Section: Principles of Management

9) Strategic planning

addresses the organization's basic mission or business, issuing broad statements of purpose or direction that have a long lead time.
looks specifically at resources, finances, and market conditions to determine ways to accomplish the overall plans of the organization.
involves managers in each unit of an organization who are responsible for achieving the unit's objectives within a specified period of time.
includes planning that has measurable targets, schedules, and timetables.
determines the day-to-day operations within an organization.