Gregg Steiner joined Cleveland-based Pinxav in 2003 knowing the diaper-rash product manufacturer’s sales were declining. At a trade show Steiner was pitching the product to some new mothers who had never heard of it. The mothers weren’t convinced that they should part with their money for a new-to-them product. The inspired Steiner said, “If you’re not happy with the product, I will not only give you your money back—I’ll buy you our competitors’ product. I’ll buy you whatever other brand you want.” Suddenly, the women were interested, and they all plunked down their money. None of the women ever took Steiner up on his offer. So Steiner decided to make it part of his business practice. This new guarantee was an example of: A. assembly networking B. corporate synergy C. reverse engineering D. organizational innovation E. organizational networking
Gregg Steiner joined Cleveland-based Pinxav in 2003 knowing the diaper-rash product manufacturer’s sales were declining. At a trade show Steiner was pitching the product to some new mothers who had never heard of it. The mothers weren’t convinced that they should part with their money for a new-to-them product. The inspired Steiner said, “If you’re not happy with the product, I will not only give you your money back—I’ll buy you our competitors’ product. I’ll buy you whatever other brand you want.” Suddenly, the women were interested, and they all plunked down their money. None of the women ever took Steiner up on his offer. So Steiner decided to make it part of his business practice. This new guarantee was an example of:
| A. |
assembly networking |
|
| B. |
corporate synergy |
|
| C. |
reverse engineering |
|
| D. |
organizational innovation |
|
| E. |
organizational networking
|
A written guarantee by a corporation to fix or replace a product that develops a flaw within a specific timeframe is an example of a guarantee. A guarantee is a promise or assurance that something will happen or happen.
Guarantees are important because they give consumers peace of mind. They know that if something goes wrong with a product or service, they will be able to get it fixed or replaced without having to pay extra.
Here are some examples of guarantees:
- A money-back guarantee on a product
- A satisfaction guarantee on a service
- A one-year warranty on a new car
- A five-year guarantee on a new roof
- A lifetime guarantee on a stainless steel sink
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