Which type of statement describes where a firm wants to be in the future?

A vision statement articulates where a firm aspires to be in the future. It provides a clear picture of the desired long-term outcome and serves as a guiding star for decision-making, setting priorities, and shaping the organization's strategies. A well-crafted vision statement inspires and aligns stakeholders around a common goal, motivating employees and engaging customers.

In contrast, a mission statement focuses on the organization's current purpose and the activities it engages in to fulfill that purpose. It typically addresses what the organization does, who it serves, and how it operates, but does not convey future aspirations.

Other options such as governance and policy statements pertain more to the rules, principles, or frameworks that guide the organization's operations and decision-making processes, rather than outlining a projected future state or ambition. Therefore, the distinction between the vision statement and these other types of statements is crucial to understanding their respective roles in strategic management.