The word quality has many meanings, but basically, it refers to the set of inherent properties of an object that allows satisfying stated or implied needs. ... It is a consumer's mind-set who accepts a specific good or service and acknowledges its ability to meet his or her needs.
Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy given needs. In other words, its degree of excellence. ... The ISO 8402-1986 standard defines quality as: “The totality of features and characteristics of a product or service that bears its ability to satisfy stated or implied needs.”
Quality is critical to satisfying your customers and retaining their loyalty so they continue to buy from you in the future. Quality products make an important contribution to long-term revenue and profitability. They also enable you to charge and maintain higher prices.
Quality can be defined in various ways, depending on the perspective of the user. Quality is
- Conformance of applicable specifications and standards
- Fitness for use
- Satisfaction of customer wants, need and expectations at the competitive cost.
Conformance : Quality of conformance refers to the extent to which the product complies with the specifications, standards, and workmanship criteria imposed upon its manufacturer of developer.
Fitness for use : All human institutions (industrial companies, schools, hospitals etc.) are engaged in providing products or services to human beings.
Customer satisfaction at the competitive price : Product or service quality is the producer’s ability to satisfy customers needs while still being able to realize a profit. This definition focuses on satisfying the customer at the competitive price.
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