Why Quality is Important?
Now days everyone should must have the proper answer to one question i.e. Why Quality is Important over price? Quality has been an important aspect to the customers now a days as they are much educated and health conscious especially in pharmaceutical segment.
Many of the pharma franchise associates believes that compromising with the quality is not actually their way to earn profit. In present business scenario a high quality product is more expensive as compared to a local product. Still quality is always been more important when we talk about health industry especially in pharma industry.
Quality vs Price
It is the fact that sacrificing with the quality will surely result in profits but only in short run and at the end the industry will end up in losing the customer base. On the other hand if an industry is in favor of quality over the price it will increase the brand image, goodwill and loyalty of its customer.
Let’s take an illustration- When an individual visits a drug store to buy a paracetamol and he see a generic brand costing a lot less than an ethical branded one, what would he often do??
The chances are a lot more high that he go with the branded one, which proves that quality is more important as a long term business strategy.
In a case study at IBM it proves that 73% of the people go with the quality before considering the price.
Here are some more reasons which proves that quality is more important than the price for an organization:
1. Customer satisfaction:
Customers feel great when they are dealing with qualitative products. It helps in increasing their standard of living.
2. Facilitates Price Fixation:
When a company introduces quality it results in uniformity in prices. Although it results in a uniform strategy for all its customers.
3. Increased sales:
Quality ensures effectiveness of products that helps in attracting more customers and thereby increasing more sales.
4. Retaining customers:
Quality greatly helps in maintaining existing demand of the customers and repeated sales which results in retaining customers for a long time.
Quality ensures the longevity of the customers and helps in fulfilling the specific needs of the customers. Quality standards such as ISO, WHO, GMP are now a day’s important to take competitive advantage of the products that a company is dealing with.
A company not just choose quality over price for profit or just beating their competitor. It is about safety of the customers and delivering the promise and meeting the expectations of an individual.
It has been rightly said that quality is a powerful tool as compared to price with the help of which marketers can expand their business at a high scale in very limited period of time.
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