Which term describes the assurance that a product or service meets specified quality standards?

The term that describes the assurance that a product or service meets specified quality standards is Quality Assurance. This concept involves systematic processes and procedures designed to ensure that quality requirements are being met consistently throughout the production process. Quality Assurance focuses on preventing defects and ensuring that any products or services delivered meet predetermined standards of quality. This can include establishing quality management systems, conducting audits, and implementing continuous improvement processes.

In contrast, the other choices are distinct concepts within the realm of quality and business practices. Quality Control refers to the operational techniques and activities used to fulfill quality requirements, often focusing on inspection and testing of the final product. Quality Circles involve a group of workers who meet regularly to discuss and propose solutions to work-related problems, aiming to improve productivity and quality, but they don't inherently guarantee quality standards themselves. Penetration Pricing, on the other hand, is a marketing strategy aimed at gaining market share by setting a low price initially. Therefore, Quality Assurance is the most accurate term that specifically relates to ensuring compliance with quality standards.