Marketing Essentials

Section 1: Warranties

After You Read Online Action

Key Terms and Concepts

1. Types of warranties include: 1) express warranties (including full warranties and limited warranties); 2) implied warranties (including warranties of merchantability and warranties of fitness); and 3) extended warranties.
2. Warranties are important because they focus on customer needs, set clear standards of performance, generate customers, encourage quality control, and boost promotional efforts.
3. Products must be safe, adequately labeled, and advertised in an honest manner.

Academic Skills

4. 4.78%; $47,800,000 ÷ $1,000,000, 000 = 4.78%
5. Each student should rewrite the warranties using terms that are easily understood.