Which are the aspects you will keep in your mind about the prespective of management to be an effective strategic manager in an industry?

Answer 1

To be an effective Strategic Manager in an industry you need to: (1) know about the industry/sector you are in and the current competitors; (2) know about the political, markets, social, demographic, international dimensions of where your company sits with regards to the industry/sector (e.g. any new laws going in that may effect your company); (3) know about the history, trends, innovations within that industry/sector as well as adjacent industries and sectors that may affect you in the future and who the future competitors maybe as well as the current and future customers; (4) know about your company and people, know the positive and negative in every aspects of the company departments, executives, the culture, people skills and behaviours; (5) know how much change you can bring about and in what timescale (what budget and room for manoeuvre you have, support within and outside the company, the detractors, the stakeholder communities including the bankers, lawyers, shareholders and current or potential partners); (6) know yourself and what your capabilities are in terms of political behaviours, influence, negotiations, leadership, strategizing, who you team will consist of and what their skills are, what your drive, motivation and enthusiasm are especially when the going gets tough; (7) know what mitigation strategies you have, when things may not go as you planned, but still have strategies up your sleave to still bring about the changes you want to; (8) know what your exit plan is, so when you reach a certain point you know to stop, otherwise you just grind yourself down - this is often the hardest part because often people battle against insurmountable problems when they should just have walked away and down something different. They often think that by just working a little harder, a few more hours they can solve it. There comes a time when it is better to withdraw, regroup and assemble for the next battle.