Small group and team communication [4th ed] 0205483674, 9780205483679

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0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ



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8LISVMIWSJ0IEHIVWLMT



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0IEHIVWLMTMR7QEPP+VSYTW

 QSWX SRIEGLSJXLIX[SE\IWSJGSRGIVRJSVTISTPIERHGSRGIVRJSVXEWOEWMRHM GEXIHSR*MKYVI    8IEQ 1EREKIQIRX 'SPPEFSVEXMSR  8LI PIEHIV HIQSRWXVEXIW E LMKL HIKVIISJGSRGIVRJSVFSXLTISTPI  ERHXEWO  8LIKVSYTQIQFIVW[SVOXSKIXLIV [MXLQYXYEPVIWTIGXERHEWXVSRKKSEPSVMIRXEXMSR8LIKVSYTLEWEKSSHGLERGIJSVE WYGGIWWJYPSYXGSQI8LMWSVMIRXEXMSRXEOIWXMQIERHGSQQMXQIRXJVSQFSXLXLIPIEHIV ERHXLIKVSYTQIQFIVWFYX[LIRXMQIERHIRIVK]TIVQMXMXMWGPIEVP]EWYTIVMSVKVSYT HIGMWMSRQEOMRKQSHI  %YXLSVMX]i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qVIXMVIHSRXLINSFr8LMWWX]PI MWRSXLIPTJYPXSXLIKVSYTtWMRXIVTIVWSREPVIPEXMSRWLMTWSVKSEPEGGSQTPMWLQIRXW  4EXIVREPMWQ1EXIVREPMWQ %WMRXLIXIEQQEREKIQIRXWX]PIXLIPIEHIV WLS[WELMKLPIZIPSJGSRGIVRJSVFSXLTISTPI  ERHXEWO  ,S[IZIVVEXLIVXLER EWWYQMRK XLI KVSYT LEW MXW S[R WXEOI MR XLI SYXGSQI ERH MW [SVOMRK JSV MRXVMRWMG VI[EVHWXLIPIEHIVEWWYQIWXLIKVSYTMWFYVHIRIHF]XLIXEWOERHVIUYMVIWI\XVMRWMG VI[EVHW-RXLMWGEWIXLIPIEHIVTYWLIWXLIKVSYTXSKIXXLINSFHSRIERHXLIRVI[EVHW XLIQIQFIVWMR[E]W WLISVLILEWEZEMPEFPIXLVSYKLWEPEVMIWFIRIJMXWSV [SVOMRK GSRHMXMSRWMJXLI]EVIIQTPS]IIWSVXLVSYKLWSQISXLIVFIRIJMXMJLISVWLILEWEHMJ JIVIRX VIPEXMSRWLMT [MXL XLI KVSYT (VE[FEGOW EVI XLEX KVSYT QIQFIVW QE] WMQTP] [SVOJSVETVMGIERHRIZIVHIZIPSTPS]EPX]SVGSQQMXQIRXERHTVMHIMRXLITVSNIGX  3TTSVXYRMWQ 7IZIVEPWX]PIWEVIYWIHWMQYPXERISYWP]HITIRHMRKSRXLITIS TPIMRZSPZIH8LIPIEHIVLEWEWX]PIXS[EVHXLSWIKVSYTQIQFIVWWIIREWIUYEPWE  WX]PI XS[EVH XLSWI WIIR EW PIWW MQTSVXERX ERH E  FILEZMSV XS[EVH XLSWI MR

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0IEHIVWLMTMR7QEPP+VSYTW

EYXLSVMX]8LMWMWWIIREWWIPJWIVZMRK[MXLRSSZIVEPPGSRGIVRJSVXLIKSSHSJXLIKVSYT ERHMXWIJJSVXW 8LI1EREKIVMEP0IEHIVWLMT+VMHLEWEWYFXPIFMEWXS[EVHqSRIFIWX[E]rSJVYR RMRKEKVSYTSVXIEQEWE8IEQ1EREKIQIRXSJGSPPEFSVEXMSRERHSRIGVMXMGMWQSJ XLMWXLISV]MWXLEXMXMWXSSWMQTPMWXMGMRMXWEWWYQTXMSRSJYRMZIVWEPMX] ,YKLIW+MRRIXX

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8LISVMIWSJ0IEHIVWLMT



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0IEHIVWLMTMR7QEPP+VSYTW

%0IEHIV 0ES8WYMWGVIHMXIH[MXLXLIWE]MRK 8LI[MGOIHPIEHIVMWLI[LSQXLITISTPIHIWTMWI 8LIKSSHPIEHIVMWLI[LSQXLITISTPIVIZIVI 8LIKVIEXPIEHIVMWLIEFSYX[LSQXLITISTPIWE]q;IHMHMXSYVWIPZIWr

