The vision is the North Star. It describes: “Where do we want to go?”. The vision is a concrete picture of a fascinating, jointly desirable and realisable future. It is described briefly and concisely so that it can develop traction.
Example: Varian, a subsidiary of Siemens in California, defined its vision as “A world without fear of cancer”.
The mission is the compass. It describes: “What guides us?”. The mission is the impact promise that a company fulfils for its customers. It is a decision-making tool in the present. What do we do, how, for whom? How do we differentiate ourselves?
Example: Apple’s mission. “To bring the best user experience to its customers through its innovative hardware, software, and services.