Many companies use “mission” or “vision” as a term for their philosophy. It seems that companies who have been philosophy-driven longer (since before the early 2000s, when the concept of “purpose” did not exist) are more likely to be still using “mission” or “vision”.
We think that purpose can take on different forms. Many companies already have philosophies, missions, and/or visions. As long the reason of existence is clear, it can be considered as purpose. Often you will see the framework of mission, vision, and value. However, purpose is not about replacing or modifying such frameworks. Purpose-driven companies too have different approaches. Some have only a purpose statement while others have a set of purpose, mission, vision, and values. When an organization considers updating is corporate philosophy, the key is to finding a framework that fits the organization’s needs. For some companies, purpose will be added to the corporate philosophy. For others the existing philosophy may already express its reason for existence clearly, and, hence, the philosophy may be renamed and referred to as its purpose.