Authors provide students with a different technique to learning strategic management skills, excluding models or frameworks that have proven to be theoretically unsound or empirically not substantiated. Topics that are now covered more completely in non-strategic management texts are no longer included. Author discussions on strategic management models that provide important insights and have emerged over the years. Help students develop critical-thinking skills Chapter Six summarises the latest theoretical and empirical work on the value of strategic flexibility. It describes the settings under which flexibility will create value, and how that value can be estimated. Chapter Seven explores the economic -- and ethical -- implications of explicit and tacit collusion. Even if a particular firm chooses to not engage in collusion, it must still understand this strategy and its economic consequences, because some of its competitors may choose this strategy. The fundamental concepts include a five forces framework, value chain analysis, generic strategies, and corporate strategy. VRIO framework is used throughout the text to help students understand Strategic Management concepts. A discussion on corporate competitive advantage in the product market, is included along with a student’s competitive advantage in the labour market.