Formal planning involves strategic study of an issue and preparation of a written document to address problems. Plans can be short-term (1 year), long-range (3-5 years), or intermediate (1-3 years). Strategies outline steps to achieve goals, such as growth, stability, or defensive retrenchment. Strategic management is the application of planning by management, involving formation, implementation, and evaluation of strategies. Key elements of planning include mission statements, goals, policies, procedures, and SWOT analysis.