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Dominique Hanssens's picture

I'm going to use a fairly broad definition of product quality, because it's not necessarily the quality of the ingredients in it, for example, food products. Most of our businesses now are service business. So, so what's quality in a service business? It is much more multi dimensional. But but suffice it to say that however, quality is defined for a certain sector, and that will be somewhat sector specific. That tends to be an increasingly so the dominant driver of future business. And the reason is, as I mentioned in my presentation, that customers or consumers are now closer to actual product quality. They're not perfect, but they're closer to it, because of all these internet services that provide product reviews. And so you can actually gauge, for example, the quality of a restaurant from 20 people who have been there. It's not perfect, but we're getting closer to it, and we certainly know that it is not only a driver of both brand equity and customer equity, is actually the dominant driver. And that is because once the purchase is made, whether or not there is an additional purchase depends primarily on the experience of that first purchase. And that's where the surface and product quality comes in.

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