Warranty Unit Flashcards
A company’s promise that the product will meet specific standards, or will be repaired or replaced
Warranty
A promise that the company will repair or replace the product for NO charge
Full warranty
To seek and receive a refund or other form of compensation
Redress/return
An item is placed below cost in order to attract customers to the store
Loss leader
To deliberately deceive
Fraud
An organization that helps resolve disputes between customers and businesses
Better Business Bureau
A company that has an unfair advantage over competitors in an area of business
Monopoly
A warranty that has certain written limitations on what is covered
Limited warranty
Getting customers to come into the store for a non-existent sale item, and then convincing them to buy something that costs more and is not a good deal
Bait and switch
Required companies to stop using a misleading advertisement
Cease and desist
A contest among stores/businesses to win customers
Competition
An unwritten guarantee that the product you purchase will work how it is intended. Ex: a video game should work when placed in the video game box
Implied warranty
If you are not satisfied with a product or company what should you try to do first?
Resolve the dispute in the store…try to return the product
Name two businesses that are in competition with one another.
Target/Walmart….Pizza Hut/Dominos….CVS/Walgreens
What company can be called a monopoly?
Microsoft, Nicor, ComEd
