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T E N T H C A N A D I A N E D I T I O N William G. Nickels University of Maryland James M. McHugh St. Louis Community College at Forest Park Susan M. McHugh Applied Learning System Rita Cossa DeGroote Schoo...

T E N T H C A N A D I A N E D I T I O N William G. Nickels University of Maryland James M. McHugh St. Louis Community College at Forest Park Susan M. McHugh Applied Learning System Rita Cossa DeGroote School of Business, McMaster University Julie Stevens Brock University Understanding Canadian Business Tenth Canadian Edition Copyright © 2019, 2016, 2013, 2010, 2007, 2005, 2003, 2000, 1997, 1993 by McGraw-Hill Ryerson Limited. Copyright © 2016, 2013, 2010, 2008, 2005, 2002, 1999, 1996, 1993, 1990, 1986 by McGraw-Hill Education LLC. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in a data base or retrieval system, without the prior written permission of McGraw-Hill Ryerson Limited, or in the case of photocopying or other reprographic copying, a license from The Canadian Copyright Licensing Agency (Access Copyright). For an Access Copyright license, visit www.accesscopyright.ca or call toll free to 1-800-893-5777. The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a Web site does not indicate an endorsement by the authors or McGraw-Hill Ryerson, and McGraw-Hill Ryerson does not guarantee the accuracy of the information presented at these sites. ISBN-13: 978-1-25-965495-4 ISBN-10: 1-25-965495-8 1 2 3 4 5 6 7 8 9 0 TCP 1 2 3 4 5 6 7 8 9 Printed and bound in Canada. Care has been taken to trace ownership of copyright material contained in this text; however, the publisher will welcome any information that enables them to rectify any reference or credit for subsequent editions. Product Director, Canada: Rhondda McNabb Portfolio Manager: Amy Clarke-Spencley Marketing Manager: Emily Park Senior Content Developer: Amy Rydzanicz Senior Portfolio Associate: Stephanie Giles Supervising Editor: Janie Deneau Photo/Permissions Editor: Monika Schurmann Copy Editor: Margaret Henderson Plant Production Coordinator: Michelle Saddler Manufacturing Production Coordinator: Jason Stubner Cover Design: Jodie Bernard, Lightbox Communications, Inc. Cover Image: © Rob Ball Interior Design: Liz Harasymczuk Page Layout: SPi Global Printer: Transcontinental Printing Group mheducation.ca About the Authors Bill Nickels is emeritus professor of business at the University of Maryland, College Park. He has over 30 years’ experience teaching graduate and undergraduate business 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 MBA degree from Western Reserve University and his PhD 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 business people on subjects such as power communications, marketing, non-business marketing, and stress and life management. Jim McHugh holds an MBA 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 several 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 MEd degree from the University of Missouri and completed her coursework for a PhD in education administration 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. Rita Cossa is an Assistant Professor at the DeGroote School of Business, McMaster University. This textbook marks her seventh edition as an author for Understanding Canadian Business. She primarily teaches introduction to business courses to undergraduate students. Other courses taught include Business Policy & Strategic Management, as well as Marketing courses at both the undergraduate and graduate levels. Teaching highlights include a nomination to TV Ontario’s Best Lecturer Competition, multiple nominations for a McMaster Student Union Teaching Award, and notations in the Maclean’s Guide to Canadian Universities as a Popular Prof for Marketing. Her pedagogical interests include active learning, student engagement, and self-reflection. Prior to teaching, Rita held management-level positions in the banking industry. iii About the Authors Julie Stevens is an Associate Professor in the Department of Sport Management at Brock University. During the past twenty years she has taught several graduate and undergraduate management courses related to organization theory, policy, change and innovation, governance, and professionalism within commercial, non-profit, and public sectors. She holds Instructional Skills Workshop training and has served on various teaching and learning committees. Her teaching philosophy, which emphasizes critical commentary and active learner engagement, is enacted through a diverse range of practices within classroom and online forums. Drawing upon her background as a Research Fellow with the North American Society for Sport Management, she integrates current affairs and scholarship to provide relevant, problem-based learning opportunities for students. Dedication To my children, Leila and Mattia, and my husband, Stephen, for their support during the creation of this edition. And to my students whose questions and discussions have contributed to a textbook with their learning in mind. Rita Cossa To Ron, my husband, and our children, Nolan and Turner, for their support, encouragement, and patience. For my past and present students whose dreams for the future inspired much of my writing. Julie Stevens 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! Bill Nickels, Jim McHugh, Susan McHugh iv Brief Contents Preface xvii PART 1 BUSINESS TRENDS: CULTIVATING A BUSINESS IN DIVERSE GLOBAL ENVIRONMENTS 2 CHAPTER 1 The Dynamic Business Environment 2 APPENDIX A Using Technology to Manage Information 42 CHAPTER 2 How Economic Issues Affect Business 68 CHAPTER 3 Competing in Global Markets 102 CHAPTER 4 The Role of Government in Business 142 CHAPTER 5 Ethics and Social Responsibility 176 PART 2 BUSINESS OWNERSHIP AND SMALL BUSINESS 214 CHAPTER 6 Forms of Business Ownership 214 CHAPTER 7 Entrepreneurship and Starting a Small Business 246 PART 3 LEADERSHIP, ORGANIZATION, AND PRODUCTION TO SATISFY CUSTOMERS 286 CHAPTER 8 Management and Leadership 286 CHAPTER 9 Structuring Organizations for Today’s Challenges 318 CHAPTER 10 Producing World-Class Goods and Services 354 PART 4 MANAGEMENT OF HUMAN RESOURCES 