Final answer:
The assurance provided for specific assertions made by management is known as explicit reassurance, which includes guarantees, warranties, and service contracts. These explicit reassurances are formal promises to the consumer. Additionally, firms may also provide unstated guarantees as part of customer service.
Step-by-step explanation:
When the assurance is provided for specific assertions made by management, we refer to the assurance provided as explicit reassurance. Examples of explicit reassurances include guarantees, warranties, and service contracts. These assurances serve as a promise from the seller to the buyer, ensuring that the product or service will meet certain standards or that the seller will perform certain actions to rectify issues. In some cases, firms may also offer unstated guarantees, which are not formally advertised but imply a level of quality or service that is expected by consumers. Examples of this can be seen in the hospitality industry, where a movie theater may refund the ticket cost for a displeased customer, or a restaurant might allow a patron to exchange a dish or offer a discount if satisfaction is not met.