Answer:
A broad declaration of the organization's overriding purpose, which is intended to identify the organization's products and customer base, as well as to differentiate the organization from its competitors, is known as a mission statement.
Explanation:
The mission describes the core of the company, it states the function of the company, its goal markets, objectives and purposes, values and the advantages that differentiate it from the competitors. Normally is combined with the vision of the company.
While the functional level strategies focus on an operational level, they are more specific and work within different company’s areas in order to achieve goals.
The formulated strategy, as the name says, is a process that pursues the best course of action/actions to achieve desired results that lead to a company's success. It is more like a plan of action addressed to all the employees of the organization.
And positioning refers to the product’s reputation among others, is the place that a company brand occupies, the presence of the company stating why is different and better than the competitors. This is tightly related to the target market the company aims for.
That is why the mission is the statement that best describes, broadly, the existence or essence of the company and its products.
