The terms vision and mission are often used by organizations to provide a description of what they aspire to achieve in the mid to long-term future. Goals and objectives are sometimes summarized into a mission statement and/or a vision statement. Other organizations begin with a vision and mission and use them to formulate goals and objectives.

A vision describes a view of the perfect situation that might eventually be achieved “in an ideal world” whereas the mission more describes the day-to-day activities and processes needed to achieve the vision. A Vision statement defines the purpose or broad goal and can remain the same for decades if well designed. The mission statement should guide the actions of the organization(s), spell out the overall goal, provide a sense of direction, and guide decision-making. It provides the framework or context within which strategies are formulated.

Vision Mission
 The broad category of intensions, all inclusive and forward thinking. The fundamental, unique purpose that sets a business apart from other firms of its type and identifies the scope of its operations in product and market terms.
States aspirations for the firm without stating the means to achieve them States how it would achieve the vision of the firm.
Dream, Little hazy or intangible. Clear, Tangibles or concretizes vision.
Guides in formulation of mission. Guides in formulation of business definition, goals and objectives.
Futuristic in nature Current in nature.