What is the Difference Between a Vision & Mission Statement?

Does your company have a vision and mission statement? Vision and mission statements are often confused by companies. But if you have a clear vision and mission, the rest of the strategy is much easier to create. Your company's vision and mission are the foundation for a successful strategy.

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Lately, I see a lot of companies include a WHY or Purpose along side the vision and mission. Do you think this is necessary?