Final answer:
A firm's mission is its long-term purpose, guiding its existence and is the correct answer to the question. Strategy, on the other hand, is the approach taken to achieve a firm's goals and objectives, which are specific milestones or broader targets respectively.
Step-by-step explanation:
A firm's mission is its long-term purpose that defines both what it aspires to be in the long run and what it wants to avoid in the meantime. The mission encompasses the company's core values and its overarching reason for existing, guiding decisions and strategies. It serves as a fundamental anchor point from which objectives, goals, and strategies derive.
By contrast, a strategy is the plan a firm devises to achieve its defined goals and objectives, and it involves the specific actions that will be taken to realize the firm's aspirations. An objective is a specific, measurable milestone that a firm aims to achieve as a step towards its larger goals. Lastly, a goal is a broader, general target that the firm is aiming for, which can be more abstract than specific objectives.