Marketing Essentials

Section 1: Warranties

After You Read Online Action

Reviewing Key Terms and Concepts

1. Types of warranties include: express warranties (including full warranties and  limited warranties); implied warranties (including warranties of merchantability and warranties of fitness); 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.

Integrating Academic Skills

4. 4.78%; $47,800,000 divided by $1,000,000, 000 = 4.78%
5. Answers will vary, but you should rewrite the warranties using terms that are easily understood.