0IEHIVPIWW+VSYTW 0IEHIVPIWWKVSYTWHIJMRIHEWqKVSYTWXLEXHSRSXLEZIEHIWMKREXIHTIVWSR[MXLGSR XMRYMRK EYXLSVMX] SZIV XLI SXLIV QIQFIVW ERH VIWTSRWMFMPMX] JSV QEMRXEMRMRK XLI KVSYTr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t FILEZMSVWWYGLEWPEXIRIWWXSQIIXMRKWEFWIRGIWERHXLI I\TVIWWMSRSJLSWXMPIJIIPMRKWGSYTPIH[MXLXLIVIJYWEPF]SRISVX[SKVSYTQIQFIVW XSHMWGYWWKVSYTH]REQMGWLEZIKSRIYRGLIGOIH 'SYRWIPQER 8LMWMWRSXXS WE]XLEXPIEHIVPIWWKVSYTWGERRSX[SVO8SFIIJJIGXMZILS[IZIVQIQFIVWQYWXGSST IVEXMZIP]XEOI SR XLI PIEHIVWLMT JYRGXMSRWSJ   GSRXMRYMRK XSVIEJJMVQXLI KVSYTtW XEWOTVSGIWWERHZMWMSR  VITIEXIHP]IQTLEWM^MRKXLIRIIHJSVEWEJIKVSYTGPM QEXIMR [LMGLXSIRKEKIMRXLIMV[SVOERH  QEMRXEMRMRKXLIKVSYTtWRSVQWERH FSYRHEVMIW FIX[IIR TIVQMWWMFPI ERH MQTIVQMWWMFPI FILEZMSVW;LIXLIV SRI TIVWSR JYPJMPPWXLIQSVXLIKVSYTEWE[LSPIWLEVIWXLIQPIEHIVWLMTJYRGXMSRWEVIRIGIWWEV] XSIJJIGXMZIKVSYTTVSGIWWIW

8LVII'LEVEGXIVMWXMGWSJ0IEHIVW 6IKEVHPIWWSJ XLI TEVXMGYPEVWSJ ER] SRI XLISV]SJPIEHIVWLMT XLIVIEVIKIRIVEPP]EX PIEWXXLVIIGLEVEGXIVMWXMGW[II\TIGXPIEHIVWXSQERMJIWX8LIWIEVIZMWMSRGVIHMFMPMX] ERHGSQQYRMGEXMSRGSQTIXIRGI:MWMSR TVSZMHIWXLIHMVIGXMSRJSVXLIKVSYTTVSGIWW GVIHMFMPMX] XLIVIEWSRJSVXLIKVSYTXSJSPPS[XLEXHMVIGXMSRERHGSQQYRMGEXMSRGSQ TIXIRGI XLIQIERWJSVGSQQYRMGEXMRKXLEXHMVIGXMSRXSXLIKVSYT)EGLSJXLIWIGSR XVMFYXIWXSXLIEFMPMX]SJEPIEHIVXSMRJPYIRGIXLIKVSYTTVSGIWW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

8LVII'LEVEGXIVMWXMGWSJ0IEHIVW



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tW QSVEPI /IITMRKXLI KSEPMR WMKLX[LMPIOIITMRKXLIKVSYTSRXVEGOXS[EVHEGGSQTPMWLMRKMXMWEGSQTPI\XEWO

'VIHMFMPMX] )JJIGXMZIPIEHIVWLMTHITIRHWSRXLIKVSYTtW[MPPMRKRIWWXSJSPPS[8LMW[MPPMRKRIWWMW KIRIVEPP] FEWIH SR XLI KVSYTtW TIVGITXMSR SJ XLI PIEHIVtW EFMPMXMIW ERH GVIHMFMPMX] ,EGOQER  .SLRWSR   ;MXLSYX XLI KVSYTtW XVYWX ERH GSRJMHIRGI XLI QSWX ZMWMSREV]PIEHIVMWTEVEP]^IHMRLIVSVLMWEXXIQTXWXSHMVIGXXLIKVSYTXS[EVHXLIWXEXIH KSEPWERHZMWMSRW8LI[MPHIVRIWWPIEHIV[SYPHFITS[IVPIWWXSLIPTXLIKVSYTMJQIQ FIVWHMHRSXTEVXMGMTEXIMRXLITVSGIWW-JXLI]HSRSXFIPMIZIMRXLIPIEHIVtWEFMPMX]XS LIPTXLIQJMRHXLI[E]XSWEJIX]SVMJXLI]HSRSXXVYWXLMQSVLIVXSOIITXLIKVSYTt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

