Difference between mission and vision of a company with examples

Answer:

The difference between mission and vision of a company is as given in the table below:

Mission Statement	Vision Statement
A Mission statement talks about HOW you will get to where you want to be. Defines the purpose and primary objectives related to the customer needs and team values.	A Vision statement outlines WHERE you want to be. Communicates both the purpose and values of the business.
It answers the question, “What do we do? What makes us different?”	It answers the question, “Where do we aim to be?”
A mission statement talks about the present leading to its future.	A vision statement talks about the future.
It lists the broad goals for which the organization is formed. Its prime function is internal; to define the key measure or measures of the organization's success and its prime audience is the leadership team and stockholders.	It lists where the company see itself some years from now. It inspires the company to give the best to strive forward. It shapes the understanding of why the company exists.
The mission statement may change, but it should still tie back to the core values, customer needs and vision.	As the organization evolves, there might arise a need to change the vision. However, mission or vision statements explain the organization's foundation, so change should be kept to a minimum.

Example Mission: Indian Oil Corporation

IOC Mission: “Maintaining national leadership in oil refining, marketing and pipeline transportation”.

Example Vision: Indian Oil Corporation

IOC Vision: “Indian Oil aims to achieve international standards of excellence in all aspects of energy and diversified business with focus on customer”.

 
The mission statement actually starts with a definition of business of the company. Related to mission is vision. Also related to mission statement or development is corporate philosophy. From mission statement and corporate philosophy follow corporate objectives, goals and also strategic intent.

The mission statement embodies the business philosophy of a company’s decision makers, implies the image the company wishes to project for itself, reflects the company’s self-concept; indicates the company’s principal product or service areas and, the customer needs the company seeks to satisfy. In short, it describes the company’s product, market and technological focus; and it does so in a way that reflects the values and priorities of the company’s strategic decision makers.

 
Sometimes mission and vision is used interchangeably, which is not correct as the two are distinctly different. The mission statement is more about the present and the vision more about the future where the organisation wants to go.