Abstract ‘ Total Business Strategy’ is the missing link between the aloof ‘Mission Statement’ and the particular ‘Functional Strategies’, that will make strategy formulation more implementation oriented. Total Business Strategy addresses five strategic questions: 1. 1.|What are our markets? What are the needs (existing or to be developed) of the markets and customers that our firm wants to satisfy? 2. 2.|What should be our ‘generic’ competitive advantage? 3. 3.|Are we going to be technology leaders or followers? 4. 4.|What is our attitute to risk? What risks, and to what extent are we willing to take? 5. 5.|What are our long range quantitative targets?