Dr. John Psarouthakis, Executive Editor, www.BusinessThinker.com. Founder and former CEO, JP Industries, Inc, a Fortune 500 industrial corporation. Adjunct professor, Strategy and Acquisitions, Ross School of Management, University of Michigan
The effective manager needs to understand and be able to use the latest strategy tools for analyzing industries, and be able to create strategies for sustainable advantage, and understand industry transformations.
Strategic management must include a broad set of strategic management issues, including:
- Industry analysis and the forces that determine industry attractiveness;
- Competitive positioning and the factors determining relative firm performance;
- Industry transformation and strategic sustainability;
- International strategy
Effective Managers must have the ability to develop, evaluate, and implement value-creating strategies for their business. They need to be exposed to the details that forces them to grapple with the real world trade-offs, not just blackboard theories, and encourages them to work through strategic options.