Quality Concept: a Business Issue Essay Example

to measure actual performance. Competitive benchmarking drives quality evolution in the business industry. Continuously comparing products, services, and practices against tough competitors has desirable results for both internal stakeholders and customers. Today, customers can obtain higher quality products and services for lower prices as companies compete and promote quality simultaneously.

By analyzing a company's position in the market place, it may provide insight into their performance in delivering products and services. A broad range of customers can be seen as a proof of competitiveness. The implementation of quality measures correlates with higher market position, as quality is linked to productivity, cost, cycle time and value. Higher quality can lead to greater productivity by reducing errors, defects and scraps, resulting in more sellable products.

Efficient resource utilization is ensured with no wastage of raw materials, labor or capital. The input resources remain constant but the output obtained is maximized. Cost is not necessarily proportional to quality, as conforming to quality standards can reduce the price by minimizing rework, complaints, scrap and other defects. This enables an increase in product features without a hike in selling price, leading to customer satisfaction and higher income. Additionally, higher quality levels lead to reduced response time.

Customers often note service time as a factor of quality and satisfaction. Implementing quality control eliminates repetitive tasks and results in faster response times, leading to greater customer satisfaction. Ultimately, higher quality translates into increased value.

Every company needs to prioritize quality to succeed in the competitive world markets. It is crucial that the price reflects the quality and meets the needs of the customers. Quality is a business matter that demands prompt attention.