Sometimes, ‘mission’ and ‘vision’ of a company are used synonymously or interchangeably. This is not correct. A clear distinction exists between the two.
Mission is concerned more with the present.
The mission statement answers the question: ‘What is our business?’.
The mission statement focuses on the present strategic thrust
The vision more with the future.
The vision statement answers the question: ‘What do we want to become or, which way should we be going?’.
The vision statement outlines the strategic path.