Final answer:
Strategic planning involves assessing the current position and future direction of a firm or product based on internal and external factors.
Step-by-step explanation:
Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's plans and the external factors and trends affecting it is referred to as strategic planning. Strategic planning is a process that helps the organization assess its current position and determine its future direction. It involves analyzing internal and external factors, setting goals and objectives, and developing strategies to achieve them.