Culture may be a 'soft' concept, but fixed ways of thinking and behaving can lock organisations into cycles of underperformance - whether it is apparent now or predicted in the future.

Virtually every organisation that has brought about radical change has also changed it's culture (by evolution or revolution!).  Similarly, every business that has broken into a market with high entry barriers, has also brought with it a distinctly different culture.

Mergers and acquisitions often flounder because they have not created a new culture for the new circumstances.