Strategic planning is a long-term process during which is determined where the company wants to get in the forthcoming future and how it is going to achieve it.
The output is in the form of strategic plans, which are then split into more detailed operational (business) plans. Plans are regularly reviewed with actuals in order to anticipate problems and take corrective action, and all the steps taken earlier can possibly be adapted accordingly. Strategic planning is therefore a continual process.
The process of strategic planning is presented here.