Question

How important is vision and mission in today's business world?

• Does your current or past employer have a vision/mission statement?
• Were you aware of it?
• Most importantly, did you think it was something management valued, lived up to, and made part of the culture?
• Did you feel that the company in question had a good strategy? Why or why not?

Answer 1

What is Vision:

Vision statement of an organization refers to a description of "what is organization's objective for long term future". Hence, Vision of any organization is a goal/objective for which it works. It can be revised time to time as organization grows in future.

What is Mission:

Mission statement of an organization refers to short term plan towards accomplishment of a common goal of an organization. Mission statement drives the company towards achieving the objectives of company.

Difference between Vision and Mission:

Vision and Mission in today's business world:

Vision and Mission statement is extremely important part of business plan. Each one of them have their own purpose in helping the business to succeed.

Mission Statement is like rudder of the ship, it provides direction to each and every employee towards accomplishment of common goals of company.

If mission statement is like rudder of ship then, Vision statement is like far-off land that can be viewed from crew's nest i.e. where to company wants to be in the span of one year or three years etc.

Vision Statement of Past Employer:

Let's take an example of Walmart Inc.,

Vision Statement: "To be the best retailer in the hearts and minds of consumer and employee."

Mission Statement: "Saving money of people so they can live better"

The vision and mission statement has to be articulated over the organization which helps company to accomplish their goals.

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