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(Presume: Your product is highly priced-- quality of similar products of other brands is equally good—the cost of the substitute products are comparatively very low)
Customers perspective a Guarantee from a Company regarding a product is an act of building confidence about a product in customers mind thus customer buys a product with confidence and does help in developing sales of a product.
Guarantee:
Some items you purchase may come with a manufacturer's guarantee. Often there will be a registration card that needs to be completed and returned. Before you leave the shop, ensure the seller has filled in any details of the purchase he needs to otherwise the guarantee may not be valid. Once you have sent off the card keep all the documentation in a safe place in case you need to make a claim later.
Many different businesses and service providers will offer guarantees. Whilst this may give you confidence in them, be careful not to choose a business just because of a guarantee. It may turn out to be worthless if the organisation goes out of business. Some guarantees are insurance backed and these may prove more secure.
It is important to remember that guarantees are there to increase your protection and they can not be used to limit or exclude responsibility of a business for selling faulty products.
Warranty:
A warranty is a formal statement of a fact and is part of the contract, or a contract in its own right.
Most warranties will be specific to the item they are covering. For example, if you get new brakes on your motorbike, the work and materials may be guaranteed to work for a specified number of miles or a certain time period. If an item is 'sold as seen' it is unlikely to be covered by a warranty.
Not all warranties are the same and most will have limitations. These limitations may be in relation to time or use of the product. In addition, they may also only cover certain things, for example motorbike warranties for instance, may not include things like tyres or brakes. Most vehicle warranties do specify exactly which parts are covered.
Customers perspective a Guarantee from a Company regarding a product is an act of building confidence about a product in customers mind thus customer buys a product with confidence and does help in developing sales of a product
Guarantee
Warranty
Will these two be helpful for your sales promotion?
Of course. They add value to the product.
The main difference between guarantee and warranty lies in the dissimilarity of expectations in both the cases. Generally, it is believed that one can get his money back with the strength of a guarantee, if the product is defective or does not provide the assured standard. Warranty, on the other hand implies the provision of getting the article repaired if the product is defective.
Besides a guarantee is usually given by the manufacturer, while the warranty is given by the seller or distributor.
Both play a very important roll and can have a strong effect on the customer's decision, especially in the electrical appliances.
Well if the cost is high in comparision of other similar products than a good consumer policy should be driven in different manner which is based on the fact that:
a) Quality and Cost do not stand on one platform if quality is there than the price factor is not a problem but this fact is implemented on the consumers having high purchasing power and there are very negligable chances of product defect, but if it is there than, the REPLACEMENT is provided. But again replacement is based on the product, like, household things etc,and replacement is called as Guarantee but again if we apply this on Bugatti car than, there will be free upgrade of the parts, and this is called Warranty.
So guarantee and warranty still runs on the nature of product. There is no comparision on this, as these both have different and distinctive idealogy.
Rest I am agreed to everybody.
Warranty plays as marketing tools of sense of protection/care and advocate of reliability and quality of Product. longer and better warranty gives customer confidence in brand and product. Warranty certainly ll help in building brand image and helping customer to make decision in purchase process.
Guarantee refers to the performance post-sale . It means that the manufacturer stands behind the product like a guarantor to a loan. It is a formal promise, like a contract, that if the performance is below par, the goods will be repaired or replaced or the money refunded.
Warranty relates to the sale of goods and will say that it is of a particular standard. A warranty is a promise that refers to more tangible things, like parts of the product or machine. It promises that the motor in a juicer will function smoothly for a year or two. If it doesn't , the manufacturer will repair or replace the motor.
Good Day!!!
Guarantee is a promise about a product by the company or company's representative.
Whereas Warranty is a legal policy or a contract between company and customer for a product just like an insurance policy.
It does help in increasing the value addition of the product sold.
Guarantee is generally in terms of Performance of a equipment, service. Guarantee is generally provided by servicing, spare parts, etc, bank bonds etc.
however warrenty in my understanding always refer to the one to one replacement of the whole equipment.
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