DEFINE AND DISCUSS THE DIFFERENCES BETWEEN VISION AND MISSION STA...

123) Define and discuss the differences between vision and mission statements. Answer: Many organizations today develop a vision statement that answers the question "What do we want to become?" Developing a vision statement is often considered the first step in strategic planning, preceding even development of a mission statement. Many vision statements are a single sentence. For example, the vision statement of Stokes Eye Clinic in Florence, South Carolina, is "Our vision is to take care of your vision." Mission statements are "enduring statements of purpose that distinguish one business from other similar firms. A mission statement identifies the scope of a firm's operations in product and market terms." It addresses the basic question that faces all strategists: "What is our business?" A clear mission statement describes the values and priorities of an organization. Developing a mission statement compels strategists to think about the nature and scope of present operations and to assess the potential attractiveness of future markets and activities. A mission statement broadly charts the future direction of an organization. Diff: 2 AACSB: Written and oral communication Objective: 1.04 Define and give examples of key terms in strategic management. Learning Outcome: Discuss the functions of vision statements, mission statements, and longterm corporate objectives