IMPACT OF PRODUCT QUALITY IN THE BUSINESS OF THE ORGANIZATION

Quality has become a strategic goal and competition priority in the modern economy and certainly a key weapon in the battles to conquer new markets. Also extremely important is to ensure customer satisfaction, particularly with regard to ensuring high quality at an affordable price. Besides all that, it is essential to balance the alignment of interests, not only of producers and consumers, but of all interested parties. This meanst hat, besides quality in the sense of usefulness of the product, the major importance lies in the performance management of the product realization process with the constant optimization of the cost in order to achieve a competitive and reasonable price for the buyer. Along the competitive price, it is important that the manufacturer provides sufficient funding to ensure a lasting and stable development. This relationship and exchange between quality and cost belongs to the fields of economics of quality and business efficiency. The process of transformation of consumers' desires and needs into a particular product is known as the cycle of quality. The aim of this paper is to lay the foundations, through analyzing the field of quality economics, for the research on the impact of product quality management on the competitiveness and business of organizations, especially those with an implemented quality management system.