A business's basic statement of purpose refers to its

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A business's basic statement of purpose is its mission, which outlines its reason for existence, its values, and its primary objectives. A vision statement, on the other hand, describes the company's long-term aspirations or goals. Strategy refers to the plan of action a company takes to achieve its goals, while policy outlines rules and regulations that guide employees' behavior. Objectives are specific and measurable goals a business sets to achieve its overall mission.

A Business's Basic Statement of Purpose Refers to Its