ABSTRACTStrategic flexibility is proposed as an expedient capability for managing capricious settings, such as those confronted in technology‐intensive arenas. This article examines the historical evolution of the concept of flexibility and analyses its different senses by relating it to other concepts with a ‘family resemblance’. A conceptual framework is subsequently developed, which integrates the temporal and intentional dimensions of flexibility. Four archetypal manoeuvres, derived from the framework, are proposed as a means of attaining strategic flexibility. The deployment of these manoeuvres is exemplified by means of selected strategic engagements of firms in the computer peripherals arena. The article concludes with a discussion of the theoretical and practical implications of the res