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    Strategic Management, Effective Mission Statements

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    1) Identify at least three ways that company culture impacts the strategic plan. Provide one example using a company with a distinctive culture.

    2) List and briefly describe five of the ten major benefits of strategic management, as stated by Greenley.

    3) According to James Van Horne, what are the three decisions that comprise the functions of finance? Describe each function, and identify the role of each function in strategic management.

    4) Assess the major components of an effective mission statement. Which do you find to be the most important? Explain why.

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    1. In an organization that is bound by environmental awareness, management tries to create strategies that promote social responsibility. The risk that a company takes depends on its culture. If its culture promotes trust and honesty, it cannot withhold relevant information to its employees to keep their trust as it affects employee retention. When formulating an incentive program, the company has to implement it in such a way that it is fair to all the employees, e.g., depending on performance levels. One example of a company with great organizational culture is Zappos. The company cares about its employees and shares its budget for their "team building and culture promotion." (Patel, S., n.d.)
    Another company is one of the famous social media network, Twitter. The instantaneous platform poses challenge for its employees but its teamwork composed of smart people is the best. According to one of its software engineers, "I love how the 10 core values drive the company to always be better." (Bort, 2014)
    2. Greenley's strategic management benefits include the following:
    2.1. Opportunities are identified, prioritized and exploited. With strategic management, decision makers need to identify and explore the opportunities to create ...

    Solution Summary

    * Ways in which organizational culture affect strategic plan; example of companies with great organizational culture
    * Greenley's 5 strategic management benefits described
    * decisions that compose the finance function
    * components of an effective mission statement
    * 777 words
    * 6 non-APA references

    $2.19