Strategic vision: Strategic vision is the end result that a company wants to achieve through its business strategy. It gives the ideas for activities involved in business management.
Strategic mission: Strategic mission is a long term plan or an approach followed by a company in order to achieve its goals and objectives. It identifies the scope of operations of an organization in the long term.
Strategic vision and mission are different to each other. Strategic vision gives an idea about where the organization wants to go whereas strategic mission is about implementing plans to take the organization to such levels as envisioned. These two parameters compliment each other since vision gives an idea about the end result which an organization wants to achieve and strategic mission lays down the process to achieve it.
Five forces that affect the dynamics of a particular industry are:
1. Threat of new entrants
2. Threat of substitutes
3. Bargaining power of customers
4. Bargaining power of suppliers
5. Industry rivalry
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