment. Business and Its Environment is concerned with the interrelationships among the market and nonmarket environments and the effective management of the issues that arise therein. In contrast to a public policy or social responsibility perspective, the approach taken in the book is managerial. That is, it takes the perspective of managers, not of government or the public, and focuses on issues of importance to the performance of their firms. The approach emphasizes analysis and principled reasoning as the foundations for formulating effective and responsible strategies.

The fourth edition of Business and Its Environment represents continuity and change. It retains the structure, much of the subject matter, and the conceptual frameworks of the third edition. It also retains the strategy orientation and the guidance of .the normative subjects of ethics and corporate responsibility. The fourth edition includes chapter cases for class discussion of managerial issues and applications of the conceptual frameworks andinstitutional material. At the end of each of the five parts of the book are integrative cases on Microsoft's nonmarket environment, pharmaceuticals policy, energy and environmental regulation, globalization, and ethics in financial services. The fourth edition continues the focus on strategies for improving performance by addressing the challenges in the nonmarket environment and their effects on the market environment. The approach draws on the disciplines of economics, political science, law, and ethics to provide a foundation for strategy formulation and a deeper understanding of the environment of business and nonmarket issues. An integrated perspective strengthens the managerial orientation of the book and also enhances the usefulness of the conceptual materials for other parts of the business curriculum.

The principal changes in the fourth edition include a thorough updating of all the chapters, new strategy concepts such as nonmarket positioning, new and updated applications, additional material on corporate social responsibility, and two new chapters. One new chapter is on law and markets and includes intellectual property protection, contracts, and torts. The other new chapter is on information industries, including the economics of winner-take-most markets, the development of online communities, and the issues of Internet privacy and the taxation of electronic commerce transactions.

The fourth edition contains 73 cases, including 20 new cases on companies such as Microsoft, Enron, eBay, Schering-Plough, Citigroup, DoubleClick, and British Petroleum. Many of the new cases are set at the beginning of the twenty-first century and address issues in antitrust and regulation, pharmaceuticals, information technology, globalization, environmental protection, international business, international trade, electronic commerce, and business ethics and responsibility. Twenty-five of the cases concern global and international nonmarket issues, and twelve deal with environmental and health issues. The cases pose a managerial problem that requires analysis and strategy formulation.

The book is organized in five parts. Part I introduces the nonmarket environment and nonmarket strategy with a focus on issues involving the public, activists, and the news media. Part II is concerned with issues addressed in the context of government institutions and with political strategies for dealing with those issues. The frameworks developed in this part provide a foundation for Parts III and IV Part III focuses on the interactions between government and markets with an emphasis on antitrust, regulation, environmental protection, the law of intellectual property, contracts, and torts, and the economics and politics of information industries. Part IV is explicitly international and provides frameworks for understanding the political economy of countries and the relationships between business and government. Japan, the European Union, and China are considered, and international trade policy is used to bring the policy and strategy issues together. Part V is normative and focuses on ethics and corporate social responsibility. The complexities involved in operating in developing countries are considered both through conceptual frameworks and cases.

I would like to thank David Brady, Daniel Diermeier,Timothy Feddersen,Thomas Gilligan, Kirk Hanson, Daniel Kessler, Keith Krehbiel, and Romian Wacziarg for contributing cases to the fourth edition. The Graduate School of Business of Stanford University provided institutional support for the work underlying this book.

David P Baron
Stanford, California

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