Importance Of Quality

Introduction For decades “quality” has been a leading buzzword in the business world. Huge companies and organisations have built their career around this topic. The application of quality in business has been responsible for the development of new organizations and even industries. The connotation of quality in business focuses on eliminating errors throughout the operations, and producing at the ideal quality level desired by customers, while considering pricing and costs. Quality may not sound as complicated as it is. Dictionaries are inadequate in describing quality 's professional manner. Definitions might be different, yet, orbiting to excellence volume. However, “the degree of excellence” can be a relevant definition of quality. Some

Furthermore, competitiveness describes the ability of a company to offer products and services that meet or exceed the quality standards that are set by the local or global markets at competitive price. To add on, the company should be able to compete with other firms and sustain stable in the market on the long run.

Importance of competitiveness The importance of competiveness relies on the company to generate greater volume of revenue and take an advantage on their competitors. Moreover, a competitive firm gives a greater value for the firm 's shares. A competitive business reflects its ability to grow which makes it a good investment choice. Due to high competitiveness relations and connections to other firms arise. Firms tend to expand which increases potential customers and opportunities.

Relationship between

The inflation rate is an important figure to measure an assumption of feature competitiveness and quality due to its effects on the prices of goods. Inflation rate affects company 's investments on quality development, which will affect the competence level of the company. For instance, Germany had a low inflation rate after the world which helped the countries investments on quality and increased competitiveness. To add on, taxations is a major factor in determining competitiveness and quality. In a certain country for example, taxes are high, the cost of labor will increase in which competitiveness and quality might be affected. Furthermore, management wrong decisions and mistakes are considered as errors in the company operations. Errors might add up to a significant amount by time, which will affect the competence level of the company and decrease its quality. The infrastructure is an important factor for quality and competitiveness. The infrastructure is the basic equipment and utilities in which a company can operate, like transportation, technologies available, and the telecommunication methods. For example, the lack of technologies will directly affect the cost of labor and it will consume more time. A weak infrastructure impacts