Quality refers to the degree of excellence or superiority of a product or service in meeting or exceeding customer expectations. It includes all aspects of a product or service, such as reliability, functionality, durability, safety, and overall satisfaction. Quality is crucial for an organization as it can impact customer satisfaction, brand reputation, revenue, and competitiveness in the market.
One example of a company that experienced a quality problem is Samsung with its Galaxy Note 7 smartphone in 2016. The phone was prone to catching fire due to a battery defect, posing a risk to both users and airlines. Samsung ordered a global recall of millions of devices and suffered a significant financial loss, estimated at $17 billion. The incident also damaged the brand reputation and trust of Samsung among customers, resulting in lower sales of its subsequent products. Samsung had to work hard to regain its customers' trust by conducting thorough investigations, improving its quality control and safety standards, and introducing new and innovative products.
In conclusion, quality is essential to an organization as it can determine its success or failure in the market. Companies that prioritize quality, invest in quality control, and continuous improvement stand a better chance of meeting customers' needs, achieving higher sales and revenue, and building a loyal customer base. On the other hand, companies that ignore quality or face quality problems may suffer financial losses, brand damage, and customer loss, which can take significant effort and resources to recover from.
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