Briefly describe the three major components of culture. Provide an example of each.
What will be an ideal response?
Student answers will vary but should demonstrate understanding of the three major components of culture.
There are three major components to any organization's culture: observable artifacts, espoused values, and basic underlying assumptions. Observable artifacts are the manifestations of an organization's culture that employees can easily see or talk about. There are six major types of artifacts: symbols, physical structures, language, stories, rituals, and ceremonies. For example, a department may hold a meeting every Monday morning so that employees can exchange progress reports. Espoused values are the beliefs, philosophies, and norms that a company explicitly states. For example, companies typically have mission statements. Basic underlying assumptions are the taken-for-granted beliefs and philosophies that are so ingrained that employees simply act on them rather than questioning the validity of their behavior in a given situation. For example, the employees of a company may always assume that the customer is right and act in accordance with that belief.
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Bogdan, a painter, offers to sell his painting to Mirka for $90. Mirka responds that she needs more time to think about Bogdan's offer. Then Bogdan dies, and the value of the painting escalates. Mirka calls Bogdan's widow, Gizela, and says "I accept Bogdan's offer." Which of the following statements is true of the case?
A. There is no binding contract entitling Mirka to the painting under any circumstances. B. There is no binding contract entitling Mirka to the painting unless she actually pays Gizela the $90. C. There is a binding contract entitling Mirka to the painting if she did not know Bogdan was dead when she called Gizela. D. There is a binding contract entitling Mirka to the painting.
Understanding a company's relationships with financial institutions and bondholders is important because:
a. it can indicate the extent to which the company is leveraged. b. it can reveal whether significant short selling of the company's stock has occurred. c. it can uncover the fraudulent transactions from special purpose entities. d. it may help in raising additional funds from the financial institutions.
How does an employee stock purchase plan differ from a stock option plan?
a. Stock purchase occurs over time as a percentage of pay, not purchased outright. b. Stock purchase is not voluntary. c. The company typically does not offer discounts as it does with stock options. d. Newer employees do not typically have access to this type of plan.
A(n) ____________________ is a chronological record of all transactions entered into by a business
Fill in the blank(s) with correct word