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Promises, Promises
PM004
13
Marketing
11th Grade
04/03/2014

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Cards

Term
1. Customer loyalty: The customer’s preference for a business; usually expressed in regular purchases from the business
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2. Express warranty: A warranty that is written or expressed verbally
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3. Factory-approved service center: Businesses that have been selected by a manufacturer or seller to repair and/or replace products covered by certain warranties
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4. Full warranty: A warranty that covers the entire product
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5. 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
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6. Implied warranty: An unwritten, unspoken warranty understood by the customer and the seller that the product will perform as expected
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7. Limited warranty: A warranty that does not contain the provisions of a full warranty; may cover certain repairs or specific parts
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8. 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
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9. Malfunction: A failure to perform properly
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10. Provision: A clause in a legal document that describes specific requirements or conditions
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11. Recourse: Someone or something to which one can turn for help
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12. Warrantor: A person or business that provides a warranty to others
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13. 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
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