Where the mission statement expresses an answer to the question “What business are we in?” a company vision statement is sometimes developed to express the aspirations of the executive leadership. However, in actual practice, the mission and vision statement are frequently combined into a single statement. When they are separated, the vision statement is often a single sentence, designed to be memorable.
Vision Statement: A statement that presents a firm’s strategic intent designed to focus the energies and resource of the company on achieving a desirable future