This fifth edition of 'Strategic Management: Thinking, Analysis, Action' reflects the combination of the major thoughts I have had about the teaching and practice of strategy and strategic management over the 25 years I have been working in this area. This is the eighth major strategy textbook I have authored over that period. It reflects the stream of thinking of all its predecessors. I have tried to capture the developments that I have seen and experienced in my thinking, research and consulting, as well as to highlight those issues that will influence strategic thinking and practice in the future.