What are enduring statements of purpose that distinguish one business from similar firms called?

Mission statements are enduring statements of purpose that define the fundamental purpose of an organization. They articulate what the organization seeks to achieve and convey its core values and direction. Unlike objectives, which are specific and measurable goals, or policies and rules that guide behavior and decision-making, a mission statement serves as a guiding light for both internal stakeholders and external audiences. It distinguishes an organization from competitors by clearly stating its unique identity, focus, and commitment to its stakeholders, thereby helping to align the company's strategies and operations with its long-term vision. This distinctive feature sets mission statements apart as a vital component of strategic management.