The term “Quality” is one of the most frequently used words in both business and daily life. We talk about quality education, quality food, quality products, and quality services. But what exactly does the term mean in a managerial or industrial context? In the simplest sense, quality means meeting or exceeding customer expectations. It reflects the degree to which a product or service satisfies the needs and wants of customers.
From the viewpoint of manufacturing, quality implies conformance to standards or specifications. In marketing, it is fitness for use. In finance, it may mean cost-effectiveness. Hence, "quality" has many meanings depending on perspective, but all converge toward one idea—customer satisfaction.