Competition should not be for a share of the market-but to expand the market.
W. Edwards DemingRead
No one knows the cost of a defective product - don't tell me you do. You know the cost of replacing it, but not the cost of a dissatisfied customer.
Interpretation
What this quote means
This quote emphasizes the hidden costs associated with customer dissatisfaction beyond just replacing a defective product.
W. Edwards Deming highlights the often-overlooked implications of defects in products, stating that while one might understand the financial impact of rectifying such defects, the deeper, intangible costs arise from customer dissatisfaction. This dissatisfaction can lead to lost customers and damage to a brand's reputation, which are not immediately quantifiable but can have significant consequences on a business's long-term success.
Themes
QualityCustomer SatisfactionDefective ProductBusinessCosts
In practice
Example use cases
In a business meeting discussing product quality, this quote can emphasize the importance of customer feedback.
More from W. Edwards Deming
All quotes βThe job can't be finished only improved to please the customer.
W. Edwards DemingRead
Don't expect smart people to listen to you without proof.
W. Edwards DemingRead
Quality begins with the intent, which is fixed by management.
W. Edwards DemingRead
Learn the basics of analytics and people will love you. If you don't have time to learn, hire someone.
W. Edwards DemingRead
Just because you can measure everything doesn't mean that you should.
W. Edwards DemingRead
Similar quotes
When looking at trends I always ask myself basic and timeless questions about business, and the one I seem to always come back to is, 'How is this different than anything else in the marketplace?'
Daymond JohnRead
Merchandising, merchandising, where the real money from the movie is made.
Mel BrooksRead
A great business has to have a conscience. You have to know who you are and who you are not.
Howard SchultzRead
There is no value with just one restaurant or with one person. The brand has to be bigger than the person.
Wolfgang PuckRead
To those who are engaged in commercial dealings, justice is indispensable for the conduct of business.
Marcus Tullius CiceroRead
At first, we couldn't be establishment, because we didn't have any money. We were guerrilla marketers, and we still are, a little bit. But, as we became No. 1 in our industry, we've had to modify our culture and become a bit more planned.
Phil KnightRead