Economic Definition of product quality. Defined.
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Term product quality Definition: That characteristic of a product or service that satisfies the customer's wants and needs in exchange for monetary considerations. If the consumer is satisfied that he/she had a fair exchange, then the quality is acceptable. A perception of high quality or that which is above expectations can help to create high brand loyalty and in turn helps create brand equity for the company. If a consumer buys Maytag washers due to past exceptional service, then this quality level has helped create brand loyalty.