From Longman Business Dictionary
replacementre·place·ment /rɪˈpleɪsmənt/ noun1[countableC] a product, piece of equipment etc that takes the place of the one currently being usedreplacement forThe device was designed as a replacement for the standard telephone.
2[countableC]HUMAN RESOURCES someone who takes the place of another person in a job, position etcreplacement forThe company will seek a replacement for its chief finance officer.
3[uncountableU]COMMERCE when a company gives someone a product instead of one that they bought that was damaged or not perfectthe replacement of damaged goods