The Four Components of Strategic Management and How They Interact with Essay

The quatern Components of Strategic Management and How They Interact with Each Other - Essay ExampleThe first component of strategical management is provision. Planning involves determining the organizational goals and how they be going to be achieved (Rothbauer-Vanish, 2009). Managers buttocks utilize planning to forecast sales levels, inventory requirements, and labor necessities. The second component of strategic management is organizing. The managers of a companion 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. peremptory is the process of establishing performance standards based on the firms objectives, measuring and reporting actual performance, canvass the two, and taking corrective and preventive action (Erven). The final component of strategic man agement is leading. Leading involves incite 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.