- Product Recall
- The process of retrieving defective goods from consumers and providing those consumers with compensation. Recalls often occur as a result of safety concerns over a manufacturing defect in a product that may harm its user.
While the process behind a recall can vary depending on local laws, there are some general steps that occur. For example, if a pet food manufacturer releases a batch of product that may poison animals, the company will publicly announce the dangers of the food and request that its customers return the product to the firm, or simply discard it. Customers will usually be given a full refund or replacement. A public relations campaign is often created to handle the publicity surrounding the event.
Recalls may negatively affect a company's stock. Concerns grow over the company's capabilities when a dangerous product is released, and customers may turn away from purchasing its goods, leading to a decrease in sales.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
product recall — UK US noun [C or U] COMMERCE ► RECALL(Cf. ↑recall) noun → Compare PRODUCT WITHDRAWAL(Cf. ↑product withdrawal) … Financial and business terms
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product recall — UK / US noun [uncountable] business the act of removing from sale a product that may cause danger to customers … English dictionary
product recall — /ˌprɒdʌkt ri:kɔ:l/ noun the removal from sale of products that may constitute a risk to consumers because of contamination, sabotage or faults … Marketing dictionary in english
Product Recall (The Office) — Office episode name = Product Recall ep num = 48 prod code = 03021 date = April 26, 2007 writer = Justin Spitzer Brent Forrester director = Randall Einhorn season = 3 Product Recall is the twentieth episode aired of the third season of the US… … Wikipedia
Product Recall Insurance — Insurance that covers expenses associated with recalling a product from the market. Product recall insurance is typically purchased by manufacturers such as food and beverage, toy and electronics companies to cover costs such as customer… … Investment dictionary
recall — re‧call [rɪˈkɔːl ǁ ˈkɒːl] verb [transitive] 1. COMMERCE if a company recalls one of its products, it asks customers to return it because there may be something wrong with it: • The company was forced to recall one range of cereals after several… … Financial and business terms
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Recall — may refer to:*Product recall *Recall election *Letter to recall sent to return an ambassador from a country, either as a diplomatic protest or because the diplomat is being reassigned elsewhere and is being replaced by another envoy *Recall to… … Wikipedia