Managers are leaders in their respective position hence managerial skills are interrelated with leadership skills (Sikka, 2004). Problem solving is one of the key managerial skills. Problem solving skills are required to ensure that businesses are run efficiently by the managers. They help to analyse the issues persisting in firm and finding solution for the same with analytical tools and creative manner. Problem solving skills also help in proper understanding of
business and its operations to the managers. As competitiveness is increasing with varied customer demands, firm’s managers who have business acumen with problem solving qualities which can help to overcome the internal and external issues of firm.
International business needs high operational efficiency where such skills become very important. These skills are very beneficial to face different challenges and overcome competition in the market. The most crucial aspect of problem solving skill is to evaluate, determine and interpret the main issues behind any problem. Varying trends, increasing competition and growing demand needs to be addressed in tactful manner. Customer requires new products every day and they want innovative designs at suitable prices hence managers have to understand such requirements. This is also important to analyse the problems lying in the current product and resolve them. Hence problem solving skills are quite important to overcome such challenges. Thus, problem solving is necessary for managers to succeed in competitive market. Hence training and development of managers with such skills is very necessary to meet this high operational efficiency (Kumika, 1998).