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TermDefinition
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.
Created by: ZLittle97
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