State and explain the importance of Mission, Vision, Objectives, and Strategy in the functioning of an organization. Find out these statements of a few organizations and explain their significance. How do they help you understand about these organizations? Describe with brief details of the organization you are referring to.

MISSION :

A mission statement is a statement of the purpose of a company or organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a path, and guide decision-making. It provides "the framework or context within which the company's strategies are formulated.
Definition: A mission statement is a brief description of a company's fundamental purpose. A mission statement answers the question, "Why do we exist?"
The mission statement articulates the company's purpose both for those in the organization and for the public.
For instance, the mission statement of Reliance
To create and nurture a world-class, high performance environment aimed at delighting our customers.
The mission statement of Apple
Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.
As you see from these two mission statement samples, mission statements are as varied as the companies they describe. However, all mission statements will "broadly describe an organization's present capabilities, customer focus, activities, and business makeup"

The mission typically describes what the organization does to achieve its vision. Because the vision is often expressed as a dream or ideal, the mission helps clarify the practical aspects of what the organization will actually do. Most missions emphasize action, using such words as: support, involve, assist, contribute, provide, promote, etc. 

 ‐eg. United Way of Toronto mission: To meet urgent human needs and improve social conditions by mobilizing the community’s volunteer and financial resources in a cmmon cause of caring 

The organization’s mission must be compatible with its legal purposes and must meet the requirements for not‐for‐profit and (if applicable) charitable status.  A good mission statement is concise and precise.   It should identify the organization’s key stakeholders and set out how the organization will serve them. 

 ‐eg. CNIB (Canadian National Institute for the Blind) mission:  To enhance independence for people with vision loss and to be the leader in promoting vision health 

The importance of Organizational Mission statement :
A Mission statement is a very important component to an organization’s existence because it clearly defines the fundamental purpose of the organization. This purpose of existence will be the uniting factor for the human resource of the organization that will direct them towards the achievement of the organizational goals.

Every organization (regardless if they are in the same business/industry) should have a unique mission for its existence. No organization should have the same mission statement. Thus, it is a must for the brain thrust of the organization to create its own unique Mission that will serve as the identity of the organization.

Organizational Mission is almost synonymous with organizational objective and goal. Without Mission there’s no defining reason for the employees to rally behind except to earn their salaries. This kind of situation is a threat to the fundamental existence of an organization.

However, if every organization will create a Mission for its existence it will ensures direction and relevant existence for the organization.

This is the importance of having a unique Mission statement for your organization.

VISION :

“A vision is not a project report or a plan target. It is an articulation of the desired end

results in broader terms.”

Definition:

A vision statement is sometimes called a picture of your company in the future but it’s so much more than that. Your vision statement is your inspiration, the framework for all your strategic planning.
A vision statement may apply to an entire company or to a single division of that company. Whether for all or part of an organization, the vision statement answers the question, "Where do we want to go?"

A vision statement is a vivid idealized description of a desired outcome that inspires, energizes and helps you create a mental picture of your target. It could be a vision of a part of your life, or the outcome of a project or goal.

In executive coaching scenarios, vision statements are often confused with mission statements, but they serve

complementary purposes.

Vision 

The vision sets out what the organization wants to accomplish, and should inspire members, staff and supporters.    Vision statements may describe: 

• how things would be different as a result of the organization’s activities  

‐eg. Canadian Cancer Society:  Creating a world where no Canadian fears cancer 

• how the organization wants to be seen by others 

 ‐eg. Canadian Institute of Chartered Accountants: We are Canada’s most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles 

 

Good visions are aspirational. Some are hard‐to‐reach ideals while others are more modest or describe objectives that are achievable in the near future. In either case, the vision helps establish the unique contribution that the organization makes to society. 

 

From a practical perspective a vision can be a quick, memorable way to describe the organization’s reason for being. This can be valuable in times of crisis when it helps to remember what is really important. The vision and mission are often published in the organization’s annual reports, brochures and fund‐raising materials. 

The Importance of a Vision Statement for Entrepreneurs

If you go into any large, successful company and look at their employee materials, somewhere you’ll probably find a vision statement, or some similar form of guidance or goals for the company. That’s because a vision statement is one of the most important things a company can have. When you think about a long race or long project, which part do you think is the hardest? Which part do you think is the easiest part to just give up? Logically, you would think it was the end, but if you think harder, the end is actually pretty easy. That’s because, even though you’re drained you can still see your goal in sight, which pushes you to keep going. The purpose of a vision statement is to keep yourself going when you’re tired, but not even close to achieving your goals. A vision statement reminds you that there is a point, there is an end in sight, and if you keep pushing you’ll get there. Vision is what keeps us from giving up on our dreams.
 So how do you make your businesses vision statement? Basically you just have to sit down and figure out what you want. Sounds pretty simple, but if you’re ever actually tried to accomplish this, you know it’s a bit more difficult than it sounds. To write your statement, think about what you want - from your life, from your business, and for your family. If it helps, you might want to write separate statements for your personal life and your business. While having a vision statement is great, the simple act of writing one is a benefit in itself. It causes you to sit down and think about what you REALLY want out of your business, and out of your life. This is something many of us have never actually done.  While it is beneficial to have an all-encompassing vision statement, it also helps for it to be fairly short and concise. This may take a while to do, but is worth it in the long run.

Once you have your vision statement, be sure to keep it in mind. It doesn’t work to push or motivate yourself if you forget about it completely. Make sure to put your vision statement in some form, whether it be the whole statement or just key words and pictures, where you’ll see it on a regular basis. This way it will keep you motivated and pushing for your dreams. If you have a business with employees or where customers and business partners come to your office, it could be beneficial to post your vision statement somewhere that everyone can see it. This will help motivate your employees and let your customers know what it is you’re about and what you’re committed to.
 It may take some time and some thought, but a well thought out vision statement can be a fantastic tool for your business.
 The difference between a mission statement and a vision statement is that a mission statement focuses on a company’s present state while a vision statement focuses on a company’s future.