The purpose of this paper is to discuss the main issues that deal with higher education institutions’ mission statements, from a marketing perspective. It has long been argued in the literature that missions represent the foundation upon which institutions build their strategic plans, and that they should be the first step any institution takes before designing its strategy. Based on a review of the most recent literature in the field, the paper explains why missions appear as a relevant tool for the activity of higher education institutions, and provides insights into the way in which these institutions should engage in mission development. The main problems sorrounding the development and implementation of missions are also discussed, with emphasis on their contribution in providing educational institutions with a clear direction when faced with the changing environment. Furthermore, given the fact that some authors argue the ineffectiveness of mission statements, the paper sets to establish whether they should still be given the same importance within higher education institutions, or should they be cast aside. Considering the contribution of higher education to society, we also discuss the topic of universities’ third mission, service to society, which is beginning to be more and more embraced and implemented by higher education institutions. Throughout the paper, we argue that missions hold a significant role, and that is to provide universities with a course of action, and to guide them towards fulfilling their purpose within society. The authors complete the discussion by suggesting a number of research directions in the final sections of the paper, that show a large potential both for helping educational managers to improve their institutions’ activity, and for building richer theories of marketing management.