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It is often said that product quality is more important than profitability, as profit can still be made once your business has captured the market through providing high-quality products. Apple, for example, made $365.8 billion in revenue in 2021, with the iPhone accounting for 52 percent of that total.1 Apple is a successful brand, and its customers continue to purchase many of its products, but Apple would not have achieved such success if its consumers did not appreciate its product quality, despite the fact that Apple products are significantly more expensive than alternatives.
However, depending on your industry and the stage of your business, the metrics for success could be different. Notwithstanding, in order to build a trusted brand, there must be dedication to product quality. A trusted brand, in turn, has the leverage to put a good price on its products to maximise profit. This Guide aims to explain the concept of product quality and profitability, why they are important, and how Startups/businesses can enhance them without a trade-off.
