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- Fundamentals of BusinessSkripak, Stephen J. (Virginia Tech, 2016-05)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. 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. Share and find ancillary resources for this book at OER Commons. Questions? Comments? Did you adopt this book? Please contact the project manager at openeducation@vt.edu. A testbank is now available by request for this book. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. This work is a project of University Libraries and the Pamplin College of Business, Virginia Tech. Lead: Stephen J. Skripak (adapter)
Contributors: Richard Parsons, Anastasia Cortes, Anita Walz
Layout: Anastasia Cortes
Selected graphics: Brian Craig http://bcraigdesign.com
Cover design: Trevor Finney
Student Reviewers: Jonathan De Pena, Nina Lindsay, Sachi Soni
Project Manager: Anita Walz Editable files are available in MSWord in the .zip folder. Please view the README.txt file within this zipped collection. Print-on-demand softcover versions of this work are available at the cost of manufacturing and shipping from Lulu Press: color | black & white. Selected graphics produced by Brian Craig are available CC BY 4.0 via WikimediaCommons. ISBN: (B&W): 978-0-9979201-1-6
ISBN: (Color): 978-0-9979201-0-9 Table of Contents
Preface: Teamwork in Business
Chapter 1: The Foundations of Business
Chapter 2: Economics and Business
Chapter 3: Ethics and Social Responsibility
Chapter 4: Business in a Global Environment
Chapter 5: Forms of Business Ownership
Chapter 6: Entrepreneurship: Starting a Business
Chapter 7: Management and Leadership
Chapter 8: Structuring Organizations
Chapter 9: Operations Management
Chapter 10: Motivating Employees
Chapter 11: Managing Human Resources
Chapter 12: Union/Management Issues
Chapter 13: Marketing: Providing Value to Customers
Chapter 14: Pricing Strategy
Chapter 15: Hospitality and Tourism
Chapter 16: Accounting and Financial Information
Chapter 17: Personal Finances To request access to the permissions files, please contact vtechworks@vt.edu. - Fundamentals of Business, fourth editionPoff, Ron; Skripak, Stephen J. (Pamplin College of Business in association with Virginia Tech Publishing, 2023-01-05)
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. If you are an instructor seeking supplementary resources for teaching, please join the listserv for this book and the instructor resource sharing portal. Slides are available for this book.
A test bank is available by request for this book.
Please note that the test bank does not at this point reflect changes made between the third and fourth editions. The test bank is available to any instructor who has adopted Fundamentals of Business in their course. ISBNs
ISBN (print - color): 978-1-957213-24-8
Order a print copy here (color)
ISBN (print-black & white): 978-1-957213-25-5
Order a print copy here (B&W)
ISBN (PDF): 978-1-957213-21-7
ISBN (Pressbooks): 978-1-957213-23-1
Pressbooks
ISBN (EPUB): 978-1-957213-22-4 Instructors reviewing, selecting or adapting the text are encouraged to register their use by filling out this form 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. Additional suggestions or feedback may be submitted via email at: publishing@vt.edu. View errata
Report an error 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 1. Teamwork in Business 2. The Foundations of Business 3. Economics and Business 4. Ethics and Social Responsibility 5. Business in a Global Environment 6. Forms of Business Ownership 7. Entrepreneurship and Small Business Development 8. Management and Leadership 9. Structuring Organizations 10. Operations Management 11. Motivating Employees 12. Managing Human Resources 13. Union/Management Issues 14. Marketing: Providing Value to Customers 15. Pricing Strategy 16. Hospitality and Tourism 17. Accounting and Financial Information 18. Personal Finances 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 - Fundamentals of Business, Second EditionSkripak, Stephen J.; Cortes, Anastasia; Walz, Anita R.; Parsons, Richard; Walton, Gary (VT Publishing, 2018-08-31)
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. NOTE: A third edition of this book was released in 2020. See http://hdl.handle.net/10919/99283 for more details and to freely access the third edition. 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 resource sharing portal. A testbank is now available by request for this book. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. Permanent handle: http://hdl.handle.net/10919/84848 (PDF, epub, and other versions)
DOI: https://doi.org/10.21061/fundamentals-of-business-vtechworks (PDF, epub, and other versions)
Online book: https://oen.pressbooks.pub/fundamentalsofbusiness (eBook-Pressbooks)
ISBN (print-color): 9780997920178 Available on Amazon
ISBN (print-black & white): 9781949373981 Available on Amazon
ISBN (ebook-PDF): 9781949373905
ISBN (eBook-Pressbooks): 97809979201-3-0 Instructors reviewing, selecting or adapting the text are encouraged to register their use with VT Publishing at 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. Additional suggestions or feedback may be submitted via email at: publishing@vt.edu Errors, omissions, and additions This work is a project of the Pamplin College of Business and University Libraries at Virginia Tech. This work is published by VT Publishing. What’s new?
