There have been businesses that have faced desolation in the economy such as change of cost rise and fall within the stock market. Many of these businesses have experienced humiliation and were unable to recover from financial difficulties. Although Bank of America fell on hard times, this company was able to bounce back by incorporating new guiding principles and implemented more industrious and ethical procedures which met the satisfaction and demands of the customers.
[...] Bank of America's tactical planning could be influenced by factors relating to financial issues, marketing the company's products and community relations. Operational planning can derive from being influenced by quality of service being provided and production of products. Contingency planning can be a collaborative of the following such as lack of obtaining production materials and global economic crisis. In conclusion, Bank of America Corporation is one of many major companies that show effort towards placing functions of management accordingly. All functions allow the company to become successful in setting goals and are projected to accommodate one [...]
[...] The board of directors will implement and determine Bank of America's governance policies, while providing supervision for legal compliance and financial reporting. Both management and board of directors is responsible for being able to establish an organization's code of conduct and operation values while setting strategic policies and direction (Nash, 1992). It is evident why Bank of America's governance principles was implemented, due to the trial and error of former management and CEO. The management function within the boundaries of governing an organization will rely on the four core values in achieving a goal while living up to the standards of distinction, accountability, team collaboration, and integrity. [...]
[...] This company also offers scholarships to low income individuals who cannot afford to pay for their college education. Most scholarships are geared towards the disadvantaged population and underprivileged. In regards to social responsibility, Bank of America contributed to the investment banking and commercial lending for ventures considered to be green. Bank of America team up with Brighter Planet in 2007, in order to help build renewable energy projects with every purchase using a debit or credit card. Health centers have received money donated by Bank of America located in Massachusetts. [...]
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