Which of the following is the term for a formal summary of the aims and values of a company, organization, or individual?

A mission statement serves as a formal summary of the aims and values of a company, organization, or individual. It is designed to articulate the organization's purpose, what it seeks to achieve, and its core principles. This is essential for guiding decision-making and aligning organizational efforts towards common goals.

By clearly defining the organization's mission, it helps to communicate to stakeholders—such as employees, customers, and partners—what the organization stands for and what it aims to accomplish. For instance, a yoga studio might have a mission statement that emphasizes wellness, community, and holistic health, which serves not just as a directive for internal operations but also as a way to connect with clients who share similar values.

In contrast, other terms like a vision statement focus more on the long-term aspirations of the organization and what it hopes to achieve in the future, while an objective statement typically outlines specific, measurable goals. A strategic plan is more comprehensive, detailing how to achieve the mission and vision through specific actions and tactics. Thus, the mission statement is fundamental to understanding the purpose and values that drive an organization.