A. Strategic plans are broad, general, long-term plans, usually for 5 years or longer. They are developed from the company's mission statement and so they are focused on long-term goals and objectives.

B. Strategic planning is long-term planning that looks at how the company is going to achieve its goals and objectives over a period of usually 5 years or longer.  This type of planning is neither detailed nor focused on specific financial targets, but instead looks at the strategies as well as the objectives and goals of the company by examining both internal and external factors that affect the company. Analysis and review of departmental budgets is not a strategic planning concern, since it is a short-term operational concern.

C. In strategic planning external economic factors are examined because this is part of the wider environment, or macroenvironment, in which the company operates. Economic factors such as inflation and the labor market are factors that will affect the industry and the firm. The primary purpose of analyzing the external operating environment is to identify opportunities as well as threats that can affect the company in its pursuit of its mission.

D. In strategic planning external factors, such as competition, are examined because this is part of the environment in which the company will be operating. Therefore, it is part of the long-term, strategic planning process.