[Commerce Class Notes] on Difference Between Vision And Mission Statement Pdf for Exam

Vision is what you are looking at, or what your future plan and mission are, how you will achieve the organization’s goals. Well, mission and vision statements are essential to understand the current and future position of any organization. The vision is for the future, and the mission is for goals. Many of us may not know the difference between the vision and mission statement of the organization. We will understand both in-depth and will also explain the difference with examples. Get the idea of the thin line of distinction between vision and mission.

 

Vision Mission Difference: Vision and Mission Statements

Vision Statement

A vision statement is the text mapping of an organization’s future and is crucial for decision-making procedures. In other words, we can say that the vision guides the alignment of decisions and the company’s declared goals. It is the road map that shows the future position of the company. 

 

The vision statement should be worded to answer the following questions: What are our company’s hopes and dreams? What are the problems we solve for the greater good? Who are we motivating to change, and what are we motivating to change?

 

Clarity, completeness, concreteness, correctness, and conciseness must all be expressed in the statement. Someone said it correctly, “A man without eyes is blind, but a man without a vision is dead.” This statement states that a company without a vision will not be able to survive for long.

 

Mission Statement

A mission statement is all about the current active plans of the organization that defines goals. In other words, it states the purpose of the organization and the reason it has existed. Also, it represents the services, products, locations, and other vital features. Mission defines the ongoing current focus and purpose.  

The mission statement should be prepared to answer the following questions: What do we do? Why do we do it? How do we do it? And for whom are we doing it? 

 

The mission statement expresses the primary objective of a company. In the eyes of the world, the statement represents the company. It must be clear and defined, as well as create a memory in the minds of everyone who reads it.

 

It is essential to understand both the organization’s vision and mission statements for all, including employees, vendors, and consumers. Generally, people think there is no difference between mission and vision statements, but they should know the difference between vision and mission statements. Vision sets the ultimate benchmark of future position, and mission sets the actions and goals to reach the desired position. Let’s understand the concept with the following example. 

 

Example: Accenture Mission and Vision Statements

Accenture Mission and Vision

Accenture was started as a technology consultancy, and a letter on it becomes Accenture. The word “Accenture” is created with the combination of two words, accent and future. Accenture defines the future’s accent, and it shows the company is working to help its clients create their future. 

 

Accenture Mission Statement Example

The mission statement of Accenture defines how they provide solutions to the toughest challenges of their clients. It explains that they use innovative techniques with 40+ industries’ expertise by delivering transformational changes for a new edge digital world. In addition, the mission statement also states that they are providing services in consulting, strategy, operations, and technology. 

 

Accenture Vision Statement Example

The vision statement of Accenture defines that every individual of the company is representative of the core values of the company. In addition, they want to achieve the highest position in the world by bringing innovations that improve living and working.  

However, the vision and mission statement should be written keeping in mind some crucial aspects. Here we have understood the mission and vision statements by the examples. Now, let us discuss how to distinguish mission and vision statements. 

 

Importance of Vision and Mission Statements

Vision and mission statements are an important part of an organization’s infrastructure. They provide a common goal and direction for everyone involved in the company. The mission sets the organization’s goals in motion, and the vision should show the way for the organization to achieve the goals. These statements establish a partial framework for expected behavior and give employees and volunteers cohesion. When they are well-developed, the vision and mission statement will become part of the culture.

What is the Difference Between Vision and Mission? 

Vision Statement

Long-term future planning is the road map of an organization, which is called vision. Vision defines the objectives to be achieved within five years, ten years, or even more than that. It mostly envisions the future of the company where it will be and also incorporates that through strategies. 

 

The vision statement should incorporate realistic future goals that push the company to work towards greater heights. Never set any unrealistic or impossible goals in the vision statement. Vision shows the ambitions and aspirations of the company. 

 

Characteristics of Good Vision Statement

• Vision inspires employees and readers

• It should be motivational

• Vision is always future based

• It is aimed at future positive growth

• It defined what an organization wants to achieve in the future

 

You can understand it with the example of the vision statement of IKEA that explains that they work towards the betterment of everyday life. It is short but motivates and establishes the existence of the company.

 

Mission Statement

A mission statement defines how the organization works to achieve the vision. It also incorporates the quality, services, and locations of the business. A mission statement may be longer than the vision statement as it includes all the following details.

 

In strategic planning, the mission statement is essential, and it will define the way of working towards achieving the decided goals of the future. Let’s take an example of Nike’s mission statement that states that they bring innovation and inspiration to the world’s athletes. (All are athletes in one or another way.) 

 

Examples of Vision and Mission Statements

1. Vision Statement of Accenture

 

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Mission Statement of Apple

 

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2. Carter’s Inc.

Mission Statement: We believe that childhood is a celebration, and the colourful prints and cute characters we design are inspired by the joy and love children bring into our lives. We celebrate childhood by supporting babies, children and families with thoughtful designs, quality materials and construction, and convenient shopping options. You can count on Carter’s to take care of the small details so that you are free to focus on what really matters: celebrating your little one – and the hugs, cuddles, laughter, and babbles that brighten our lives.

 

Vision Statement: Our vision statement encompasses our values and beliefs. We strive to conduct our business in a manner that reflects this vision: “At Carter’s, we embrace creative leadership, innovative teamwork and a winning spirit to be the best for the benefit of our customers, our consumers, our employees and our shareholders.”

 

3. LinkedIn

Mission Statement: To connect the world’s professionals to make them more productive and successful.

 

Vision Statement: To create economic opportunity for every member of the global workforce.

 

4. Samsung

Mission Statement: Inspire the world with our innovative technologies, products and design that enrich people’s lives and contribute to social prosperity by creating a new future.

 

Vision Statement: Inspire the world. Create the future.

 

What is the Difference Between Vision and Mission in Strategic Management

The vision and mission statements are intertwined into every action and decision of the organization. Boards can utilize a board management system to address issues in complete confidence, which is the modern approach to strategic management planning and oversight. Changes in a company’s vision and mission statements become a significant part of its history. 

 

Conclusion

Both statements are critical for the survival and growth of a company. The Mission Statement and the Vision Statement are closely linked. The company develops the mission with the vision in mind. As a result, we may say that the vision is the result of the mission. Therefore the mission is the cause of the vision. The Mission Statement serves as a guide, whereas the Vision Statement serves as a prediction. Both statements must be clear, complete, and correct in every way, as the future of the company is dependent on both. Consider your organization’s core values when writing the statements. Then consider the broader impact you wish your products and customers to have on the world.