The Importance of Quality over Price/Quantity
From our childhood, we taught about the concept of Quality over Price but it's one that fits like a square peg in a round hole in today's corporate environment. The reason that it's so hard to emphasize quality over quantity is simple - businesses are established to make money as quickly as possible and at the highest possible margins. According to me, both Quality and Price are opposite words, when we go for a Best Quality then we have to bear high price and if you go for Low price then its automatically understood that the Quality will also be low. People do business for earning profits, which will occur only if they will get good margin on their .products. For achieving high margins, they search low price products and ready to compromise with the Quality of the products. Now What will be the results?
There is also another fact that business will run and grow only if they get regular Sales and the sales can be achieved only if the Quality of the products will be good. Only if the customers are satisfied with the results of your products. According to me, Goods Things never come from Comfort Zone. If you go for Quality products, one thing is clear that it involves greater investments but this will also results in high Rates of Return with potential customers and they will be associated with your business for long life.
A Quality satisfied customer will understand the value and care of your products which will also increase mouth to mouth publicity and provide referrals to your business. This is also true that doing investment in Quality Products may seen to be risky at initial stages but having a product that stands out means that your business get noticed and remembered for the right reasons. Customers do judge your products by their Packing, Attractive Designing, the quality of information provided, the presentations etc.
Pricing is a strong psychological component which can manipulate customer’s decision making. Keep the pricing high, and the customer will think that the quality must be high too. This expectation of the customer is because he wants to receive value for his money. So when he is paying more money, he is expecting more value.
These are the few things which is to be kept in mind.
1. The customers want only the "value for their money".
2. There must be some unique features in your product if the price is high.
3. At higher price, the first purchase is most important and will require higher
investments from the company in terms of advertising and communications.
Quality means Brand and it gives satisfaction. Remember one thing that there should always be a cheaper option available but at what cost? it is usually at the cost of Quality.
So Overall summary is that never go for low price product business because as we compare it with Quality products, it can give you high margins but also will take no time to end up your business entity from the market when customers fail to come back. Favoring quality over quantity will increase your company's reputation and increase product loyalty, which will keep your business sustainable in the long run.
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