8 Things Every CEO Must Know

Some CEOs are praised for the work they accomplish. Others are thrown out for disappointing the Board. One of the more notable CEO shakeups of 2013 involved Ron Johnson, the former Apple Store executive who left Cupertino to run J.C. Penney. According to Time, there were five "big mistakes" that led to his removal at J.C. Penney.

• He misread what shoppers want.
• He didn't test ideas in advance.
• He alienated core customers.
• He misread the brand.
• He didn't like or respect the company.

If Johnson had spoken to CEO consultant Jaynie L. Smith last year, he might have been able to avoid some of these mistakes. Smith is the CEO of Smart Advantage, a marketing and management consultancy that focuses on identifying a company's competitive advantage. She is also the co-author of Creating Competitive Advantage and Relevant Selling. Click through the slideshow to see her eight tips that every CEO must know. Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.