Quality and value are attributes of a product or a service that ultimately decide its higher or lower sales and also help in creating an image of the company. There is quite a gap between what organizations think about quality and how customers perceive presence or absence of quality in a product or service. It is a fact that consumers buy a product or service not because quality is present but they will not buy a product if quality is absent. Quality creates value for the product in the eyes of the consumers. Thus quality and value are two distinct attributes and their differences need to be highlighted to enable companies come up with better and improved products that have both quality and value.
If we were to differentiate between quality and value, we would be surprised to find that it is customer who defines value of a product by making an analysis of the performance of the product relative to its cost. On the other hand, quality of a product is always in the hands of the organization and it depends upon the ability of a company to provide a product that gives a performance that customer is seeking.
If organizations pay attention to the complex equation of performance vs. cost, they would find that they are able to create value for the product. Companies need to ensure that customer value is their primary objective and in this endeavor, honest feedbacks from end consumers play a great role in enabling companies know what consumers really want. If a company is unaware of what constitutes as value to consumers, it will unnecessarily engage in exercises that may have nothing to do with customer satisfaction and increase the cost of the product.
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In brief: Difference Between Quality and Value
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