396 CHAPTER 11 Motivating Employees 396 CHAPTER 12 Human Resource Management: Finding and Keeping the Best Employees 432 CHAPTER 13 Dealing with Employee–Management Issues 474 PART 5 MARKETING: DEVELOPING AND IMPLEMENTING CUSTOMER- ORIENTED MARKETING PLANS 514 CHAPTER 14 Marketing: Helping Buyers Buy 514 CHAPTER 15 Managing the Marketing Mix: Product, Price, Place, and Promotion 554 PART 6 ACCOUNTING INFORMATION AND FINANCIAL ACTIVITIES 600 CHAPTER 16 Understanding Accounting and Financial Information 600 CHAPTER 17 Financial Management 636 CHAPTER 18 The Canadian Financial System 670 APPENDIX B Managing Personal Finances 708 ONLINE SUPPLEMENT 1 Working Within the Legal Environment of Business ONLINE SUPPLEMENT 2 Managing Risk Endnotes EN-1 Glossary GL-1 Index IN-1 v Contents Preface xvii Progress in Service Industries 32 Your Future in Business 33 PART 1 SUMMARY 35 KEY TERMS 37 BUSINESS TRENDS: CULTIVATING CAREER EXPLORATION 37 A BUSINESS IN DIVERSE GLOBAL ENVIRONMENTS 2 CRITICAL THINKING 38 DEVELOPING CAREER SKILLS 38 CHAPTER 1 ANALYZING MANAGEMENT DECISIONS 39 The Dynamic Business Environment 2 PROFILE: Getting to Know: Ron Foxcroft, CEO, Fox 40 APPENDIX A International Inc. 2 Using Technology to Manage Using this Course to Prepare for Your Career 4 Information 42 Business Fundamentals 7 PROFILE: Getting to Know: Ben Fried, CIO, Google 42 Revenues, Profits, and Losses 7 The Role of Information Technology 43 Matching Risk with Profit 8 Evolution from Data Processing to Standard of Living and Quality of Life 8 Business Intelligence 44 Responding to the Various Business Stakeholders 9 How Information Technology Changes Business 45 Using Business Principles in Non-Profit Organizations 11 Types of Information 47 Managing Information 48 Entrepreneurship Versus Working for Others 13 Big Data and Analytics 49 The Importance of Entrepreneurs to the Creation of Using Information from Social Media 49 Wealth 14 The Heart of Knowledge Management: The The Business Environment 16 Internet 50 The Legal Environment 17 Broadband Technology 52 Making Ethical Decisions: How Ethical Social Media and Web 2.0 54 Are You? 18 Spotlight on Small Business: Want to Be a Social The Economic Environment 18 Media Manager? 54 The Technological Environment 19 Web 3.0 56 Adapting to Change: Up, Up, and Away 21 Adapting to Change: How Social Media Move TV The Competitive Environment 23 Ratings 57 Spotlight on Small Business: Fighting for Air Space: Chinook Helicopters Ltd. 25 Virtual Networking and Cloud Computing 59 The Social Environment 26 Effects of Information Technology The Global Environment 28 on Management 60 Reaching Beyond Our Borders: Hollywood Climbs Human Resources Issues 60 the Great Wall 29 Security Issues 62 Seeking Sustainability: Services Expand the Circular Privacy Issues 64 Economy and Reduce Waste 30 Stability Issues 65 The Evolution of Canadian Business 31 Technology and You 66 Progress in the Agricultural and Manufacturing Industries 31 KEY TERMS 66 vi  Contents CHAPTER 2 CHAPTER 3 How Economic Issues Affect Competing in Global Markets 102 Business 68 PROFILE: Getting to Know: Indra Kishnamurthy Nooyi, PROFILE: Getting to Know: Thomas Piketty, CEO, PepsiCo 102 Economist 68 The Dynamic Global Market 104 How Economic Conditions Affect Why Trade with Other Nations? 105 Business 70 The Theories of Comparative and Absolute What Is Economics? 70 Advantage 105 The Secret to Creating a Wealthy Economy 72 Getting Involved in Global Trade 107 Adapting to Change: World Population Is Importing Goods and Services 107 Popping 72 Exporting Goods and Services 108 Seeking Sustainability: 2015 Pan Am and Parapan Measuring Global Trade 109 Am Is LEEDing the Way 73 Spotlight on Small Business: Let the Games Growth Economics and Adam Smith 74 Begin 110 How Businesses Benefit the Community 74 Trading in Global Markets: The Canadian Experience 111 Understanding Free-Market Capitalism 76 Canada’s Priority Markets 111 How Free Markets Work 76 Spotlight on Small Business: The Key to Capitalism Is Strategies for Reaching Global Markets 113 Capital 77 Licensing 113 How Prices Are Determined 77 Exporting 114 The Economic Concept of Supply 78 Franchising 114 The Economic Concept of Demand 79 Contract Manufacturing 115 The Equilibrium Point and the Market Price 79 Adapting to Change: Many Flags Fly Over the Golden Making Ethical Decisions: Bad Medicine for Arches 116 Consumers 80 International Joint Ventures and Strategic Competition Within Free Markets 81 Alliances 117 Benefits and Limitations of Free Markets 82 Foreign Direct Investment 118 Understanding Socialism 84 Forces Affecting Trading in Global Markets 120 The Benefits of Socialism 84 Sociocultural Forces 120 The Negative Consequences of Socialism 84 Economic and Financial Forces 122 Legal Forces 123 Understanding Communism 85 Physical and Environmental Forces 124 The Trend Toward Mixed Economies 85 Making Ethical Decisions: Exporting Your Problems Away 125 Canada’s Mixed Economy 88 Trade Protectionism 125 Understanding Canada’s Economic System 89 The GATT and the WTO 127 Key Economic Indicators 89 The IMF and the World Bank 128 Reaching Beyond Our Borders: Inflation at the Speed Producers’ Cartels 128 of Sound 94 Common Markets 128 The Business Cycle 95 Seeking Sustainability: The Politics of Oil 132 SUMMARY 96 Globalization and Your Future 133 KEY TERMS 98 Reaching Beyond Our Borders: My Home Is Your CAREER EXPLORATION 98 Home 136 CRITICAL THINKING 99 SUMMARY 137 DEVELOPING CAREER SKILLS 99 KEY TERMS 139 ANALYZING MANAGEMENT DECISIONS 99 CAREER EXPLORATION 139 vii Contents CRITICAL THINKING 140 CHAPTER 5 DEVELOPING CAREER SKILLS 140 Ethics and Social Responsibility 176 ANALYZING MANAGEMENT DECISIONS 141 PROFILE: Getting to Know: Matthew Flannery, CEO/ Founder, Branch, Former CEO/Co-Founder Kiva 176 CHAPTER 4 The Role of Government in Ethics Is More Than Legality 178 Business 142 Ethical Standards Are Fundamental 180 Ethics Begins with Each of Us 180 PROFILE: Getting to Know: Lisa von Sturmer, CEO/ Making Ethical Decisions: Canadian Ponzi Founder, Growing City 142 Schemes 182 Government Affects Business 143 Managing Businesses Ethically and Government Involvement in the Economy 