A Mission Statement defines the company's business,
its objectives, and its approach to reach those objectives. A Vision Statement describes the desired future position of the company. Elements of Mission and Vision Statements are often combined to provide a statement of the company's purposes, goals, and values.
Each statement—a mission statement,
a vision statement and a values statement—has its own distinct function in the strategic planning process. A mission statement explains the company's (or department's) reason for existence. ... A vision statement describes the organization as it would appear in a future successful state.