'SQQYRMGEXMSR'SQTIXIRGI %RSXLIVMQTSVXERXTMIGISJKVSYTPIEHIVWLMTMWGSQQYRMGEXMSRGSQTIXIRGI (VYGOIV  *SVEPIEHIVXSFIIJJIGXMZIWLISVLIQYWXFIEFPIXSXVERWPEXILIVSVLMWVIPIZERX ORS[PIHKIWOMPPWERHWMXYEXMSREPP]ETTVSTVMEXIFILEZMSVXSKVSYTQIQFIVWMR[E]W XLI] GER YRHIVWXERH ERH XVYWX 'SQQYRMGEXMSR GSQTIXIRGI MRGPYHIW XLI EFMPMX] XS HIGSHI ERH YRHIVWXERH QIWWEKIW GSQMRK JVSQ XLI IRZMVSRQIRXhFSXL [MXLMR XLI KVSYTERHJVSQSYXWMHIMXhERHXSIRGSHIERHMRXIVTVIXXLEXMRJSVQEXMSRJSVXLIKVSYT

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG



' , % 4 8 ) 6 

0IEHIVWLMTMR7QEPP+VSYTW

QIQFIVWSVJSVXLSWIVIPIZERXSXLIVWSYXWMHIXLIKVSYT%PIEHIVQYWXFIEFPIXSGSQ QYRMGEXIMRE[E]XLEXqYTLSPHWERHsJMXWMRXSt XLII\MWXMRKGYPXYVEPZEPYIW]WXIQSV XVERWGIRHW XLEX W]WXIQ F] EVXMGYPEXMRK ER EPXIVREXMZI ZEPYI W]WXIQr &EVKI  T  %WWYGLPIEHIVWQYWXFIEFPIXSYRHIVWXERHXLIMVIRZMVSRQIRXERHMRXIVTVIXMX MRE[E]XLEXQEOIWWIRWIXSKVSYTQIQFIVW &YGOMRKLEQ 'SJJQER  &IJSVIKSMRKSRE[LMXI[EXIVVEJXMRKXVMTXLIVMZIVKYMHII\TPEMRWXSXLIVEJXIVW [LEXXSI\TIGXERHLS[XSVIWTSRHXSEKMZIRWIXSJGSQQERHWXLEXXLIKYMHI[MPPMWWYI [LIRXLI]VIEGLXLI[LMXI[EXIV&IJSVIXLI]KIXMRXLIVEJXERHJSPPS[XLIMRWXVYGXMSRW XLSYKLXLI]RIIHXSFIPMIZIXLEXXLIKYMHIORS[WXLIVMZIVERHLS[XSMRXIVTVIXXLIGYV VIRXWIHHMIWERHJEPPWXLEXWLISVLIMWEFPIXSQERIYZIVXLIVEJXWEJIP]XLVSYKLSV EVSYRHXLI VETMHWGEVIWEFSYXXLIVEJXIVWt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qVIEHr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

'LSSWMRKE0IEHIV &IGEYWIWQEPPKVSYTWEVIGSRZIRIHJSVEZEVMIX]SJTYVTSWIW[MXLMRHMZIVWIGSRXI\XW ERH[MXLEZEVMIX]SJTISTPIXEPIRXWXMQIIRIVK]ERHXEWOWQER]JEGXSVWMRJPYIRGIXLI UYEPMX]ERHX]TISJPIEHIVWLMTRIIHIHJSVERIJJIGXMZIKVSYTTVSGIWW7SQIWQEPPKVSYTW

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG

'LSSWMRKE0IEHIV



EVIJSVQIHJSVEPMQMXIHTYVTSWIJSVEPMQMXIHTIVMSHSJXMQI[MXLPMQMXIHVIWSYVGIW ERHI\TIGXMRKPMQMXIHGSQQMXQIRXJVSQQIQFIVW7YGLEKVSYTQE]WMQTP]RIIHE PIEHIV[LSGEROIITXLITVSGIWWSRXVEGO-XQE][ERXXSPIEZIQSWXSJXLIHIGMWMSRQEO MRKXSSRITIVWSR[MXLSRP]ERSHSJETTVSZEPJVSQXLISXLIVQIQFIVW3XLIVKVSYTW LEZIFVSEHIVXEWOWERHQSVIGSQTPI\KSEPW8LSWIQE]FIRIJMXJVSQEQSVIGSPPEFSVE XMZIPIEHIVWLMTWX]PI0IEHIVWQE]FIETTSMRXIHSVIPIGXIHSVXLI]QE]IQIVKIHYVMRK XLIKVSYTTVSGIWW0IEHIVWLMTQE]EPWSFIWLEVIHEQSRKKVSYTQIQFIVW

