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Marketing 2.06

TermDefinition
Cost Standards Established specifications used to measure how much a project or product costs
Grades Ratings assigned to products to tell to what extent standards were met
ISO 9000 A set of quality-management standards used by millions of organizations
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 amount of work produced
Quotas Specific goals to be met
Standards Specifications or standards that are used as a basis for comparing or judging goods or services
Time Standards Established specifications that monitor the amopuntr of time needed to complete specific business activities
Trade Association A group of persons in the same industry or geographic are who form a society to solve their common problems
Express Warranty Warranty that is written or expressed vocally
Factory-approved service center Businesses that have been selected by a manufacturer or seller to repair and or replace products covered by certain waranties
Full Warranty A warranty that covers the entire product
Guarantee A promise made by the seller to the customer that the seller will refund their money if the product does not perform as excpected
Implied Warranty unwritten unspoken warranty understood by the customer and the seller
Limited warranty warranty does not cover everything
Magnuson-moss warranty act federal law that provides guidelines to businesses that offer warranties and guarantees
Malfunction failure to perform properly
Provision A clause in a legal document that describes specific requirements or conditions
Recourse who or what you can turn to for help
Warrantor A person or business that provides warranties to others
Warranty Promise to replace or repair a product.
Created by: tiffany.page18
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