This version of the book, the second edition, improves upon the 2016 edition. Improvements include: - Correction of errata identified in the 2016 compilation and many minor improvements. - Renumbering of chapters and added front matter. - Addition of new content: the PESTEL model in Chapter 2, Qualtrax case study in Chapter 7, and substantive revision of Chapter 16 Hospitality and Tourism. - Addition of desktop and mobile friendly navigation features and interactive self-quizzing (Pressbooks version only). - Addition of links to related external videos. - Addition of a low-resolution version. - Addition of accessibility features. Accessible PDFs: Figures now include alternative text (AltText) which enables access by users of screen reader software. - Broader format availability: PDF, epub, mobi, html, PressbooksXML, and OpenDocument (ODF) which is unformatted text editable with MSWord. - Addition of a feedback form for reporting errata - Addition of a faculty listserv and sharing portal. - Errata and corrections made to the Pressbooks version. No changes made to other formats. 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. Editable files are available in HTML, Open Document, PressBooks XML, ePub, MOBI, and PDF. Selected graphics produced by Brian Craig are available CC BY 4.0 via WikimediaCommons. 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: Starting a Business
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 Suggested citation
Skripak, Stephen J. (2018). Fundamentals of Business, 2nd Edition, Blacksburg, VA: VT Publishing. http://hdl.handle.net/10919/84848. Licensed with CC BY-NC-SA 4.0 https://creativecommons.org/licenses/by-nc-sa/4.0. Contributors: Anastasia Cortes, Gary Walton, Richard Parsons, Anita Walz
Digital and print production: Corinne Guimont with Robert Browder
Alternative text and accessibility: Stephanie Edwards and Christa Miller
Selected graphics: Brian Craig
Cover design: Trevor Finney
Student reviewers: Jonathan De Pena, Nina Lindsay, Sachi Soni
Project manager / editor: Anita Walz About the author
About the Previous Author
Fundamentals of Business, 2nd 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 Stephen Skripak
Stephen J. Skripak is Professor of Practice in Management at Pamplin College of Business, Virginia Tech 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. - Fundamentals of Business, third editionSkripak, Stephen J.; Poff, Ron (Pamplin College of Business in association with Virginia Tech Publishing, 2020-07)Please note that a 4th edition of the open textbook, Fundamentals of Business, was released in 2023: https://doi.org/10.21061/fundamentalsofbusiness4e.
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. An online, interactive, accessible version of this book is available at: https://pressbooks.lib.vt.edu/fundamentalsofbusiness3e If you are an instructor reviewing, adopting, or adapting this textbook, please help us understand your use by filling out this form. If you are an instructor seeking supplementary resources for teaching, please join the listserv for this book and the resource sharing portal. A testbank is now available by request for this book. The testbank is available to any instructor who has adopted Fundamentals of Business in their course. Permanent handle: http://hdl.handle.net/10919/99283 (PDF, epub, and other versions)
DOI: https://doi.org/10.21061/fundamentals-of-business3e (eBook-Pressbooks)
DOI: https://doi.org/10.21061/fundamentals-of-business3e-vtechworks (PDF, epub, and other versions) ISBNs
ISBN (print - color): 9781949373356
ISBN (print - B&W): 9781949373349
ISBN (PDF): 9781949373882
ISBN (Pressbooks): 9781949373875
ISBN (epub): 9781949373363 Are you reviewing or adopting this book for a course?
Please help us understand your use by filling out this form. Errata and error reporting
View errata
Report an error This work is published by Pamplin College of Business in association with Virginia Tech Publishing. Accessibility notice
Screen reader accessible versions of this text currently include ePub and Pressbooks versions. PDFs of the text do not currently have all available accessibility features enabled. What’s new?
The third edition improves upon the 2016 and 2018 editions.
Improvements include: - Data updates - Updated figures (graphics and images) modernized to new color palette and to include more representative images of people; - Updated content, especially to reflect changes in technology, law, and economics; - Updated examples to include companies more familiar to today’s students. A detailed list of changes by chapter is available in the 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. Editable files are available in HTML, Open Document, PressBooks XML, ePub, MOBI, and PDF. Selected graphics produced by Kindred Grey are available under a CC BY SA 4.0 license via WikimediaCommons. Table of contents
Chapter 1: Teamwork in Business vChapter 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: Starting a Business
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 Suggested citation
Skripak, Stephen J. and Poff, Ron (2020). Fundamentals of Business, 3rd Edition, Blacksburg, VA: VT Publishing. http://hdl.handle.net/10919/99283. 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, 3rd 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 their 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. Stephen Skripak
Stephen J. Skripak is Professor of Practice in Management at Pamplin College of Business, Virginia Tech 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. 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. Contributors
Lead contributor: Ron Poff
Managing editor: Anita Walz
Reviewers/contributors: Lisa R. Fournier, Kindred Grey, Lauren Holt, Katie Manning, Sarah Mease, Michael Stamper, and Blake Warner
Past reviewers/contributors: Anastasia Cortes, Jonathan De Pena, Nina Lindsay, Richard Parsons, Sachi Soni, and Gary Walton
Digital and print production: Robert Browder
Cover design, figure design, and alternative text: Kindred Grey - Open Education Week 2017 Panel Discussion: The Potential of Open Educational ResourcesSkripak, Stephen J.; Cortez, Anastasia; de Pena, Jonathan; Lipscombe, Mary; Artiles, Mayra S.; Roberson-Evia, Jane; Potter, Peter J.; Walz, Anita R. (Virginia Tech. University Libraries, 2017-03-28)Virginia Tech faculty members discuss their experiences as adopters, adapters, and authors of open educational resources. The panel explores use and creation of open textbooks and online course materials and systems, including OpenStax Concepts of Biology, Fundamentals of Business, and Carnegie Online Learning Initiative. Student perspectives are also included. Panelists include: Stephen Skripak, Anastasia Cortez, Jonathan de Pena, Mary Lipscombe, Mayra Artiles, Jane Roberson-Evia, Peter Potter. Moderator: Anita Walz
- You Want Me to Pay What? Student Perspectives on Learning CostsThorpe, Sydney; Skripak, Stephen J.; Walz, Anita R.; Umbarger-Wells, Sarah; Boim, Cara; Addair, J. T.; Kading, Kim (Virginia Tech, 2017-11-28)"You Want Me to Pay What?" is a Student Government Association (SGA) student-led event. The event was designed by and for students to start a conversation about the cost of learning resources at Virginia Tech.