What best describes a mission statement?

A mission statement serves as a concise declaration of an organization's core purpose and the reason it exists. It encapsulates the organization's values, goals, and what it aims to achieve. This is central to guiding decision-making and strategic planning within the organization, ensuring that all activities align with its overarching aims.

While employee roles and responsibilities, financial performance reports, and market growth strategies are essential components of business operations, they do not capture the essence of a mission statement. The mission statement explicitly illustrates what the organization stands for and sets the foundation for its culture and operational goals. Thus, option B accurately describes the primary function of a mission statement within an organization.