145 Responsibly 183 Spotlight on Small Business: Meathead Movers 184 Crown Corporations 146 Setting Corporate Ethical Standards 185 The Role for Crown Corporations 147 Corporate Social Responsibility 189 Laws and Regulations 148 Adapting to Change: Social Entrepreneurship 191 Federal Government Responsibilities 149 Concepts of Social Corporate Responsibility 192 Provincial Government Responsibilities 152 Responsibility to Customers 195 Municipal Government Responsibilities 154 Responsibility to Investors 195 The Bank of Canada 155 Responsibility to Employees 196 Using Monetary Policy to Keep the Economy Responsibility to Society 197 Growing 156 Seeking Sustainability: Green Is the New Black 199 Transmission of Monetary Policy 157 Responsibility to the Environment 199 Social Auditing 201 Taxation 159 Stabilizing the Economy Through Fiscal Policy 160 International Ethics and Social Making Ethical Decisions: Fiscal Policy Decisions 162 Responsibility 203 Reaching Beyond Our Borders: Ethical Culture Government Expenditures 163 Clash 205 Financial Aid 164 SUMMARY 206 Major Federal Programs 165 Spotlight on Small Business: Sustainable KEY TERMS 207 Development Technology Canada 166 CAREER EXPLORATION 207 Purchasing Policies 167 CRITICAL THINKING 208 DEVELOPING CAREER SKILLS 208 Services 167 Seeking Sustainability: Procurement for the Planet 168 ANALYZING MANAGEMENT DECISIONS 209 Innovation, Science and Economic Development Running Case: Ron Foxcroft: The Dream for a Pealess Canada 168 Whistle 211 Global Affairs Canada 169 Role of the Canadian Government—Some Final PART 2 Thoughts 170 BUSINESS OWNERSHIP AND SMALL SUMMARY 171 BUSINESS 214 KEY TERMS 173 CHAPTER 6 CAREER EXPLORATION 173 Forms of Business Ownership 214 CRITICAL THINKING 174 PROFILE: Getting to Know: Brian Scudamore, CEO/Founder, DEVELOPING CAREER SKILLS 174 02E Brands, Parent Company of 1-800-GOT-JUNK?, WOW ANALYZING MANAGEMENT DECISIONS 175 1 DAY PAINTING, You Move Me, and Shack Shine 214 viii  Contents Starting a Small Business 215 What Does It Take to Be an Entrepreneur? 252 Turning Your Passions and Problems into Sole Proprietorships 216 Opportunities 253 Advantages of Sole Proprietorships 216 Female Entrepreneurs 254 Disadvantages of Sole Proprietorships 217 Entrepreneurial Teams 255 Partnerships 219 Micropreneurs and Home-Based Businesses 256 Advantages of Partnerships 219 Online Businesses 257 Disadvantages of Partnerships 221 Entrepreneurship Within Firms 258 Making Ethical Decisions: Outsourcing or Encouraging Entrepreneurship: What Government Outsmarting? 222 Can Do 259 Corporations 224 Getting Started in Small Business 260 Adapting to Change: Challenges of Family Small Versus Big Business 260 Businesses 226 Small Business Statistics 260 Advantages of Corporations 226 Importance of Small Businesses 261 Seeking Sustainability: B Corporations Let Small-Business Success and Failure 262 Sustainability Set Sail 227 Disadvantages of Corporations 231 Learning About Small-Business Business Regulations 231 Operations 264 Learn from Others 265 Franchising 233 Get Some Experience 265 Advantages of Franchises 234 Buy an Existing Business 265 Spotlight on Small Business: Unlocking a Growing Making Ethical Decisions: Should You Stay or Should Franchise 236 You Go? 266 Disadvantages of Franchises 236 Buy a Franchise 266 E-Commerce in Franchising 237 Inherit/Take Over a Family Business 267 Home-Based Franchises 238 Franchising in International Markets 238 Managing a Small Business 268 Planning 268 Co-Operatives 239 Financing Your Business 269 Which Form of Ownership Is Best for You? 241 Seeking Sustainability: Kickstarting a Benefit SUMMARY 242 Corporation 273 Knowing Your Customers 273 KEY TERMS 243 Adapting to Change: Building Relationships by CAREER EXPLORATION 243 Building Subscribers 274 CRITICAL THINKING 244 Reaching Beyond Our Borders: Listening to What DEVELOPING CAREER SKILLS 244 Your Customers Need 275 Managing Your Employees 275 ANALYZING MANAGEMENT DECISIONS 245 Keeping Records 276 Looking for Help 276 CHAPTER 7 Entrepreneurship and Starting a Small Going Global: Small-Business Prospects 277 Business 246 SUMMARY 278 PROFILE: Getting to Know: Tonia Jahshan, Founder, KEY TERMS 280 Steeped Tea 246 CAREER EXPLORATION 280 The Age of the Entrepreneur 247 CRITICAL THINKING 280 Well-Known Canadian Entrepreneurs 248 DEVELOPING CAREER SKILLS 281 Spotlight on Small Business: Student Startups 250 ANALYZING MANAGEMENT DECISIONS 281 Why People Take the Entrepreneurial Running Case: Fox 40 International Inc.: A Family Challenge 250 Business 283 ix Contents PART 3 CHAPTER 9 LEADERSHIP, ORGANIZATION, Structuring Organizations for Today’s AND PRODUCTION TO SATISFY Challenges 318 CUSTOMERS 286 PROFILE: Getting to Know: Denise Morrison, CEO, Campbell Soup Company 318 CHAPTER 8 Everyone’s Reorganizing 320 Management and Leadership 286 Building an Organization from the Bottom Up 320 PROFILE: Getting to Know: Kevin Plank, Founder, Under Making Ethical Decisions: Safety and Environmental Armour 286 Concerns Versus Profit 321 The Changing Organization 322 Managers’ Roles are Evolving 288 The Development of Organizational Design 322 The Four Functions of Management 289 Turning Principles into Organizational Design 325 Planning and Decision Making 291 Decisions to Make in Structuring Adapting to Change: Will Strategy Robots Replace Organizations 326 Managers? 