Business leaders speak out: their real strategic problems

Abstract

PurposeMany observers agree that the recommendations from academic research are not followed by real world organizations, and that business researchers rarely consult practitioners when formulating research questions. Calls are increasing to make management research more relevant for business managers. This paper aims to seek to capitalize upon this opportunity by going straight to managers on the front line and asking them about their most pressing problems.Design/methodology/approachThe authors surveyed over 350 Chief Executive Officers of large, medium and small‐cap US firms. The authors asked these executives to describe the most important strategic problem facing their firms, to identify the fundamental source of the problem, and to identify the best response to this problem.FindingsExecutives tell us that their most common strategic problems relate to threats from new technology, and new competitors. Further, respondents believe that the most important threats originate outside the firm.Practical implicationsThe survey can help to align the interests of academic researchers and business practitioners. Future case study research can explore the most effective tactics in use to deal with the most important strategic problems.Originality/valueBoth practitioners and researchers should consider this paper's findings. Business executives can gain insights on the key concerns of their US peers in today's market. Management researchers and educators can consider using the findings of this survey to formulate new, more pragmatic research questions, and to make management curriculum more relevant to today's managers.