Business for Communicators: The Essential Guide to Success in Corporate and Public Affairs

Description

Business for Communicators provides future and current professional communicators with a hands-on, working knowledge of how businesses profit, grow, and adapt in their competitive environments. Corporate communicators aspire to sit at the decision-making table but too often fall short because of an inability to speak the language of business or effectively apply a business mindset to communication strategy. Business for Communicators provides the in-depth business literacy these professionals need, beyond just building the case for business intelligence or explaining business basics. The text delves into the details of corporate finance, accounting, marketing, strategy, operations, and economics to provide a theoretical grounding and a working knowledge that business communicators can apply to every decision they make. Real world applications illustrate concepts covered, focus on the communication implications of business outcomes, and provide opportunities for extended learning and discussion. This book is an essential resource for advanced undergraduate and graduate students, as well as professional corporate communicators ready to enhance their influence and advance their careers with business acumen. An accompanying website, blog, email, and social media platforms provide additional resources, interaction, commentary, and responses to questions from educators and practitioners, as well as teaching materials for educators, at www.thecommunicatorsmba.com. Cover Endorsement Half Title Title Page Copyright Page Dedication Table of Contents List of Figures List of Tables List of Sidebars and Boxes Introduction to Business for Communicators My Path From Corporate Finance to Public Affairs My Transition From Corporate Life to the Classroom The Call From Communicators for Business Literacy What’s Inside and Available Online Acknowledgements Notes Chapter 1 Why You Need to Speak the Language of Business A Business Mindset An Informed Seat at the Table Don’t Go It Alone Business Acumen Is More Than Numbers What Women Leaders Are Missing Notes References Chapter 2 Capitalism:: Its Benefits and Discontents Origins of Political Economy Political Economy and Public Affairs A Political Economy Approach to Understanding Capitalism Classical View of a Self-Regulating Market Neoclassical View of the Market The Firm’s Purpose: Shareholder and Stakeholder Perspectives Capitalism in the U.S. A Brief Note on Capitalism Abroad CSR and ESG Corporate Governance Communicating Capitalism Notes References Chapter 3 A Micro and Macro View of the Economy Ten Principles of Microeconomics Microeconomics Principle #1: Economic Agents Seek to Maximize Their Utility With Limited Resources Microeconomics Principle #2: Supply and Demand Drive Price and Quantity Microeconomics Principle #3: Elasticity of Demand Determines Consumer Sensitivity to Price Changes Microeconomics Principle #4: Consumer Reactions to Price Changes Indicate Which Goods Are Substitutes and Which Goods ... Microeconomics Principle #5: Diminishing Returns, Marginal Analysis, and Opportunity Costs Apply to Individuals and Firms Microeconomics Principle #6: Sunk Costs Are Not Recoverable, No Matter What Microeconomics Principle #7: Bigger Is Better for Economies of Scale Microeconomics Principle #8: Perfect Competition Is a Theory, Not Reality Microeconomics Principle #9: Firms, Markets, and Industries Are Organized in a Variety of Ways Microeconomics Principle #10: Information and Expectations Drive Markets Ten Principles of Macroeconomics Macroeconomics Principle #1: Aggregate Demand and Aggregate Supply Represent the Sum Total of Goods and Services Produced ... Macroeconomics Principle #2: GDP Is a Key Indicator of a Country’s Economic Health Macroeconomic Principle #3: Fiscal Policy Dictates How the Government Taxes and Spends Macroeconomic Principle #4: Monetary Policy Governs an Economy’s Money Supply Macroeconomic Principle #5: Interest Rates Are a Key Component of Monetary Policy Macroeconomic Principle #6: Inflation Is a Good Thing, Until There’s Too Much of It Macroeconomic Principle #7: Declining Macroeconomic Indicators Can Signal a Recession Macroeconomic Principle #8: Employment Reflects How Well an Economy Is Reaching Its Potential Macroeconomic Principle #9: Currency Exchange Rates Can Be Flexible Or Fixed Macroeconomic Principle #10: International Transactions Drive the Global Economy Economics, Communication, and You Notes References Chapter 4 The Art and Science of Financial Statements Financial Reporting Standards: FASB and GAAP The Big Three: Three Statements, Three Formulas, Many Different Names The Income Statement The Balance Sheet The Cash Flow Statement Those All-Important Footnotes: Read Them Caveats and Communication Roles for Accounting and Finance When Creative Accounting Leads to Crisis A Closer Look at the WorldCom Debacle Notes References Chapter 5 How and Why Finance Rules the Business World The Focus on Creating Value Three Functions of Corporate Finance Capital Investments and Budgeting Capital Access and Financing Shareholder Returns Public vs. Private Companies The Stock Market Stock Exchanges Stock Indices Shareholder Activism Shareholder Resolution Proxy Fight Hostile Takeover Regulatory and Reporting Requirements Ratio and Margin Analysis Quick Case Study: Wendy’s and ROE The Journey From Startup to IPO Focusing on Growth Top-Line vs. Bottom-Line Growth Organic vs. Inorganic Growth Mergers and Acquisitions Company Valuation Public Company Valuation Private Company Valuation Increasing Your Value to an Organization Notes References Chapter 6 Marketing Envy and Other Observations Marketing Beyond the Customer The Business of Branding Seven Ps of Marketing Types of Marketing Key Marketing Concepts B2B vs. B2C Types of Goods Perceptions of Value The Sales Funnel Life Cycle: Products, Businesses, and Markets Cash Cows and Other Product Categories Competing on Something Other Than Price ROI and Other Nifty Marketing Metrics Learn From Marketing Notes References Chapter 7 Getting Comfortable With the Quants The Need for Unicorns Data Science and Data Scientists Artificial Intelligence, Machine Learning, and Deep Learning Data Big and Small: Use and Privacy Cybersecurity Risk Management Competitive Advantages of Data Data-Driven Communication Strategy Notes References Chapter 8 Why You Cannot Ignore Operations Management A Focus on Efficiency The Supply Chain Lean Manufacturing Demand Forecasting Horizontal vs. Vertical Integration Understand Operations, Improve Communications Note References Chapter 9 The Care and Feeding of Human Capital The Future of Work and the Employee Experience Attracting, Retaining, and Incentivizing Employees The Psychology of High-Performing Teams Diversity and Inclusion HR Risk Management The Dual-Brand Challenge References Chapter 10 What Is Strategy? The Business Model What Business Are We In? The What, Who, Why, and How of Strategy Porter’s Forces: Strategy and Competition Competitive Advantage and Strategic Choices Three Levels of Strategy Innovation: The S Curve and Blue Ocean Strategy Strategic Communication Notes References Chapter 11 And Here Comes Legal A Global View of Enterprise Risk Key Aspects of U.S. Employment Law Intellectual Property Product Liability Fiduciary Duty Foreign Corrupt Practices Act Legal Communication Notes References Chapter 12 Last But Not Least: Business Ethics Values, Morals, Law, and Ethics The Psychology of White-Collar Criminals Keeping Self-Interest in Check Whistleblower Protections Communication and Ethics Notes References Concluding Thoughts Index