295 Choosing Centralization Versus Decentralization of Authority 326 Decision Making: Finding the Best Choosing the Appropriate Span of Control 327 Alternative 297 Choosing Between Tall and Flat Organization Spotlight on Small Business: I’d Rather Structures 328 Be Blue 298 Weighing the Advantages and Disadvantages of Organizing: Creating a Unified System 299 Departmentalization 329 Tasks and Skills at Different Levels of Organization Models 332 Management 301 Line Organizations 333 Reaching Beyond Our Borders: Back to School for Line-and-Staff Organizations 333 Top Managers 303 Matrix-Style Organizations 333 Staffing: Getting and Keeping the Right Cross-Functional, Self-Managed Teams 336 People 303 Adapting to Change: Going Bossless 338 Leading: Providing Continuous Vision and Managing Interactions Among Firms 339 Values 304 Virtual Organizations 339 Making Ethical Decisions: What Do You Tell the Team? 304 Seeking Sustainability: Ethical Consumerism 339 Seeking Sustainability: Leadership in Sustainability 305 Spotlight on Small Business: Canadian Virtual Assistant Association 340 Leadership Styles 306 Benchmarking and Core Competencies 341 Managing Knowledge 308 Adapting to Change: Using Social Media During the Adapting to Change 343 Worst of Times 309 Adapting to Change: When Open Communication Should Not Be So Open 344 Controlling: Making Sure It Works 310 Restructuring for Empowerment 344 A Key Criterion for Measurement: Customer The Restructuring Process 345 Satisfaction 311 Creating a Change-Oriented Organizational SUMMARY 312 Culture 347 KEY TERMS 314 The Informal Organization 348 CAREER EXPLORATION 315 SUMMARY 349 CRITICAL THINKING 315 KEY TERMS 351 DEVELOPING CAREER SKILLS 315 CAREER EXPLORATION 351 ANALYZING MANAGEMENT DECISIONS 316 CRITICAL THINKING 351 x  Contents DEVELOPING CAREER SKILLS 351 Adapting to Change: The Vast Possibilities of 3D ANALYZING MANAGEMENT DECISIONS 352 Printing 385 Control Procedures: PERT and Gantt CHAPTER 10 Charts 386 Producing World-Class Goods Preparing for the Future 388 and Services 354 SUMMARY 388 PROFILE: Getting to Know: Shahid Khan, Owner, KEY TERMS 391 Flex-N-Gate 354 CAREER EXPLORATION 391 Canada Today 356 CRITICAL THINKING 392 Research and Development 357 DEVELOPING CAREER SKILLS 392 Canada’s Evolving Manufacturing and Services ANALYZING MANAGEMENT DECISIONS 393 Base 359 Running Case: Leadership, Benchmarking, and From Production to Operations Operations Management Planning at Fox 40 Management 360 International Inc. 394 Seeking Sustainability: Carbon Capture and Storage 361 Reaching Beyond Our Borders: How Does PART 4 Canada Shape Up as an International MANAGEMENT OF HUMAN Competitor? 362 RESOURCES 396 Operations Management in the Service Sector 363 CHAPTER 11 Measuring Quality in the Service Sector 364 Motivating Employees 396 Operations Management Planning 365 PROFILE: Getting to Know: Lisa Lisson, President, Facility Location 365 Federal Express Canada (FedEx) 396 Making Ethical Decisions: Do We Stay or Do We The Value of Motivation 398 Go? 366 Facility Layout 369 Frederick Taylor: The Father of Scientific Materials Requirement Planning (MRP) 370 Management 400 Purchasing 372 Elton Mayo and the Hawthorne Studies 402 Just-in-Time Inventory Control 372 Quality Control 373 Abraham Maslow’s Hierarchy of Needs 403 Spotlight on Small Business: Meeting the Six Sigma Frederick Herzberg’s Motivating Factors 404 Standard 374 Applying Herzberg’s Theories 407 Supply Chain Management 377 Adapting to Change: Your Own Farm Douglas McGregor’s Theory X and in a Box 378 Theory Y 407 Theory X 407 Production Processes 380 Seeking Sustainability: Values Drive Vancity’s Improving Production Techniques and Cutting Initiatives 408 Costs 381 Theory Y 409 Flexible Manufacturing 382 Goal-Setting Theory and Management by Lean Manufacturing 382 Objectives 410 Mass Customization 383 Robotics 384 Meeting Employee Expectations: Victor Vroom’s Expectancy Theory 411 Computer-Aided Design and Manufacturing 384 Reinforcing Employee Performance: 3D Printing and Additive Manufacturing 385 Reinforcement Theory 412 xi Contents Treating Employees Fairly: Equity Theory 413 Training and Developing Employees for Optimum Performance 446 Putting Theory into Action 414 Management Development 448 Motivating Through Job Enrichment 414 Networking 450 Motivating Through Open Communication 415 Diversity in Management Development 450 Adapting to Change: Employee Engagement’s Mood Ring 417 Appraising Employee Performance to Get Applying Open Communication in Self-Managed Optimum Results 451 Teams 418 Compensating Employees: Attracting and Keeping Recognizing a Job Well Done 418 the Best 453 Making Ethical Decisions: Motivating Temporary Pay Systems 454 Employees 418 Compensating Teams 454 Spotlight on Small Business: Motivators for Small Fringe Benefits 456 Businesses 420 Reaching Beyond Our Borders: Cultural Challenges Personalizing Motivation 421 Working Worldwide 458 Motivating Employees Around the Globe 421 Scheduling Employees to Meet Organizational Motivating Employees Across Generations 421 and Employee Needs 458 Reaching Beyond Our Borders: Beyond Just Knowing Flex-Time Plans 459 Cross-Cultural Differences 422 Telecommuting 460 SUMMARY 426 Seeking Sustainability: How Employers Can Support Work–Life Balance 461 KEY TERMS 429 Job-Sharing Plans 462 CAREER EXPLORATION 429 Career Management: Up, Over, and Out 462 CRITICAL THINKING 429 Promoting and Reassigning Employees 462 DEVELOPING CAREER SKILLS 430 Terminating Employees 463 ANALYZING MANAGEMENT DECISIONS 430 Retiring Employees 463 Losing Valued Employees 463 CHAPTER 12 Laws Affecting Human Resource Management 464 Human Resource Management: Finding Pay Equity 465 and Keeping the Best Employees 432 Employment Equity 466 Laws that Protect the Disabled 467 PROFILE: Getting to Know: Linda Hasenfratz, CEO, Linamar Corporation 432 Effects of Legislation 467 SUMMARY 468 Working with People Is Just the Beginning 434 KEY TERMS 470 Developing the Ultimate Resource 434 Human Resource Challenges 434 CAREER EXPLORATION 471 CRITICAL THINKING 471 Determining a Firm’s Human Resource Needs 436 DEVELOPING CAREER SKILLS 471 Recruiting Employees from a Diverse Population 438 ANALYZING MANAGEMENT DECISIONS 472 Making Ethical Decisions: Recruiting Employees from Competitors 440 CHAPTER 13 Spotlight on Small Business: Competing Through Dealing with Employee–Management Social Media 441 Issues 474 Selecting Employees Who Will Be PROFILE: Getting to Know: Gerald (Gerry) Varricchio, Productive 442 Regional Organizing Director for Central and Eastern Adapting to Change: Let’s Face It 443 Canada, Labourers’ International Union of North Hiring Contingent Workers 444 America (LiUNA) 474 xii  Contents Employee–Management Issues 476 PART 5 Labour Unions Yesterday and Today 477 MARKETING: DEVELOPING AND The Early History of Organized Labour 478 IMPLEMENTING CUSTOMER- The Structure of Labour Unions in Canada 479 ORIENTED MARKETING PLANS 514 Union Coverage 481 Canada’s Largest Unions 483 CHAPTER 14 Labour Legislation 483 Marketing: Helping Buyers Buy 514 Workplace Laws 484 PROFILE: Getting to Know: Michelle Phan, Founder, Sexual Harassment 485 ipsy 514 Violence and Bullying in the Workplace 486 Spotlight on Small Business: Helping Reduce What is Marketing? 