This is the third volume of the International Review of Strategic Management and ocntinues to follow the objective of the series, which is to produce an annual critical review of developments and best practice in strategic management. Over the years this will accumulate to a significant reference source. Because of the intended reference nature of the series, each book includes cumulative indexes to the whole series. Each volume in the Review has included a number of contributions grouped around a theme, as well as a variety of articles on other topics. This provides the opportunity of dealing with a topic in some depth, while still leaving space to deal with other issues. In volume 1 the theme was competitor analysis. Volume 2, which consisted of two books, followed the themes of implementation of strategy, and issues for the 1990s. This volume clusters a number of contributions around the theme of strategic analysis and strategy formulation. Some of these articles continue the narrower competitor analysis theme, and to gain full value from the accumulated wisdom offered by the authors those interested in a particular topic may find more information in the cumulative contents lists and indexes.