Been thinking about this recently, in the context of Six Sigma, TQM, etc. What does it mean?
Well, actually, it's all about how the recipient *feels* about the item and by "item", I mean product or service or whatever.
For sure, if you feel a service or product is great, then the quality is great regardless of *any* measurements... of course the reverse is also true!
The other thing is reputation... Reputation, good or bad, last longer than the reality, a classic example is Volkswagen, who's reputation for quality still persists even in the face of measurements to the contrary over the last 10 years...
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