516 Harassment and Violence in the Workplace 487 The Evolution of Marketing 517 Labour Relations Boards 488 Adapting to Change: Snapping Up a Customer Base 521 The Collective Bargaining Process 489 Non-Profit Organizations Prosper from Marketing 521 Objectives of Organized Labour 489 Resolving Labour–Management Disputes 493 The Marketing Mix 522 Conciliation, Mediation, and Arbitration 494 Applying the Marketing Process 523 Designing a Product to Meet Customer Needs 523 Negotiation Tactics 496 Reaching Beyond Our Borders: Oreo: World’s Union Tactics 496 Favourite Cookie? 526 Management Tactics 497 Setting an Appropriate Price 526 Making Ethical Decisions: Walking a Fine Getting the Product to the Right Place 527 Line 498 Developing an Effective Promotional Strategy 527 Legislation 498 Providing Marketers with Information 528 The Future of Unions and Labour–Management The Marketing Research Process 528 Relations 499 Making Ethical Decisions: No Kidding 532 Controversial Employee–Management The Marketing Environment 533 Topics 501 Spotlight on Small Business: Creating Mass Appeal Executive Compensation 501 for a Custom Product 534 Adapting to Change: Paying for Two Different Markets: Consumer Underperforming 502 and Business-to-Business 536 Seeking Sustainability: The Living Wage: Why The Consumer Market 536 Minimum Wage Is Not Enough 503 The Business-to-Business (B2B) Market 536 Child Care 504 Elder Care 505 Defining Your Market 539 Market Segmentation: Segmenting the Consumer You and Unions 506 Market 539 SUMMARY 506 Target Marketing and Reaching Smaller Market KEY TERMS 508 Segments 541 CAREER EXPLORATION 508 Positioning 542 Building Marketing Relationships 543 CRITICAL THINKING 509 DEVELOPING CAREER SKILLS 509 Consumer Behaviour 544 Seeking Sustainability: When Green Is Not Really ANALYZING MANAGEMENT DECISIONS 510 Green 546 Running Case: Human Resources at Fox 40 International Inc. 512 Your Prospects in Marketing 547 xiii Contents SUMMARY 547 Adapting to Change: Outdoor “Eyes” Are Watching KEY TERMS 550 You 581 Seeking Sustainability: Corporate Knights and CAREER EXPLORATION 550 Sustainability 582 CRITICAL THINKING 551 Personal Selling: Providing Personal Attention 583 DEVELOPING CAREER SKILLS 551 Public Relations: Building Relationships 584 Sales Promotion: Giving Buyers Incentives 585 ANALYZING MANAGEMENT DECISIONS 552 Making Ethical Decisions: Is the Ad as Honest as the Product? 586 CHAPTER 15 Direct Marketing 588 Managing the Marketing Mix: Product, Price, Place, and Promotion 554 Word of Mouth and Other Promotional Tools 588 PROFILE: Getting to Know: Michael Dubin, CEO/ Social Networking 589 Co-Founder, Dollar Shave Club 554 Blogging 590 Product Development and the Total Product Podcasting 590 Offer 556 Mobile Marketing 590 Reaching Beyond Our Borders: Playing with the Managing the Promotion Mix: Putting it all Social Gaming Stars 557 Together 591 Developing a Total Product Offer 558 Push and Pull Strategies 591 Product Lines and the Product Mix 559 SUMMARY 592 Product Differentiation 559 Spotlight on Small Business: Made by Mommy 560 KEY TERMS 593 Packaging Changes the Product 560 CAREER EXPLORATION 594 Branding 562 CRITICAL THINKING 595 Generating Brand Equity and Loyalty 562 DEVELOPING CAREER SKILLS 595 Brand Management 563 ANALYZING MANAGEMENT DECISIONS 596 The Product Life Cycle 563 Running Case: Marketing the Fox 40® Sonik Blast Whistle: Example of the Product Life Cycle 564 Breaking the Sound Barrier! 597 Using the Product Life Cycle 564 Competitive Pricing 566 PART 6 Pricing Objectives 566 ACCOUNTING INFORMATION AND Break-Even Analysis 568 FINANCIAL ACTIVITIES 600 Pricing Strategies for New Products 568 Retailer Pricing Strategies 569 CHAPTER 16 How Market Forces Affect Pricing 569 Understanding Accounting and Financial Non-Price Competition 569 Information 600 The Importance of Channels of PROFILE: Getting to Know: Shelly Sun, CEO, BrightStar Distribution 570 Care 600 How Intermediaries Create Exchange Efficiency 571 The Role of Accounting Information 601 Retail Intermediaries 573 What Is Accounting? 602 Retail Distribution Strategy 573 Accounting Disciplines 603 Non-Store Retailing 573 Managerial Accounting 603 Choosing the Right Distribution Mode 577 Financial Accounting 604 Promotion and the Promotion Mix 578 Seeking Sustainability: Sustainability Reports 605 Advertising: Informing, Persuading, and Reaching Beyond Our Borders: Speaking a Universal Reminding 579 Accounting Language 607 xiv  Contents Auditing 608 Acquiring Needed Inventory 647 Tax Accounting 608 Making Capital Expenditures 647 Government and Not-for-Profit Accounting 608 Making Ethical Decisions: Not What the Doctor Adapting to Change: Accounting: CSI 609 Ordered! 647 The Chartered Professional Accountant (CPA) Alternative Sources of Funds 648 Designation 610 Obtaining Short-Term Financing 649 The Accounting Cycle 611 Trade Credit 649 Using Technology in Accounting 612 Family and Friends 649 Commercial Banks 650 Understanding Key Financial Statements 613 Different Forms of Short-Term Loans 650 The Fundamental Accounting Equation 614 Adapting to Change: Financing Just a Click The Balance Sheet 614 Away 652 The Income Statement 618 Factoring Accounts Receivable 653 Spotlight on Small Business: Out with the Old, In with Commercial Paper 653 the New 621 Credit Cards 653 The Statement of Cash Flows 623 Making Ethical Decisions: Would You Cook the Obtaining Long-Term Financing 654 Books? 