Quality Management

• What is the definition of quality in business?

  A product or service meets customer needs
• How is quality judged according to the study material?

  Quality is judged by customer perceptions
• What needs and expectations must be met for quality?

  Performance, reliability, durability, and price
• What happens if a product does not meet customer expectations?

  It is deemed poor quality or substandard
• What are tangible measures of quality?

  Reliability, cost of ownership, and features
• What does overall cost of ownership include?

  Price, maintenance, and insurance costs
• What are some intangible measures of quality?

  Exclusiveness and brand reputation
• Why is quality important in competitive markets?

  Quality differentiates products in the market
• How can a business benefit from high quality?

  It leads to satisfied and repeat customers
• What is the relationship between quality and customer loyalty?

  High quality fosters customer loyalty and retention
• What is competitiveness in business?

  Advantage over alternative products and services
• How can quality serve as a source of competitiveness?

  Quality differentiates a business from competitors
• Which company is known for positioning itself as a high-quality provider?

  Apple
• What does quality encompass beyond the product itself?

  The entire customer experience and service
• How do customers judge the quality of a restaurant experience?

  By food quality, service, and ambiance
• What is a key differentiator in the service sector?

  Quality of customer service
• What are the key components of quality in business?

  • Customer needs and expectations
  • Performance and reliability
  • Durability and price
  • Overall customer experience
• What are the business benefits of achieving high quality?

  • Increased customer satisfaction
  • Higher likelihood of repeat purchases
  • Enhanced customer recommendations
  • Reduced marketing costs
• How does quality relate to competitiveness?

  • Quality differentiates products
  • Quality can be a competitive advantage
  • Quality influences customer loyalty
• What factors contribute to the overall cost of ownership?

  • Initial purchase price
  • Maintenance costs
  • Repair costs
  • Insurance costs
• What are the differences between tangible and intangible measures of quality?

  • Tangible: measurable factors like reliability
  • Intangible: subjective factors like brand reputation