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The Four Components of Strategic Management and How They Interact with Each Other - Essay Example

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In the business world of today companies face intense competition due to the high number of businesses that operate worldwide. Companies need to obtain an edge in order to stay ahead of competitors. One of the most important aspects of the work performed by managers is to implement strategic management…
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The Four Components of Strategic Management and How They Interact with Each Other
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The Four Components of Strategic Management and How They Interact with Each Other

Download file to see previous pages... The first component of strategic management is planning. Planning involves determining the organizational goals and how they are going to be achieved (Rothbauer-Vanish, 2009). Managers can utilize planning to forecast sales levels, inventory requirements, and labor necessities. The second component of strategic management is organizing. The managers of a company must organize all its resources in order to implement the course of action it determined in the planning process (Associatedcontent, 2011). Organizing helps companies in the implementation process of its plans. The third component of strategic management is controlling. Controlling is the process of establishing performance standards based on the firm’s objectives, measuring and reporting actual performance, comparing the two, and taking corrective and preventive action (Erven). The final component of strategic management is leading. Leading involves motivating and helping workers achieve the organizational goals of the company. In the hospitality industry the four components of strategic management can be put to good use. Hotels have to plan how many resources such as labor are needed in order to comply with the demand of customers. For example there are more guests staying in hotels during summer season than in autumn. ...Download file to see next pagesRead More
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