This research aimed to identify the business strategy formulation by the shareholders and the management of the
company. Ten companies were selected to be the objects of this research. Those companies were the information
technology, telecommunication, printing, mining, construction and chemical companies in Indonesia. The
research was conducted by using the Analytical Network Process (ANP) and considering the chosen respondents
as the decision makers (experts) of those companies. The respondents were chosen by using the non-probabilitty
sampling method. The result shows that the roles of the company managements are considered m ore influental
(0,57143) than the roles of the shareholders (0,28571). From the output of stakeholder’s condition, the beststratified
priority strategies are differentiation (0,600515), cost of leadership (0,230754) and focus (0,168731).