The document discusses the key differences between a vision statement and a mission statement. A vision statement describes the desired future position of a company, while a mission statement defines the company's business objectives and approach. It provides characteristics for effective vision and mission statements such as being realistic, clear, creative, unique, and short. Finally, it outlines how vision and mission statements can be used internally to guide management and inspire employees, and externally to enlist support and serve as a public relations tool.