Strategic thinking is the cognitive thinking process about the organization’s long-term development and growth. The first step to strategic thinking starts from pondering the purpose and values of the organization and envisioning long-term success. The purpose and values are typically written in the mission statement.
A vision is the picture of success, a situation that the purpose and values are satisfied. It is then described by a set of intended outcomes and broken down into strategic goals, which direct the development of the strategic plan or strategy.
Strategy formulation is driven by analyzing the context of the organization (or the external and internal environment) and the needs of stakeholders.
It’s common for organizations to merge the mission and vision into one statement, the mission or vision statement. Does the mission go before vision or conversely? The is no agreement in academia. I hold the position that the mission goes first.