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| Term | Definition |
|---|---|
| Cost standards | Established specifications used to measure how much a project or product costs. |
| Grades | Ratings assigned to products that tell to what extent standards were met. |
| ISO 9000 | A set of quality-management standards used by millions of organizations worldwide. |
| Product | Marketing element referring to what goods, services, or ideas a business will offer its customers. |
| Quality standards | Established specifications used to measure the degree of excellence of a good or service. |
| Quantity standards | Established specifications used to measure the same amount of work produced. |
| Quotas | Specific goals to be met. |
| Standards | Specifications or statements that are used as a basis for comparing or judging goods or services. |
| Time standards | Established specifications that monitor the amount of time needed to complete specific business activities. |
| Trade association | A group of persons in the same industry or geographic area who form a society to solve their common problems. |
| Customer loyalty | The customer's preference for a business; usually expressed in regular purchases from the business. |
| Express warranty | A warranty that is written or expressed verbally. |
| Factory-approved service center | Businesses that have been selected by a manufacturer or seller to repair and/or replace products covered by certain warranties. |
| Full warranty | A warranty that covers the entire product. |
| Guarantee | A promise made by the seller to the customer that the seller will refund the customer's purchase price if the product does not perform as expected. |
| Implied warranty | An unwritten, unspoken warranty understood by the customer and the seller that the product will perform as expected. |
| Limited warranty | A warranty that does not contain the provisions of a full warranty; may cover certain repairs or specific parts. |
| Magnuson-Moss Warranty Act | A federal law which provides guidelines to businesses that offer warranties and guarantees with their products and protects consumers who buy those products. |
| Malfunction | A failure to perform properly. |
| Provision | A clause in a legal document that describes specific requirements or conditions. |
| Recourse | Someone or something to which one can turn for help. |
| Warrantor | A person or business that provides a warranty to others. |
| Warranty | A promise made by the seller to the customer that the seller will repair or replace a product that does not perform as expected. |