What is strategic planning or long range plan?

The plan of action adopted for the achievement of the organization goals is called a long range plan. It also known as strategic planning and covers a time frame which could extent to five years or more. The mission of the organization is determining and the strengths and weaknesses are also evaluated. Long range plans also include the forecasting of the external environment like changes in the technology, social economical and political factors that indirectly effect the organization. Then the organizational goals are developed and those alternatives are chosen that can give competitive advantages to the organization. The implementation of strategy is the last step and control for measuring performance after the implementation of the plan should also be developed.