Now in its third edition, this European strategy text covers the underlying concepts, analytical methods and practical implications of corporate strategy, showing how they can be applied successfully to organizations. Providing an understanding of what corporate strategy is and why strategic decisions are important, the authors view corporate strategy in two ways - as a matter of economic analysis and planning, and as a matter of organizational decision making within a social, political and cultural process. Building on the practice of good strategic management, the text will help managers to take decisions about change, and implement change with assurance and skill. The different approaches to formulating strategy are also discussed. New to the third edition are: fuller account of strategy development processes; more integrated treatment of cultural context of strategy; and critique of Porter's generic strategies and market driven framework for considering generic strategies.