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Marketing 2.06
| Term | Definition |
|---|---|
| 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. |