The U.S. Economy Is Already Mired in a Coronavirus-Sourced Recession, UCLA Economists Say

We wish you and your students the best as everyone responds to the medical and economic impact of the pandemic. With troubling news unfolding day by day, your students may have questions about the economy as they hear more and more discussion about a recession. As painful as these current circumstances are, they do present an opportunity to discuss this important economic concept and its influence on business, employment, and consumer behavior.

The term recession sometimes get used in casual speech as a general term for a severe economic slowdown, but economists think in more specific terms. A commonly used but somewhat narrow definition of recession is a drop in economic activity, as measured by GDP, lasting at least two quarters. This is the definition used by UCLA’s Anderson School of Management in this article.

 

Top 10 Human Resources Trends That Matter Most in the 2020 Workplace

"The 2020 Workplace is here! The workplace I described in my book, The 2020 Workplace: How Innovative Companies Attract, Develop, and Keep Tomorrow's Employees Today, is now distinguished by a workplace where the rapid pace of change is the new constant in the world of work! As we head into the 2020 workplace, ask yourself these questions."

16 Entrepreneurship Trends for 2020: New Forecasts and A Look into What’s Next Ahead

"New technologies, evolving customer demands, and societal shifts are rapidly changing the business landscape. These factors paved the way for location-independent companies, niche markets, disruptive industries, as well as closely-knit global teams. However, to reap the benefits that these changes have to offer, you must keep yourself up-to-date on the emerging entrepreneurship trends.

"To help you out, we have compiled some data on the different industry shifts to look out for in 2020 and beyond. With this, it’ll be easier for you to fully grasp the changes that can affect your entrepreneurial endeavors and update your strategies accordingly. As such, you can keep your business moving forward in the changing times and keep your edge against the competition."

Top Marketing Trends for 2020

'With the speed at which modern technology is growing and evolving, it is no surprise that everything that relies on it must move at a similarly breakneck pace. Digital marketing is no exception.

'With constant updates, new techniques, and changes to algorithms, digital marketers are frequently scrambling just to keep up. Being aware of emerging or continuing trends is a vital part of staying on top of the game.

'With a brand-new decade rapidly approaching, here are some of the top marketing trends for 2020.'

8 Ways the Workforce Will Change in 2020, According to Business Leaders

" In the last decade, the workforce has changed in ways many business professionals never could have imagined. The ubiquity of smart devices and internet connectivity means that more companies than ever are hiring from a national, and even global, talent pool, as people can do their jobs from anywhere in the world. Rapidly-changing technologies have also revolutionized certain outdated hiring processes and HR functions, leading to a workforce that's simultaneously distributed and constantly connected.

"As we approach the new year (and the new decade), many leaders are speculating on what might change about the current workforce and how we think of employment. We asked a panel of entrepreneurs to share their top predictions for the way work will look in 2020 and beyond. Here are the things they believe will change, and whether they see them as positive or negative transitions."

Don’t Fall for These Common 9 Money Myths — They May Actually Be Preventing You from Getting Rich, According to Barbara Corcoran and other Moguls

There's so much money advice out there that it can be difficult to differentiate the good ones from the bad ones.

To save you some trouble, we asked nine financially savvy business owners and advisors in The Oracles to share the biggest money myths that can stunt your financial success:

18 Major U.S. Cities Where Rent and Taxes Eat up All of a Worker’s Paycheck

"A new study shows just how hard it is for many Americans to get ahead. The average American spends roughly $1,272 per paycheck on living expenses — with the majority of expenses coming from housing and utility bills — according to a recent Clever Real Estate report using Bureau of Economic Analysis spending and income data and IRS state tax data. 

"Clever Real Estate compiled a ranking of the best and worst metro areas to live in based on how much money residents have leftover from a typical biweekly paycheck. After subtracting expenses and income taxes from biweekly pretax income, the average amount of money leftover among all Americans was $136.39."

A Personal Message from Court Bovee and John Thill

As educators, we pride ourselves on preparing students for the opportunities they will encounter in their careers. This has never been an easy goal with the introduction to business course, given the wide range of topics it needs to address, and the challenge gets more daunting every year as the business world continues to evolve and grow more complex.

How do you stay on top of all the changes taking place—particularly if you have limited prep time?

Helping you meet this challenge has always been the driving force behind Business in Action. To prepare the Ninth Edition, we studied every aspect of business, from retailing to finance, to identify the forces and trends that are reshaping the way business works. Here’s a quick look at some of the biggest changes we’re seeing. For some of these, Business in Action is the only text you’ll find that covers them in a meaningful way.

The digital transformation is reshaping every functional area in business, and more than three-quarters of executives say that digital technology will have a “major” or “transformative” impact on their industries. Alert companies are scrambling to reinvent themselves by implementing new business models or optimizing existing approaches. Business in Action is the only leading textbook in this market that helps students appreciate the full scope of this transformation. In fact, our theme for the Ninth Edition is “Thriving in the Digital Enterprise,” and this concept informs the entire text.

Financial services are a great example of how digital technologies are disrupting one sector after another. Did you know that more than 10,000 companies are now active in the fintech arena? We introduce students to five major benefits that fintech is starting to produce, from making financial services more inclusive to enhancing financial decision-making with robo advisors and other artificial intelligence (AI) tools.

The field of marketing has changed so much in recent years that is scarcely recognizable from the old days of the “Four Ps.” The innovations we cover in Business in Action include involving the customer in the marketing process with efforts such as voice of the customer programs, making data-driven marketing decisions (including the all-important challenge of attribution in ad spending), marketing with greater concern for ethics and etiquette, and creating satisfying customer experiences (including creating customer experience touchpoints and the growing practice of social customer care).

Perhaps no aspect of marketing is undergoing as much disruption as the retailing sector. We introduce students to the challenging economics of retailing; discuss how innovations such as mobile commerce, social commerce, and subscription shopping are changing consumer behavior; and take a clear look at the facts and myths of the “retail apocalypse.”

Even as all these changes are happening in the external business environment, many companies are taking a fresh look at what kinds of organizations they want to be and even what it means to be a company. Business in Action explores such topical issues as workplace negativity, safe workspaces, inclusive workplaces and opportunities, the evolving role of HR, the gig economy, and unstructured organizations that rely on social networks and virtual communities.

Sadly, not all recent developments in the business world are positive, of course. The last few years have witnessed stunning ethical meltdowns by some of the biggest companies in the world. The Ninth Edition takes an unflinching look at these lapses and identifies three primary causes of unethical behavior that students need to be aware of: management pressure and corporate culture, a willful blindness to harm, and a sense of ethical and even legal impunity bred in part by the Silicon Valley mentality of “move fast and break things.”

To those of you who already rely on Business in Action to provide your students with the latest coverage of the dynamic field of business, we extend our sincere thanks and continued wishes for success. If you haven’t explored this text yet, we invite you to take a look at its pedagogical features, the range of up-to-date topics it covers, and the value it offers your students. Here’s a video preview and in-depth information about Ninth Edition. We invite you to order a complimentary examination copy today.

Respectfully,

Court Bovee
John Thill

P.S. You might enjoy some of the posts on our Teaching Introduction to Business Blog, too.

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