Mission statement describes why it exists and what its business model is supposed to accomplish.
A mission statement is a statement of the organization’s purpose - what it wants to accomplish in the larger environment. It defines why a company exists and what it aspires to become.
A clear mission statement acts as an “invisible hand” that guides people in the organization. Managers often use the mission statement to pinpoint whether and how the company will vertically integrate as well as the firm’s product scope, geographic coverage, and competitive advantage.
"Mission statement refers to a short sentence or paragraph that describes the organization’s essential task(s), purpose, and action containing the elements of who, what, when, where, and why."
Mission statement is the written explanation of an organization’s business intentions and aims.