McGraw-Hill/Irwin ©2009 The McGraw-Hill Companies, All Rights Reserved Product Quality and Value  Quality – Defined as the degree of excellence or superiority that an organization's product possesses  Total-quality management (TQM)  ISO 9000 quality systems of standards  Value – Defines as what the customer gets in exchange for what the customer gives  Customers perception of value based on  Degree the product meets expected specifications  Price
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