The Product Vision is a shared understanding of the overall goal and purpose for creating a product. It provides purpose and direction for the team. Without a vision, a group of people have little reason to move beyond individual work silos and become a true team. In addition, without a vision the team will flounder their way through the product delivery process.
For this reason, one of the first things I ask of all new teams that I meet is, “Please tell me what your Product Vision is.”