Quality, Value and Success
What do you understand from the terms Quality, Value and Success?
What is the relationship between them?
Please cite examples from real life.
For reference, please visit: Ethics is the Key to Success & Happiness
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High quality products should add value to a customer, thus a company’s success will come from retaining business and capturing new business. Toyota has surpassed General Motors as the world’s top-selling automaker but has quality problems of its own.
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Jimy that is a great example about Wal-Mart you pointed out. Success does not always depend on quality. There are not very many good quality products in Wal-Mart, yet, they are very successful in the retail business. I personally shop at Wal-Mart because it’s very convenient (open 24 hrs a day) and cheaper than other retail stores. I know that certain “Great Value” items are produced in the same facility as name brand products, so I find it more economical to shop there. But on the other hand, there are certain items that I would never buy there, because of a low quality.
Mirek, walmart offers a variety of products, your point is little bit controversial,please note that walmart assures 100% satisfaction to a customer. this indicates quality. in a retail market customer satisfaction is the key for quality,value and success.
If you are referring to quality in a sense of service, you are correct. For the most part, if you’re not satisfied with the product for whatever reason, you can come back to the store and they will refund your money. That’s great! However, one of those reasons could be that the product that you purchased was poorly made (low quality product), so you have to make that extra trip back to WM and return it. To me, that is a waste of time and money you spend on gas to do that.
Many suppliers of products or services perform cost-benefit analyses, comparing the cost of making the product or service “more” reliable versus making it “less” reliable and spending resources to fix expected problems - also hoping a large number of customers might just not bother to come back. This has been the strategy of US automakers and see where it has taken them…PC
Quality itself has been defined as fundamentally relational.Quality is the ongoing process of building and sustaining relationships by assessing, anticipating, and fulfilling stated and implied needs.quality ,value and success are interdependent.Value is asssured with quality ans success can be achieved by quality and value.
For Example,The effective use of quality information and data about voter turn out gave the Obama Campaign a competive edge in Presidential Election, allowing them to target resources for maximum effect and supporting effective decision making.
Quality can be defined as the degree that anything is performed or produced. The term quality is not limited to just physical goods; it can also be associated with the quality of a service. The level of quality is always going to change depending on what the application is (goods, service, etc) and also what the specific requirements were. An example of quality is how a product manufacturer determines the acceptable level of quality of a product before releasing the product to a consumer. The product must meet specific quality requirements before it can move onto the next step in this process.
Value is a relative term in the sense that the level of value cannot be determined until other parameters have been set including quality. Again value is not limited to goods, it can be used in a services. For example the quality of a carpenters cabinet and installation is going to determine the value of the product and services.
The above two terms eventually lead to success. Some level of quality must be established; along with a value assigned before there can be any success in anything that is done. If the quality is not there, the value is not going to be there either and therefore the successful outcome will be nonexistent. A company produces a part that must meet specific quality requirements; these quality standards set a value for the product. If the company is able to sell these products and make a profit they are successful in their actions. Any deviations in the quality requirements may change the success of the product.
Jimy, you are correct about Walmart. This goes against what we are saying about quality and value. The are also very successful in selling these low quality items. I guess it goes to show that there are exceptions to every rule. I personally will pay a little more for an item to avoide shopping at Walmart whenever possible.
The value we place on a person or an object is directly related to its quality. If an object has poor quality then it would have little value to us. An object with higher quality therefore would have greater value. An example of this would be a diamond. A high quality diamond would be appraised at a high cost, or in other words, would have a high value. The lower the quality, the lower the value placed on the worth of the diamond.
Per Wikipedia, personal value is defined as “the principles, standards, or quality which guides human actions” and quality is defined as “a high degree of excellence”. Without excellent quality and value a person cannot be successful. This holds true for the quality and value of a product. Without a high quality product which consumers place value on, a company cannot be successful.
If your husband took a second mortgage on your house to buy you a high quality diamond would it have value to you, probably not? However, if he bought you poor quality diamond that he could readily afford, you would value it because of his integrity towards you. Value has different meanings to different people.
What is the real value of a diamond, anyway?
PC