What term best describes the overall approach to achieving corporate objectives over an extended period?

The term "Strategic Plan" refers to the comprehensive framework a business creates to align its resources and efforts with its long-term goals and corporate objectives. It encompasses the overarching vision of the organization and outlines the specific strategies, initiatives, and actions needed to achieve these goals over an extended period. A strategic plan typically includes an analysis of the internal and external environments, identifies key performance indicators, and sets priorities for resource allocation.

In contrast, operational strategy focuses on the implementation of specific actions and decisions that support the tactical objectives, which are often short-term. Tactical objectives are subordinate to the strategic plan, serving more immediate goals rather than guiding long-term direction. A long-term vision, while important, does not provide the detailed roadmap required for executing the goals outlined in a strategic plan. Therefore, the strategic plan is the appropriate term to describe the systematic approach to achieving corporate objectives over time, emphasizing the connection between the organization's vision and its actionable plans.