The quality of a good
or service can never be over emphasized. It is not enough to have a business
venture up and running, it is important to understand the concept behind having
a qualitative product. Ignoring the quality of a product or service can cost
you even more at the end of the day. As the economy faces a down low
continuously, it has become a major challenge to have a balance between good
quality product or service and an affordable price. The price and quality of a
product, if not properly managed and controlled could have a down side effect
on a business in the long run. Here are some major importances of quality in a
business venture.
Improvement
of brand reputation and image: one is the most
important advantages of qualitative product is that it helps to achieve good
brand reputation. Becoming a household name within a short period of time in
the market is a noticeable achievement which a good quality can help
facilitate. Quality assures you a good market reputation and distinguishes you
among competitors.
Meeting
accredited standards: some products like health care
products, food products have accredited standards by governments. Inability to
maintain these expected standards can pose a threat to intending customers and
the nation as a whole. Complying with this standards and rules is essential for
the growth of the business.
Retaining
loyalty in customers: customer’s loyalty is guaranteed for
your products and services if you are known for providing good quality. It is
important for satisfying customers. Customers won’t be back if the quality of
product or service is poorer than their expectations.
Reduction
of damage controls: when a business venture is consistent
at giving their best in the aspect relating to quality, there is little or no
needs for spending extra cost on damage control or replacements which often
happens when there is a low quality product or service execution.
Cost
reduction: poor quality ends up increasing cost. The cost of
repairing or replacements will end up increasing the total cost of the product
which could have been avoided initially. This is why there is need for quality
control system for business venture. Low quality products can also have legal
penalties on business owners.