This well-established, widely adopted text, now in its Sixth Edition, builds on the strengths of the earlier editions. It provides readers with a deep understanding of the principle and practice of strategic management and strategic problems-so vital for all levels of management. Substantially updated and suitably reoriented to meet the needs of contemporary students, the text equips them with the tools necessary to apply the concepts and theories-and to build their own. Above all, it develops the practice of strategic management. Throughout the text, the authors view strategy through three 'lenses'-design, experience and ideas which, though different, are complementary ways of viewing strategy and strategic management. The text clearly shows the importance of a clear analysis of the strategic situation facing the organization and the rational assessment of the future options available to it. In so doing, it discusses such topics as structural and strategic group analysis of competitive environments; value chain analysis; and models of strategic choice. It also amply demonstrates that strategic management is as relevant to the public sector and to not-for-profit organizations as it is to the private sector. Students of management and finance will find this authoritative text both stimulating and highly useful.