Mission vs Vision

A mission statement is:

• A short statement of an organization's purpose, identifying the scope of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation
• An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future 
• A statement that each employee signs as of the beginning of his/her contract agreeing on the purpose of his/her role
• The strategy that guides the institution to achieve its goals

A vision statement is:

• The vision of the management regarding financial goals to be reached within a specific period of time
• A long-term goal that everyone in the institution has to contribute to
• An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future 
• Is a short statement of an organization's purpose, identifying the scope of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.

The effective mission statement is:

• Detailed and long
• Short and concise

The effective vision statement is:

• Short and inspiring
• Long and guiding

To produce a mission statement we should ask ourselves:

• What,Whom,How?
• When,Where,How?
• What and When?
• What and Where?

The vision statement is an answer to the question:

• Where do we want to be?
• What do we do?
• When do we want our goals to be achieved?
• How to achieve our goals?

The importance of vision and mission statements:

• To set clear goals that employees will be appraised upon
• To guide everyone in the organization and connect them with the bigger goal
• To remind employees of their job requirements
• To improve the organization's image