Strategic Market Management by David A Aaker was the prescribed text book for an elective course on Competitive Marketing Strategy. A small book, attractive frameworks and lucidly written is my view about this book.
The framework given in the beginning is the most important takeaway from the book. It is simple to comprehend and also outlines what is in the book. It also is a practical outline for any practicing strategist or marketer.
The book provides some really good examples for the concepts it discusses. The book deals with Customer and Competitor Analysis in depth. Some of the frameworks discussed in competitor analysis like competitive strength grid are worth a read. The chapters I liked the most were the discussions on creating competitive advantages.
However, I felt the book is more talking from the air :) Its discussion is from a 10000 feet height from ground level. Especially the discussion on strategic positioning, global strategies are just repetition and common sense in jargon. i expected some more from Aaker for these topics!
The discussion on diversification and marketing strategies for declining markets are of good quality and worth reading. Again, expect only a high level approach to discussion. I was using seventh edition. The latest edition available is ninth; hence I am not sure what all improvements have been included.
Overall a good textbook for academic purposes. Except the strategic market management overview frame work and couple of other frameworks discussed, I doubt whether it will be of any help in practical marketer's life!