This study demonstrates how business managers can learn to anticipate market trends, threats and opportunities, and how they can then develop strategies to help their companies respond and grow. Thoroughly revised, this second edition emphasizes a market-responsive approach to creating strategies that any business manager can use to generate effective strategic options in today's constantly changing marketplace. New chapters cover external analysis, customer analysis, competitor analysis and developing strategy in mature or stagnant markets. There is also expanded coverage of sustainable competitive advantages (SCA).