Strategic planning can be defined as:

A) how each functional area will achieve its specific goals and objectives.
B) an action plan to achieve specific operational and tactical goals.
C) a procedure for allocating resources to appropriate functions in the organization.
D) taking big risks to maximize current period benefits.
E) an action plan to achieve specific long-term goals and objectives.

Strategic Planning

Involves the formulation and implementation of major goals and initiatives, taken by an organization's top management based on consideration of resources and an assessment of the internal and external environments in which the organization competes.

Long-Term Goals

Objectives or desired outcomes that a person, organization, or project aims to achieve over an extended period.

Operational

Pertaining to the operations or functioning of a system or organization, often involving the day-to-day activities necessary for running it effectively.