625 Debt Financing 655 Seeking Sustainability: Buying Green Bonds 656 Analyzing Financial Performance Using Equity Financing 658 Ratios 626 Spotlight on Small Business: Looking for a Slam Liquidity Ratios 626 Dunk 661 Leverage (Debt) Ratios 627 Comparing Debt and Equity Financing 662 Profitability (Performance) Ratios 628 Your Prospects in Finance 664 Activity Ratios 629 SUMMARY 664 SUMMARY 630 KEY TERMS 666 KEY TERMS 632 CAREER EXPLORATION 666 CAREER EXPLORATION 633 CRITICAL THINKING 667 CRITICAL THINKING 633 DEVELOPING CAREER SKILLS 667 DEVELOPING CAREER SKILLS 633 ANALYZING MANAGEMENT DECISIONS 668 ANALYZING MANAGEMENT DECISIONS 634 CHAPTER 18 CHAPTER 17 The Canadian Financial System 670 Financial Management 636 PROFILE: Getting to Know: Jim Cramer, Host, CNBC’s PROFILE: Getting to Know: Kathy Waller, Executive Vice Mad Money 670 President/CFO, Coca Cola 636 Why Money is Important 672 The Role of Finance and What is Money? 672 Financial Managers 638 Electronic Money 674 The Value of Understanding Finance 639 What is Financial Management? 640 The Canadian Financial System 674 Adapting to Change: What’s in Your Wallet? 675 Financial Planning 641 Regulating the Financial System 675 Forecasting Financial Needs 641 Working with the Budget Process 642 The Canadian Financial System: Financial Institutions 678 Establishing Financial Controls 645 Commercial Banks 678 The Need for Operating Funds 645 Making Ethical Decisions: An Open and Shut Managing Day-to-Day Needs of the Business 645 Option? 680 Controlling Credit Operations 646 Credit Unions and Trust Companies 681 xv Contents Other Financial Institutions: Non-Banks 682 The Need for Personal Financial Planning 709 Using Technology to Improve Efficiency 682 Financial Planning Begins with Making Money 710 Spotlight on Small Business: Becoming Your Best Six Steps to Controlling Your Assets 710 Friend in Banking 683 Building Your Financial Base 714 The Canadian Financial System: Financial Tax-Free Savings Account (TFSA) 714 Markets 686 Real Estate 715 The Function of Securities Markets 687 The Stock Market 716 The Role of Investment Bankers 688 Learning to Manage Credit 717 Stock Exchanges 688 Adapting to Change: R2-D2 to the Investor’s Securities Regulations 689 Rescue 718 How Investors Buy Securities 690 Protecting Your Financial Base: Buying Investing Through Online Brokers 690 Insurance 720 Choosing the Right Investment Strategy 691 Disability Insurance 722 Reducing Risk by Diversifying Investments 691 Homeowner’s or Renter’s Insurance 722 Reaching Beyond Our Borders: Global Stocks: Love Other Insurance: Car and Liability Insurance 723 Them or Leave Them 692 Planning Your Retirement 723 Investing in Stocks and Bonds 693 The Three Pillars Approach 723 Investing in Stocks 693 Financial Planners 727 Investing in Bonds 695 Estate Planning 727 Investing in Mutual Funds and Exchange-Traded Making Ethical Decisions: Money Going Up in Funds 697 Smoke 728 Seeking Sustainability: Socially Responsible KEY TERMS 729 Investing (SRI) 699 The Canadian Financial System: Clearing and ONLINE SUPPLEMENT 1 Settlement Systems 700 Working Within the Legal Environment of SUMMARY 701 Business (On Connect) KEY TERMS 703 CAREER EXPLORATION 703 ONLINE SUPPLEMENT 2 CRITICAL THINKING 703 Managing Risk (On Connect) DEVELOPING CAREER SKILLS 704 Endnotes EN-1 ANALYZING MANAGEMENT DECISIONS 704 Glossary GL-1 Running Case: Accounting, Financial Management, and Risk Management at Fox 40 International Inc. 706 Index IN-1 APPENDIX B Managing Personal Finances 708 PROFILE: Getting to Know: Alexa Von Tobel, Founder/CEO, LearnVest 708 xvi Preface Understanding Canadian Business has been created ∙ Social enterprise with you and your students in mind. We’ve listened and ∙ Crowdfunding that’s helped us offer you: ∙ The gig economy Resources that were developed based directly on ∙ Social media examples your feedback—all geared to make the most of your ∙ The mobile/on-demand marketing era time and to help students succeed in this course. The ∙ Big data, data analytics, and data mining supplemental resources have been reviewed to ensure ∙ Green procurement and green marketing cohesion with the text. Technology that leads the way and is consistently ∙ Ethical consumerism updated to keep pace with you and your students. ∙ Global freelancing and virtual professionals Connect offers students a truly interactive and adaptive ∙ Trade agreements and trade protectionism study arena. Interactive applications, SmartBook, and ∙ Public-private partnerships Connect Insight are designed to engage students and ∙ Digital currencies have been proven to increase grades by a full letter. ∙ The living wage Support that is always available to help you plan ∙ Violence and bullying in the workplace your course, work with technology, and meet the needs ∙ And much more of you and your students. We remain dedicated to listening vigilantly to what you tell us you need in this course. We have Keeping up with made changes and enhancements in this revision that are all based on what we heard from you. As you look What’s New through the next few pages, you’ll find what you need to navigate your way most effectively through this book Users of Understanding Canadian Business have and its supplements. always appreciated the currency of the material and the large number of examples from for-profit and non- profit companies of all sizes and industries in Canada Integration of Important and around the world. Accordingly, this edition features Concepts Throughout the Text the latest business practices and other developments Understanding Canadian Business, Tenth Canadian affecting business including: Edition, is revised, updated, and filled with new ∙ Sustainability examples of business in Canada and around the world. ∙ Humanistic management xvii Preface CHAPTER 2 LEARNING OBJECTIVES Tied directly to the summaries at the end of the chapter learning objectives are also incorporated in the margins How Economic Issues Affect Business and to the test bank questions, the learning objectives throughout the chapter, at the start of the discussion that help students preview what they should know after pertains to the learning objective. This way, students reading the chapter, and then test that knowledge can quickly see where the content aligns with each by answering the questions in the summary. These objective. LEARNING OBJECTIVES After you have read and studied this chapter, you should be able to: LO1 Describe basic economics. LO2 Explain what capitalism is and how free markets work. LO3 Compare the benefits and negative consequences of socialism and communism. LO4 Describe the mixed economy