Warranty
Warranty is a promise to fix or replace the good, at least for a certain period of time.
Definitions
According to Principles of Economics by Timothy Taylor (3rd edition),
- Warranty. A promise to fix or replace the good, at least for a certain period of time.
According to Marketing Management by Keller and Kotler (15th edition),
- Warranty. Formal statement of expected product performance by the manufacturer.
According to the ITIL Foundation 4e by Axelos,
- Warranty. Assurance that a product or service will meet agreed requirements. Warranty can be summarized as ‘how the service performs' and can be used to determine whether a service is ‘fit for use'. Warranty often relates to service levels aligned with the needs of service consumers. This may be based on a formal agreement, or it may be a marketing message or brand image. Warranty typically addresses such areas as the availability of the service, its capacity, levels of security, and continuity. A service may be said to provide acceptable assurance, or 'warranty', if all defined and agreed conditions are met.