Problems can be put into three buckets: 1) Can be solved by things 100% under your control. 2) Can be solved only by influencing others to participate, 3) Things that are part of the environment and can really only be mitigated.
Area 1, control, is the realm of the first line manager. The FLM has the people, the budget, the FLM's team has the know-how, so execute well and the problem is solved.
Area 2, influence, is the realm of the middle manager, and also sales and marketing. You need to borrow resources from somebody else, argue for corporate re-allocation of resources, convince a sales prospect to become a customer, etc.
Area 3, environment, is the realm of the executive. You have no control and no influence, unless you can find some levers and then delegate. But some things will not have obvious levers. Example: It rains. No body will stop the rain. But everyone can fix the holes in their roof. Likewise, companies have competitors and an economic environment in which they operate. Predict and make plans.
When I was at Intel, one of the great things that senior Mids got to participate in was "red teaming" as competitors. Given all that Intel knew about a competitor, a team would be give a data dump and a short number of weeks to come up with a strategic plan for that competitor to Eat Intel's Lunch. Then they presented to Intel executive staff. From what I heard, it was an excellent experience all around and very valuable to the company. (Before you ask, no.... I was not ever in any danger of participating....)