In order for senior managers to determine who the company's customers are,where they are located,and what product or service characteristics the customers value,the managers must develop a statement of the fundamental benefits of the products or services being offered in the marketplace.What is this statement known as?

A) value proposition
B) vision statement
C) value statement
D) vision proposition

A statement describing the fundamental benefits of a product or service and its value to the customer is known as a value proposition. It helps senior managers in understanding the company's customers, their location, and the characteristics they value in a product or service. A vision statement is a broad statement that outlines the company's future aspirations, while a value statement defines the core beliefs and principles that guide the company's decisions and actions. A vision proposition is not a recognized term.