Final answer:
Effective CEOs remain focused on key goals and outcomes, aligning with their organization's core competencies and striving for a monopoly advantage whenever possible to maximize success.
Step-by-step explanation:
According to Herman and Heimovics, effective CEOs stay focused on key goals and outcomes. This focus aligns with the broader business principle that success often comes from honing in on a company's core competencies. By maintaining a clear vision of what they wish to achieve, CEOs can lead their organizations more effectively, steering clear of distractions that do not serve the primary objectives of the business. Similarly, a narrow focus on select products or services—leveraging the monopoly advantage where possible—can result in higher profitability and market success, as competition is reduced.