The Second Step in the Development of Guiding Principles for a Firm

question 42

Multiple Choice

The second step in the development of guiding principles for a firm is to:

• A)ask oneself what one stands for or what the company stands for.
• B)articulate a clear vision regarding the firm's direction.
• C)identify clear steps as to how the cultural shift will occur.
• D)believe that the culture is actually possible, achievable.

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Definitions:

Consideration

In contract law, it is something of value exchanged by the parties involved in a contract, making the agreement legally binding.

Accord And Satisfaction

A legally binding agreement to settle a disputed claim for a definite amount.

Adequacy Of Consideration

The fairness of the value or price exchanged in a contract, though the law typically does not require consideration to be equal in value.

Laissez-Faire

An economic philosophy of free-market capitalism that opposes government intervention in business affairs, advocating for a "let do" or "let people do as they please" approach.