Money Back Guarantee

Posted in Marketing and Strategy Terms, Total Reads: 502
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Definition: Money Back Guarantee

Companies try several marketing strategies that can simultaneously serve the two purposes of retaining their existing customers and attract new ones. One of such strategies is offering them guarantee.


It simply assures its customers that if they are not satisfied with a product or a service, a refund of the money they have paid for it. Guarantees offered are of two types: Product Guarantee and Service Guarantee. Money back guarantees are often given for a fixed period of time since the date of purchase. These guarantees increases the confidence of a customer while making a purchase of a specific product, service, brand or making purchase from a specific retailer.


Money back guarantees can be given by a brand or its parent company, or/and by a retailer.

 


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