What document outlines a firm's vision, purpose, and values in strategic planning?

The document that outlines a firm's vision, purpose, and values in strategic planning is the mission statement. A mission statement is designed to communicate the fundamental reason for the organization's existence and what it aims to achieve. It encapsulates the organization's core purpose, guiding principles, and overarching goals, thereby serving as a framework for decision-making and strategic direction.

In strategic planning, the mission statement plays a crucial role as it helps align the efforts of employees and stakeholders with the organization's values and objectives. By clearly defining the firm's purpose and values, it sets the foundation for developing specific strategies, goals, and action plans that stem from this core understanding.

The vision statement, while also important, focuses more on the long-term aspirations of the organization rather than specifying its current purpose. A business plan is typically a comprehensive document that covers various aspects of how a business will operate and grow but does not solely focus on the mission or values. The value proposition outlines the unique benefits that a product or service offers to customers, but it does not encompass the broader purpose and values of the organization.