Goal setting is normally focused on the 3 year (medium term) horison. (Remember that the timelines vary at times from author to author).
Goals are our medium term intentions, and they are required to provide us with more focus on what must be done in order to achieve our vision and mission in the longer term. These require a lot of thought as they provide the bridging between the business strategy and the corporate strategy.
Goals should not be too many in number, and should bridge the present and the future. They must be well thought out.