The influence of strategic management practices on corporate performance of Sarova town hotels

Abstract

The study investigated the influence of Strategic Management Practices on Corporate Performance of Sarova Town Hotels. This study covered various theories that prompted the researcher’s thoughts into this research field. The study highlighted literature on strategic management practices and how that influences and is connected to corporate performance. The research design for this study was a descriptive survey design aimed at investigating the influence of strategic management practices on corporate performance of Sarova Town Hotels. The population of the study was four business units namely; Sarova Head Office, Sarova Stanley, Sarova Panafric and Sarova Whitesands where most of the management team were based. Questionnaires were used to collect primary data. The study respondents were from the top management level, middle level management and from lower management level in each organization. Descriptive statistics in form of frequencies, percentages and mean were computed. The study concluded that Sarova town hotels all have a strategic plan that goes through the formulation, implementation, evaluation and control process. The study revealed that strategic management practices do influence corporate performance of the hotels. In additional the results of the study indicated recommendations to improve corporate performance which involved training of staff, motivation of staff, setting attainable goals and involving line staff in formulation of strategic plans and would enhance corporate performance. The study recommended that the management of Sarova town hotels should take an initiative by using various combinations of corrective strategic measures to combat challenges that the organization faced. This thereby ensured that the formulated strategic plans were properly implemented, evaluated and controlled. The study recommended that the management should formulate an internal policy to guide strategic plans for example, who would be involved in strategy formulation, or follow up on implementation and period required for policy evaluation and the control mechanisms to be used.