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tWTIVGIT XMSRWSJLIVSVLMWTS[IVQE]FIEFPIXSIQTS[IVKVSYTQIQFIVWERHQEREKIGSRJPMGX QSVIIJJIGXMZIP]XLERWSQISRIRSXEW[IPPTIVGIMZIH 3RIHVE[FEGOXSERETTSMRXIHPIEHIVMWXLIXIRHIRG]WYGLPIEHIVWQE]LEZIXS I\IVX XLIMV TS[IV ERH SZIVGSRXVSP XLI KVSYT TVSGIWW XLYW HMQMRMWLMRK XLI TSXIRXMEP GSRXVMFYXMSRWSJSXLIVQIQFIVW;LIRQIQFIVWJIIPFEVVIHJVSQTEVXMGMTEXMRKJYPP] XLI]QE]YWIXLIMVS[REZSMHERGITS[IV[MXLXLIEHZIVWIMQTEGXEWWSGMEXIH[MXLE PSWWSJXLIMVMRTYX)ZIR[LIREPIEHIVMWFIRIZSPIRXERHGEVMRKMRLMWSVLIVEWWIVXMSR SJ TS[IV ERH GSRXVSP XLI KVSYT QE] JIIP HMWIQTS[IVIH ERH PSWI QSXMZEXMSR ERH E WIRWISJWLEVIHVIWTSRWMFMPMX]JSVXLISYXGSQI'SRXVSPSJKVSYTTVSGIWWMWEHMJJMGYPX FEPERGIXSLSPH%R]PIEHIVQE]FIXIQTXIHXSI\IVXQSVIGSRXVSPXLERMW[EVVERXIH FYXXLSWI[LSEVIETTSMRXIHQE]FIQSVIMRGPMRIHXSQSZIMRXLEXHMVIGXMSRXLERXLSWI [LSEVIQSVIHIQSGVEXMGEPP]GLSWIR

)PIGXIH0IEHIVW %RIPIGXIHKVSYTPIEHIV MWSRIXLIKVSYTGLSSWIWXLVSYKLMXWS[RJSVQEPTVSGIWWIW 8LIKVSYTQE]GLSSWIXLIQFEWIHSRXLIMVI\TIVXMWI[MXLXLIXEWOEXLERHSRXLIMV ORS[REFMPMX]XSPIEHEKVSYTTVSGIWWSVFIGEYWISJXLIMVTIVGIMZIHTS[IVMRWSQI SXLIVEVIE)PIGXIHPIEHIVWWLEVIWSQIGLEVEGXIVMWXMGW[MXLETTSMRXIHPIEHIVWMRXLEX XLIMVTSWMXMSR[MXLMRXLIKVSYTMWJSVQEPM^IHERHXLIMVVIPEXMSRWLMTXSSXLIVQIQFIVWMW EWXLIqJMVWXEQSRKIUYEPWr)ZIR[LIRPIEHIVWEVIGLSWIRWMQTP]JSVXLIGSRZIRMIRGI SJLEZMRKWSQISRIGEPPXLIQIIXMRKWERHWIXXLIEKIRHE[MXLRSSXLIVJSVQEPTS[IVMR XLIKVSYTXLITSWMXMSRMXWIPJJVIUYIRXP]IRLERGIWXLITIVGIMZIHTS[IVSJXLITIVWSR [LSMWGLSWIR%RIPIGXIHPIEHIVMWMRLIVIRXP]QSVIEGGSYRXEFPIXSXLIKVSYTQIQFIVW XLERMWERETTSMRXIHSRIERHQE]FIPIWWPMOIP]XSEFYWIXLEXTS[IVFYXQSWXSJYWGER TVSFEFP]GMXIMRWXERGIWMR[LMGLHIQSGVEXMGEPP]IPIGXIHPIEHIVWLEZIXEOIRMRETTVSTVM EXIPMFIVXMIW[MXLXLII\IVGMWISJTS[IV

7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R &EGSR 'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG



' , % 4 8 ) 6 

0IEHIVWLMTMR7QEPP+VSYTW

)QIVKIRX0IEHIVW %RIQIVKIRXKVSYTPIEHIV MWSRI[LSqWXEVXWSYXEWER]SXLIVQIQFIVSJEKVSYTSJ TIIVWFYXKVEHYEPP]IQIVKIWEWPIEHIVMRXLITIVGITXMSRWSJXLISXLIVQIQFIVWF] TVSZMHMRKPIEHIVWLMTWIVZMGIWr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q8LI1MRRIWSXE 7XYHMIWWLS[XLEXPIEHIVWIQIVKIXLVSYKLEQIXLSHSJVIWMHYIWMR[LMGLKVSYTQIQ FIVWEVIVINIGXIHYRXMPSRP]SRIVIQEMRWr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