Learning: Business Management and Organization

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QUESTION

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How does a firm's vision statement differ from its mission statement?

ANSWER

The vision statement is stated later on in the strategic planning process, whereas the mission statement is stated in the first step of the strategic planning process.

The vision statement is directed toward customers, whereas the mission statement is directed toward employees.

The vision statement sets the long$-$term objective of a company and tells where the company is headed, whereas the mission statement is a more current description of an organization's purpose, basic goals, and philosophies.

The vision statement lets employees understand the core values of the company for which they work, whereas the mission statement sets the long$-$term objective of a company and tells where the company is headed.

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