Mission statement: An organization’s mission statement speaks about the organization’s need for existence and the goals it wants to achieve. Also how the company will be of value to the public is also mentioned.

Strategy: In this process the organization determines the mission of the organization and prepares the long range objectives. In this process the management determines how the company will be able to accomplish the objectives in future. Long term planning requires strategy because of the great possibility of changes taking place during these times and thus requires strategic planning to handle the changes.