The Product Vision takes the Business Case a step further, encapsulating why the project is being undertaken and what the desired end state is. It is the overarching goal that everyone must share–Product Owner, Project Manager, team, sponsors, customers, management, and stakeholders. I f the Vision isn’t understood by everyone, it's not a Vision.
Product Visions are developed using the following template:
We will provide [product or service] to [a specific set of users] so that they can [fulfill specific needs].
Our product/service will work better than [the alternatives] because [product/service's unique selling points].
See Business Case.