1. Extended Product Features Warranty Promise or guarantee given to a customer that a product will meet certain standards. SHOULD BUSINESSES BE REQUIRED BY LAW TO ISSUE WARRANTEES?

2. Two Kinds of Warrantees: Two Kinds of Warrantees:  Express Warranty Explicitly stated in either writing or spoken words to induce a customer to buy. Two Kinds of Express Warrantees:  Full Warranty If a product is found to be defective within the warranty period, it will be repaired at no cost to the purchaser.  Limited Warranty Offers less coverage than a full warranty.

3.  Implied Warranty Exists automatically by state law whenever a purchase takes place. Two Kinds of Implied Warranties:  Warranty of Merchantability Promise from the seller that the product sold is fit for its intended use.  Warranty of Fitness for a Particular Purpose Seller advises a customer that a product is suitable for a particular use and the customer acts on that advice.

4. Disclaimer Statement that contains exceptions to and exclusions from a warranty. The Most Important Extended Product Feature! Warrantees are significant because they:  Force a company to focus on customer needs.  Set clear standards of performance.  Generate customer feedback.  Encourage quality controls.  Boost promotional efforts.

5. Extended Warranties or Service Contracts Provide repair service or preventative maintenance for a specified length of time beyond a product’s normal warranty period. Other Extended Product Features Include:  Delivery of the product on time.  Proper installation if needed.  Accuracy and timeliness of bill.  Prompt, courteous, and correct service.  Available technical assistance.  Properly written directions.

6. Consumer Product Safety Commission Responsible for monitoring the safety of more than 11,000 mostly non-food items (remember lawn darts?. State Statutes Lemon Law-protects consumers from poorly built cars Arbitration Programs-impartial third party (BBB) Consumer Rights and Responsibilities There are several steps a consumer can take to resolve a problem:  Contact the retailer  Contact the manufacturer  Contact local, state, or federal offices that assist in customer complaints  Take legal action.