What is a brief statement that describes the purpose of a business and the customers it serves?

A mission statement succinctly defines a company's purpose, outlining its core objectives and the specific customer base it aims to serve. It conveys the essence of why the business exists and what it hopes to achieve in the context of its audience. This statement acts as a guiding principle for the organization, helping to align employees, inform decision-making, and communicate the company's goals to stakeholders.

In contrast, a vision statement describes what the organization aspires to become in the future, focusing on long-term goals rather than the current purpose. A business plan is a comprehensive document that outlines the operational strategy and financial projections for the business; it is more detailed and multifaceted than a mission statement. Lastly, a strategic plan outlines the steps a business will take to achieve its objectives over a certain period, focusing on specific goals and actions rather than the overarching purpose of the organization. Thus, the mission statement is specifically tailored to encapsulate the reason for the business's existence and its relationship with its customers.