What is the definition of a "mission statement"?

The definition of a "mission statement" as a formal summary of the aims and values of an organization outlining its purpose is accurate because a mission statement serves to clarify the organization’s core objectives and guiding principles. It establishes the organization's identity and communicates its foundational goals to both internal and external stakeholders. This articulated purpose provides direction for decision-making and strategic planning within the organization. A well-crafted mission statement is essential for aligning the efforts of team members and fostering a shared understanding of what the organization strives to achieve.