Final answer:
A company's mission statement defines current purpose and values, guiding day-to-day operations, while a strategic vision outlines future direction and long-term aspirations, setting a framework for growth.
Step-by-step explanation:
The difference between a company's mission statement and the concept of a strategic vision lies in their purposes and focuses. A mission statement outlines the company's core purpose and values; it is the present declaration that guides the company's day-to-day operations and decision-making. On the other hand, a strategic vision provides a picture of the company's future direction and aspirations, setting a framework for strategic planning and long-term goals.
While the mission statement answers the question of 'what we do and why we do it,' emphasizing current activities, a strategic vision sets out 'where we are going' and reflects future intentions. The two are complementary, with the mission providing a foundation and the vision offering a destination and path for growth.