Guarantees

Posted in Marketing and Strategy Terms, Total Reads: 519
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Definition: Guarantees

A guarantee is generally a written promise made by the manufacturer stating that the offered product or service meets the specified standards. These standards could pertain to quality, durability, some technology, etc.


It is also an assurance that the manufacturer will replace or repair the faulty product or give a refund. On buying the product or service, if the consumer feels that they don’t meet the required standards and if the manufacturer offers no compensation for it, he can take the manufacturer to consumer court for false assurance. Guarantees are offered for free at the time of purchase and are valid for a certain period. However, the consumer is supposed to register it within 28 days of purchase.

 

Eg – Suppose a person buys a watch which comes with a guarantee that it is waterproof. Once on getting wet in the rain, he finds out that the watch has stopped working. This means that the watch was not suitable for that purpose. Thus the consumer has a right to either get a refund or get it replaced from the manufacturer.


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