Modern Management & Communication in Economy and Tourism

The research highlights the critical role of management in driving the success of corporations, businesses, and tourism to develop the economy, comprehensively examining the essential functions of management. Effective management practices in strategic planning, leadership, decision-making, resource allocation, risk management, innovation, and stakeholder relations are necessary to achieve and maintain organizational performance and growth. Firms with robust strategic planning processes consistently outperform their peers, demonstrating the importance of this function in achieving financial and market success. Complementing strategic planning, a well-designed organizational structure ensures the efficient execution of strategies.