Bangladesh has achieved sustained economic growth despite persistent shortages of raw materials, skilled human resources and institutional integrity. This article examines whether Management by Objectives (MBO), first articulated by Peter Drucker (1954), can serve as a practical strategic management model for improving organisational and national economic performance under such constraints. Using a qualitative, secondary-data approach, the study reviews classical and contemporary literature on MBO and goal-setting theory, and analyses Bangladesh’s resource and governance context through government plans, policy documents and published research. The analysis suggests that MBO is well suited to resource-scarce settings because it concentrates scarce inputs on a limited number of measurable priorities, aligns individual effort with organisational and national goals, and creates a transparent basis for accountability. The article proposes a five-stage MBO framework adapted to Bangladesh and discusses its application in the ready-made garments (RMG) sector, small and medium enterprises (SMEs), state-owned enterprises and public administration. It also identifies implementation risks, including hierarchical culture, weak data systems, political interference and ethical lapses, and offers recommendations for managers and policymakers.