A vision statement and a mission statement are both important components of a business's overall strategic planning. However, they serve different purposes and focus on different aspects of the business.
A vision statement outlines the long-term aspirations and goals of the organization. It describes the desired future state that the business aims to achieve. The vision statement is more inspirational and forward-looking, articulating the company's purpose and providing a sense of direction for the future. It often reflects the company's core values and beliefs, and serves as a source of motivation and inspiration for employees and stakeholders.
On the other hand, a mission statement explains the fundamental purpose and reason for the business's existence. It defines the company's primary objectives and outlines the specific activities it engages in to achieve those objectives. The mission statement is more action-oriented and focused on the present. It typically explains what the company does, who its target customers are, and how it differentiates itself from competitors. It helps guide decision-making and provides a framework for the development of strategies and plans.
In summary, the key difference between a vision statement and a mission statement is that a vision statement focuses on the long-term aspirations and desired future state of the business, while a mission statement focuses on the fundamental purpose and current activities of the business.
Difference between vision statement and mission statement in business studies
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