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Management Fourth Canadian Edition JOHN R. SCHERMERHORN, JR. Ohio University DANIEL G. B ACHRACH University of Alabama BARRY WRIGHT Brock University VICE PRESIDENT, EDUCATION DIRECTOR, BUSINESS, ACCOUNTING, AND FINANCE EXECUTIVE EDITOR DEVELOPMENT EDITOR EDITORIAL ASSISTANT SENIOR MARKETING MANAGER SENIOR CONTENT MANAGER PRODUCTION EDITOR AND MEDIA SPECIALIST DESIGN SENIOR PHOTO EDITOR COVER DESIGN COVER PHOTO PRODUCTION SERVICE Tim Stookesberry Michael McDonald Lisé Johnson/Christine Moore Daleara Hirjikaka Ethan Lipson Anita Osborne Dorothy Sinclair Meaghan MacDonald Wiley Mary Ann Price Joanna Vieira/Wiley © Justin Lewis / Getty Images Jackie Henry, Aptara Inc. This book was set in 9.5/12.5 Source Sans Pro by Aptara, Inc. Printed and bound by Quad Graphics. This book is printed on acid free paper. ∞ Founded in 1807, John Wiley & Sons, Inc. has been a valued source of knowledge and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Our company is built on a foundation of principles that include responsibility to the communities we serve and where we live and work. In 2008, we launched a Corporate Citizenship Initiative, a global effort to address the environmental, social, economic, and ethical challenges we face in our business. Among the issues we are addressing are carbon impact, paper specifications and procurement, ethical conduct within our business and among our vendors, and community and charitable support. For more information, please visit our website: www.wiley.com/go/citizenship. Copyright © 2018 John Wiley & Sons Canada, Ltd. Copyright © 2015 John Wiley & Sons Inc. All rights reserved. No part of this work covered by the copyrights herein may be reproduced, transmitted, or used in any form or by any means—graphic, electronic, or mechanical—without the prior written permission of the publisher. Any request for photocopying, recording, taping, or inclusion in information storage and retrieval systems of any part of this book shall be directed to The Canadian Copyright Licensing Agency (Access Copyright). For an Access Copyright Licence, visit www.accesscopyright.ca or call toll-free, 1-800-893-5777. Care has been taken to trace ownership of copyright material contained in this text. The publishers will gladly receive any information that will enable them to rectify any erroneous reference or credit line in subsequent editions. Evaluation copies are provided to qualified academics and professionals for review purposes only, for use in their courses during the next academic year. These copies are licensed and may not be sold or transferred to a third party. Upon completion of the review period, please return the evaluation copy to Wiley. Return instructions and a free of charge return shipping label are available at www.wiley.com/go/returnlabel. If you have chosen to adopt this textbook for use in your course, please accept this book as your complimentary desk copy. Outside of the United States, please contact your local representative. ISBN 978-1-119-34795-8 (E-Pub); 978-1-119-40379-1 (unbound) The inside back cover will contain printing identification and country of origin if omitted from this page. In addition, if the ISBN on the back cover differs from the ISBN on this page, the one on the back cover is correct. Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 About the Authors B A R R Y W R I G H T M A , P H . D. , is an associate professor and previously the interim dean at the Goodman School of Business at Brock University in St. Catharines, Ontario, and is the former director of the Niagara Community Observatory. Dr. Wright has over 25 years of experience in the classroom. Prior to joining the faculty at Brock, he