Discuss the price-quality relationship.
What will be an ideal response?
Answer: One important dimension of quality is how well a product meets the specific needs of the buyer. When a product falls short of performance expectations, its poor quality is readily apparent. However, it is less apparent but nonetheless true that a product that exceeds performance expectations can also be of poor quality. A product whose design exceeds the wants of the buyer's intended use generally has a higher price or is more complex, reflecting the extra capacity. Quality for many goods is assessed in terms of fulfilling specific expectations—no more and no less. Thus a product that produces 20,000 units per hour when the buyer needs one that produces only 5,000 units per hour is not a quality product, in that the extra capacity is unnecessary to meet the buyer's use expectations. This price-quality relationship is an important factor in marketing in developing economies, especially those in the first three stages of economic development.
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What will be an ideal response?