Value for money

Value for money is basically the relationship between how much something costs and how good or useful it is. In other words, the cheaper something is, and the higher its quality, the greater the value for money it represents. One of the main reasons why people choose well-known brands is that their names give a guarantee of quality at fair price. The value for money they represent means that customers keep coming back to them.

This doesn`t mean, however, that a brand can never be harmed. Even big brands are fragile and their reputation can be easily damaged. Wen the owner of a well-known British chain of jewellery shops said one of his products was rubbish, people stopped shopping at his stores and many branches had to close down. This proves that customers expect quality even for a downmarket brand. Nowadays, all successful businesses focus on quality. They will even adopt the practices of their main rivals if it means they can improve their level of manufacturing or service.

This commitment to quality has led to spectacular progress in many industries, for example, in the car industry. Three-year guarantees were once unheard of now some manufacturers are so confident about the quality of their vehicles that they can offer five years. However, perhaps the search foe zero defect can be taken too far. We can fell sorry for the staff of a well-known glossy magazine whose editor called a general meeting because she had found a small error at the end of one edition!