Vision: outlines what the organization wants to be, or how it wants the world in which it operates to be (an “idealized” view of the world). It is a long-term view and concentrates on the future. It can be emotive and is a source of inspiration. For example, a charity working with the poor might have a vision statement which reads “A World without Poverty.”
Mission: Defines the fundamental purpose of an organization or an enterprise, succinctly describing why it exists and what it does to achieve its vision. For example, the charity above might have a mission statement as “providing jobs for the homeless and unemployed”.
Mission and vision both narrate to an organization’s function and aspirations and are normally communicated in some form of brief written statements. Moreover, firms with plainly communicated, widely understood, and cooperatively shared mission and vision have been shown to execute better than those without them, with the caveat that they related to efficiency only when strategy and goals and objectives were associated with them as well.