| Due
to globalization companies have got an easy access to any
country, which has led to cutthroat competition. Monopolies
of many companies in different markets have come to an end.
Today companies are spending millions on so many issues, just
to maintain their market share. This cutthroat competition
has given two good things to the consumers i.e. Good quality
of goods at best price.
To remain in the market and to maintain their market share,
initially company’s started playing with price. This
price war has literally confused consumer about the quality
of the product. So, this method of fighting the competition
has made a big hole in the pocket of many companies. Many
companies then realized that pricing strategy is only a short
term strategy to face the competition. Then the war began
on the quality front, continuous improvement in the quality
is the long term strategy. Companies started deploying various
techniques and tools for the improvement in the quality such
as TQM, SIX Sigma, Kaizen and ISO, etc.
Improving the quality of the product/ service is one thing
and maintaining those quality standards is another thing.Therefore,
implementing a Quality Management System (QMS) within an organisation
needs to be a decision by top management. The objective of
the quality system needs to be clearly defined so that the
system can be effective.
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