Posted in Operations and Supply Chain Terms, Total Reads: 1586
Definition: Quality Standards
A product is said to be of quality if it is free from any manufacturing defect deficiency or significant variation. .in order to do so certain specific standards need to be set so that uniformity is achieved in the entire set of products being manufactured. The standard defined should be such that the features and specifications offered by the product should be capable to meet the implied need of the product.
A quality standard is a detail of the requirements, specifications, the various guidelines and characteristics to be able to meet its quality by the product in order to meet the purpose of the product, process or the service. ISO international standards are the most widely accepted set of quality standards adopted by majority of firms across countries. In case if a company fails to meet its quality standard, it may end up losing the trust of the customer and henceforth its market share.
For example say a car manufacturer found some major issue with its car and calls for a product recall, by doing so it can lose its long built brand equity. By investing in quality one can cut down on huge loses and win a satisfied customer base.