of Canada. LO5 Illustrate the significance of key economic indicators and the business cycle. P R O F I L E GETTING TO KNOW BUSINESS PROFESSIONALS GETTING TO KNOW: THOMAS PIKETTY, ECONOMIST Each chapter begins with a profile of a business person At nearly 700 pages, Thomas Piketty’s book Capi- participated in the massive socialist protests of monthly for shipment to 140 cou whose career relates closely tal in the to the material Twenty-First Century iscovered an unlikely in block- 1968 that nearly brought France’s economy to a sold to referees, coaches, water s that chapter. Not all of the personalities are its buster to say the least. Despite famous, length and standstill. By the time Thomas was born, his parents rescue teams, personal security, a scholarly subject matter, the book climbed to the had left their radical days behind them. Politics were sport enthusiasts, as well as the o since some of them work in small businesses and non- top of the New York Times Best Seller list in 2014 never discussed in their household. Instead, they mium incentive markets. The com profit organizations. Take some antime and became toclassic instant consider amongtheir academ- taught their son to trust his judgment and form his ics and casual readers alike. Thomas Piketty (pro- 40 products has grown substantia own opinions. career choices and hownounced they Tome-ah spend Peek-et-ee) their time applying went from being a These lessons gave Piketty the confidence active stock-keeping units (SKUs) the business principlesrespected discussed in the text. but little-known economist to an inter- to become a top student. His academic success following: 21 styles of Fox 40 Wh A wide variety ofnationally analytical renowned scholar on income inequality. tools is available for gained him admittance to one of the most presti- attachments; Fox 40 gear; Smart As the years go by, his insights could have a major gious higher education institutions in France, the boards; the SICK Self Impression data scientists. Their work effect oniseconomic also creating a new policies around field the globe. École Normale Supérieure, when he was just 18. Heat Alert mouthguards; marine Piketty was born in 1971 to politically minded Piketty earned his PhD four years later with a dis- of marketing research that focuses on data visualization, ucts; pink products; and logo-impri parents living in the suburbs of Paris. His parents sertation that focused on wealth redistribution. or the presentation of the results of the analysis. Are An avid sportsman, Foxcrof there any courses that you could take in your program “be the best at what you do” has c success both on and off the basket that would support 68 a career as a data scientist? been named one of the 52 most in in North American Officiating of a the National Association of Sports him—the only Canadian—to a grou nic54958_ch02_068-101.indd 68 11/27/18 02:36 PM made a difference in the world o He spent fourteen seasons as a ga the National Basketball League (NB Source: Courtesy of Fox 40 International Inc. Used with permission. PROFIT magazine voted him to b ten Canadian businessmen of the 1987, this finely tuned precision instrument does been honoured as Entrepreneur o not use a pea to generate sound. In fact, there Burlington Economic Developme are no moving parts whatsoever. There is nothing More recently, he has been featu to obstruct sound, nothing to stick, freeze, or fail. York Times, CBC ESPN, the Histo The patented design moves the air blast through had an audience with the Queen three tuned chambers. Fox 40 whistles are con- Palace and received the prestigi structed entirely of high-impact ABS plastic so they Whistle Award, this honour is cons are impervious to moisture. A quick rinse in disin- est distinction bestowed on a refe fectant eliminates bacteria. Every time, they deliver He was also gratified to receive an on faultless performance (e.g., loudness), and they uation Diploma from Mohawk Col never fail. croft continues his active role as Fo In 1987, Shepherd said to Foxcroft, “Ron, we Executive Officer (CEO) of Fox 40 xviii have just developed the ‘best whistle in the world.’ and Chairman and CEO of Fluke Tr You must pledge to me that you will dedicate your Foxcroft credits his customer life to making the Fox 40 whistle better.” To this day, for the improvements to the origin Foxcroft and the company employees continue to words, “When you are the best, you  lyzing large sets of data in order to identify patterns and other information that helps business technologies. people make effective decisions now and in the future.22) Using specialized computer sys- 23 tems, meaning is extracted from raw data with conclusions drawn and patterns identified. In Appendix A, you were also introduced to data mining, as a component of data analyt- Preface ics. (Recall that data mining is a technique to find hidden patterns and previously unknown relationships among the data.) By extracting large amounts of hidden predictive information from large databases, one can find statistical links between consumer purchasing patterns PHOTO AND and ILLUSTRATION ESSAYS marketing actions. For example, companies put this new science into action by track- ing what is selling where and who is buying the good More and more students have expressed that they or service. Would you have expected that men buying are visually diapers oriented in thelearners; therefore, evening sometimes increased buy a six-pack of beer emphasis on asthewell?pedagogical value of Supermarkets discovered thisillustrations when they mined is essential. checkout Somedataphotos from scanners. and Soillustrations they placed diapersareand beer near each other, then placed potato chips between accompanied by a short caption that highlights the them. This resulted in increased sales on all three items. relevance of the visuals Still, datato the material mining ultimately in the text. depends on humans— the marketing managers and researchers—and their judgements on how to select, analyze, and interpret the information. Additionally, new techniques and meth- Second Pass ods are always emerging and marketing researchers need to keep abreast of