Until recently, higher education institutions (HEIs) had been relatively free to pursue their own individual strategies, on the assumption that their combined effect would add up to a national strategy for higher education. As long as demand outstripped supply, market failures were not an issue. With supply and demand more in balance, the number of institutions failing to recruit may increase, requiring more attention to be focused on the particular directions the institution wishes and more importantly, does not wish, to take. Closer scrutiny by government and funding bodies is inevitable, requiring institutions to demonstrate accountability and prove that they can continue to function and provide the necessary services. This paper discusses the deliberate decisions that must be made in order to steer these institutions in a particular direction with a clear focus on stakeholder demands. The author contends that, for an institution's mission to be carried out effectively, all stakeholders need to be provided with the opportunity to engage at an early stage in strategy formulation and subsequent discussions. Further, in today's competitive higher education marketplace, differentiation is all important, and significant effort and resources are required to ensure that an institution "stands out from the crowd" and attracts the students, staff, and resources it needs to fulfill its strategic objectives.