Final answer:
Strategic planning is the set of decisions and actions used to develop and implement strategies in order to achieve organizational goals.
Step-by-step explanation:
The set of decisions and actions used to formulate and implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals is known as strategic planning.
Strategic planning is the process of determining an organization's long-term objectives and goals, and then devising a plan to achieve them. It involves analyzing the organization's internal and external environment, identifying opportunities and threats, setting priorities, and allocating resources accordingly.