Final answer:
The mission of an organization is its purpose or goal for existence, providing direction and purpose for its internal decision-making and strategy.
Step-by-step explanation:
In the context of internal components of organizations, the mission of an organization is its mission, purpose, or goal for existing. The mission articulates the organization's reason for being and answers the question of who the organization is, what it does, and why it does it. Defining the mission is crucial as it provides direction and purpose, guiding internal decision-making and strategy formulation. The mission is reflected in the organization's goals and is communicated to stakeholders through the vision statement and core values.
When we talk about formal organizations, we are referring to large, impersonal organizations that have an instrumental function, which means being oriented toward a task or goal. Institutions are examples of formal organizations, characterized by a clear hierarchy of authority, impersonality in interactions, and a clearly defined organizational structure that determines how different roles and responsibilities are allocated to achieve the organization's objectives.