Final answer:
Strategic planning in a firm involves setting long-term objectives and strategies, forming a roadmap for sustainable success.
Step-by-step explanation:
The correct answer to the question Which of the following is true of strategic planning in a firm? is C) Involves setting long-term objectives and strategies. Strategic planning in a firm is a process that focuses on setting the long-term direction and goals of the organization. Contrary to focusing solely on short-term goals or prioritizing day-to-day operational tasks, strategic planning takes into account both the internal capabilities and external market conditions to determine how to position the firm for sustainable success. Through this process, businesses establish a roadmap for their future, defining the where, how, and what of their operations in the long run.