Answer : The product quality is the major factor which determines the success of

Question

Answer: The product quality is the major factor which determines the success of the company at the market place. Quality is a desired feature by the customers and if the company is able to provide quality the product sells more. The quality creates customer satisfaction and these results in more and more customers purchasing the products of the company. This automatically brings the market share of the company on the higher side. The high quality helps in increasing the market share of the companies.

The quality can result in competitive advantage for the firms. The good and superior quality of the products creates a favourable image of the companies in the minds of the customers. It is because of this reason that the consumers at the market place prefer the products which are of high quality. The competitive advantage results in more sales of the company’s product and also in larger market share of the company. The quality results in market leadership which is required for the larger market share.

The quality and price are two factors which decide the market equilibrium and hence the companies base their marketing strategies on these two factors. The quality makes the products suitable for the needs of the customers, therefore it acts as a major factor in the decision making process of the customers. The customers give preference to the products which are of high quality as they are more suitable as per their needs. Therefore the market share of the companies having high quality is always more than those having lower quality.

Explanation / Answer

The simulation course is designed to expose the student to managing an integrated multifunctional business. Write 3-4 paragraphs about the market share and product quality?

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