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Quality

The state of being superior to something else. For example, a good is high quality if it is more durable, tastes better, looks more appealing or is otherwise generally better than similar goods. High quality is an important aspect for many goods because it may increase sales. Most companies seek to have or make high quality products because doing so promotes repeat business. On the other hand, some companies sell low quality goods for very low prices and rely on high volume. See also: Quality control.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

quality

the totality of the attributes of a good or service which meet the requirements of BUYERS or customers. The materials which make up the product, the design and engineering of the product, product performance, reliability and durability are all important characteristics of the ‘quality package’, which ultimately influence customers to buy a product and repeat-purchase it.

Firms seek to ‘assure’ customers of the quality of their products by offering GUARANTEES/WARRANTIES covering the repair or replacement of defective items, and also subscribe to quality standards laid down by their trade associations or national/international authorities (e.g. the European Union quality standard – CE).

Product quality is an important source of PRODUCT DIFFERENTIATION, enabling firms to establish BRAND LOYALTY and COMPETITIVE ADVANTAGE over rival suppliers. See QUALITY ASSURANCE, JIDOKA, KAIZAN, HOSHIN, PRODUCT ATTRIBUTES, TOTAL QUALITY MANAGEMENT, QUALITY CONTROL, BRITISH STANDARDS INSTITUTION, BS5750, INTERNATIONAL STANDARDIZATION ORGANIZATION, ISO 9000, BALDRIDGE AWARD, EUROPEAN FOUNDATION FOR QUALITY MANAGEMENT.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

quality

the totality of the attributes of a good or service that meets the requirements of buyers or customers. The materials that make up the product, its design and engineering, product performance and reliability are all important characteristics of the ‘quality package’ that ultimately influences customers to buy a product and repeat-purchase it.

Firms seek to ‘assure’ customers of the quality of their products by offering guarantees/warranties covering the repair or replacement of defective items and also subscribe to quality standards laid down by their trade associations or national/ international authorities (e.g. the EUROPEAN UNION's quality standard ‘C₠‘).

Product quality is an important source of PRODUCT DIFFERENTIATION, enabling firms to establish BRAND LOYALTY and COMPETITIVE ADVANTAGE over rival suppliers. See QUALITY CONTROL, ZERO DEFECTS.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The nursing leadership in the country could take in to consideration the following professional, economic and social/political incentives (26) of having a quality assurance system in place:
For further information about ODOC's Quality Assurance System, please contact Boyer at (405) 425-2844 or debbie.boyer@doc.state.ok.us.
* Employ the Electronic Assistance Guide for Leading Engagements (EAGLE) that helps GAG staff better manage their engagements by giving them immediate access to the policy, procedural and documentation requirements of the quality assurance system.
A quality assurance system for teachers that focuses only on what teachers know and are able to do, rather than on what they are able (indeed, obligated) to accomplish, is - in our view, at least - limited, misleading, and detrimental to the professionalization of teaching.
* Unify the criteria used from different customers for evaluation of the company's quality assurance system. Standardized certification means that a single audit can assure client organizations that the company's products meet quality requirements.
The Department of Juvenile Justice quality assurance system was implemented in October 1994 when the department was created by the Florida Legislature.
Notice that element #4 has been expanded to include a specific statement: "The plan of correction is integrated into the quality assurance system." This means that it is imperative for the facility's administrator to immediately convene the quality assurance committee, following a survey, to develop, implement and monitor the plan of correction.
The role of quality assurance systems in today's marketplace has taken on an ever-increasing importance for our customers and ourselves.
The tool is used to display and evaluate process job data and to help manage throughput from one machine to the next--for example, press to rewinder--and to generate reports for jobs that have been produced on machines with BST Shark or Premius systems as the inspection or print quality assurance system. It is installed and operated on a personal computer, which is linked to the inspection or quality assurance systems in the process, and accesses the job data via a network.
Bioriginal's strict quality control procedures are set out by the company's BioElite internal quality assurance system. Products are monitored continuously from source to shelf to ensure premium quality and safety at all levels, as well as full traceability.
The Practical Quality Assurance System for Small Organisations is a leading quality standard aimed at voluntary and community sector organisations.

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