such developments. For exam- ple, the Internet and social media is exploding as infor- © Monty Rakusen/Image Source mation obtained via cookies, Facebook pages, Twitter A wide variety of analytical tools is available for data PART 1 Business Trends: Cultivating a Business in Diverse Global Environments accounts, and Google Ad Preferences is leading to one- scientists. Their work is also creating a new field of marketing research that focuses on data visualization, or to-one personalization and consumer targeting. the presentation of the results of the analysis. Are there YouFIGURE may 2.3 wish to consider a career in big data. any courses that you could take in your program that Canada’sTHEBig Data Consortium EQUILIBRIUM POINTestimates that Canada’s would support a career as a data scientist? big data talent gap is between 10 500 and 19 000 The place where 50 quantity demanded and supplied meet is 45 531 called the equilibrium 40 point. When we put Demand curve 35 both the supply and Supply curve Price ($) demand curves on 30 the same graph, we 25 find that they intersect BOXED FEATURES at a price where the nic54958_ch14_514-553.indd 531 20 quantity supplied 15 11/28/18 Second Pass 05:55 PM Important business concepts and themes 10are and the quantity Second Pass Decisions,” “Seeking Sustainability,” “Reaching Beyond Second Pass demanded are equal. incorporated throughout the text. Certain topics deserve In the long run, the 5 Our Borders,” and “Adapting to Change” appearing Equilibrium point market price will trend 0 special emphasis and are highlighted in feature boxes toward the equilibrium 5 throughout the chapters. 10 15 20 25 30 35 40 45 50 titled “Spotlight on Small Business,” “Making Ethical point. Quantity of T-Shirts CHAPTER 2 How Economic Issues Affect Business CHAPTER 2 How Economic Issues Affect Business PART 1 Business Trends: Cultivating a Business in Diverse Global Environments quantity demanded), a signal is sent to sellers to increase the price. Eventually, supply will Spotlight On again Some macroeconomists SMALL believe BUSINESS that a large population, especially an educated one, The Secret to Creating a Wealthy Economy equal demand if nothing interferes with market forces. can be a valuable resource. You’ve probably heard the saying “Give a man a fish and you The Making Ethical Decisions box raises an interesting question about when pricing feed The him forKey a day,to butCapitalism teach a man Imagine thetoworldIsand fish Capital when youkings feedandhimqueens for a lifetime.” and otherYou richcan add to had most of the wealth, landowners may be a bit out of control and what to do about it. that: “Teach a person to start and thea fish farm, of majority andthe hepeople or she were will be able to The peasants. feedpeasants a villagehad for many a children, and it may FINCA (the Foundation for International Community lifetime.” The secret to economic have seemed a naturalisconclusion development contained that if the in this lastsituation statement. Businessas usual there would soon continued Assistance) is a non-profit organization whose mission owners provide jobs and be economic too many growth people forandtheir notemployees enough foodandandcommunities as wellEconomist other resources. as Thomas Malthus Making is to for themselves. 13 ETHICAL DECISIONS alleviate poverty through lasting solutions that help people build assets,madecreate this argument jobs, andin the their raise late 1700s and early 1800s, leading the writer Thomas Carlyle to The challenge standard forTheir of living. macroeconomists callvision is to build economics is atodismal “the determine global net- what makes some countries rel- science.” Bad work atively Medicine of sustainable wealthy and other and for Consumers scalablerelatively countries social enterprises poor,today and then Second Pass Followers of Malthus (whotoareimplement policies and still believe called neo-Malthusians) there are that Yourimprove company, lives worldwide. a large toopharmaceutical many peoplefirm, in the acquired world and that the solution to poverty is radical birth control, FINCA a drug offersRelivoform called small loans, whensavings, and other it bought finan- a generic including forced abortions and sterilization.10 The latest world statistics, however, show Seeking SUSTAINABILITY cial servicesThe drugmaker. tional banks. to purchased With those often population microloans, turned was company down increasing the by tradi- market’s more slowly than expected.11 In some industrial countries—like leading supplier of the drug, andfamilies it was by can farinvest its most in and build their own Japan, small Germany, businesses profitable product. Relivoform is a major chemotherapy Italy, and and increase Russia—population growth Courtesy of maywith FINCA. Used be permission. so slow that eventually 2015 Pan Am and Parapan Am Is LEEDing the Way PARTtheir 1 Business Trends:capacity. drug income-earning important in the there Cultivating treatment willFINCA a Business be of currently too liver many cancer. in Diverse serves old It cost Global people andEnvironments too few young people to care for them.12 In the nearly $3002015 two treatment, per million clients across developing and many Am 23 world, patientscountries on rely the onother on itfive loan to hand, in order towill population rebuild herrelatively climb family’s business quickly andandmake may lead The Pan Am and Parapan Games in Toronto continents. Worldwide, their borrowers have on-time control thean represent spread important of their tolegacy cancer. greater for poverty each of the and16more south- unrest.a Studies better life for her children. about the effects of population growth on the repayment rates of over 98 percent. Yvrose obtained a small loan from FINCA, and with Reaching Beyond OUR BORDERS Currently, western Ontario The story costing development your company communities economy of one hardworking the company hasare who manypartnew hosted FINCA millions the drugsTen of event. in macroeconomics. small entre- research in The Adapting to Change box discusses significant help from her FINCA credit agent, got her store going new, world-class facilities g