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Mission and vision statements play three critical roles:
(1) communicate the purpose of the organization to stakeholders,
(2) inform strategy development, and
(3) develop the measurable goals and objectives by which to gauge the success of the organization's strategy.
The values statement, also called the code of ethics, differs from both the vision and mission statements. The vision and mission state where the organization is going (vision) and what it will do to get there (mission).