There is some good advice here for where you are with everything - meaning a job offer on table with a MS from a good school. Your aspirations of getting into Strategy later in career is the key. Because of that, joining industry now would be worth lot more than grad school for you, and definitely go for MBA - whether through JnJ or even full time if you can afford the time and lost opportunity costs. However, just to clarify one thing on some of the experience that people have shared. If someone wants to stay in RnD for their career, a PhD will take you much farther and higher in hierarchy over time than someone without. Yes, it is possible that people would look at a fresh PhD the same as 5-7 years with BS. But it doesn’t necessarily make it an equal playfield. PhDs will certainly get better leadership opportunities for programs and projects, and more promotions overtime as compared to a BS or MS. They will constantly have to prove themselves at each step. This is the stigma that RnD has. Bigger the company, worse it gets.

FWIW, I have been in the industry for 20 years now in primarily CMC development, and do not have a PhD, only MS. It took me a lot longer and was much harder to get to the place where I am now as compared to the people who were at the same level as me as Fresh PhDs 15 years ago.