Vision Statement is a general broad statement about what the company wants to accomplish. It communicates company values and purpose. It is basically a company’s road map, indicating both what the company wants to become and guiding transformational initiatives by setting a defined direction for the company’s growth.
Mission Statement lays out clearly how the company does business; it defines measures of organization’s success, and it is geared towards employees and shareholders. The sole purpose of a mission statement is to serve as a company’s goal, it outlines clearly what the goal of the company is.
Both of them are important because, they provide a template for decision-making, form the basis for alignment, welcome helpful change, focus the company future, determine the company’s direction, and shapes strategy.
Merck:
Mission statement:
To discover, develop and provide innovative products and services that save and improve lives around the world.
Vision:
To make a difference in the lives of people globally through our innovative medicines, vaccines, and animal health products. We are committed to being the premier, research-intensive biopharmaceutical company and are dedicated to providing leading innovations and solutions for today and the future.
I feel like all the company of medical devices have the same vision statement that just tells the general purpose in that field. On the other hand, the mission statement clearly, specifically, describes how Merck differs from the rest of the medical device company. So like what makes Merck stand out among the rest of the companies in the field.
Since 1891, their researchers have helped to find new ways to treat and prevent illness — from the discovery of vitamin B1, to the first measles vaccine, to cold remedies and antacids, to the first statins to treat high cholesterol. their scientists have also helped develop many products to improve animal health, including vaccines and antibiotics. Today, as a premier research-intensive biopharmaceutical company, they’re focused on making important scientific advancements within hepatitis C, HIV, diabetes and immuno-oncology.
I feel like their mission and vision exactly describe how they started the company. I think that both statements have to be related somehow to a cultural background so the core purpose of the company would be to treat the patients with their products, because if they are not related then the purpose of the company is to make money.