Answer
Improving quality offers two significant benefits:
1. Cost Savings: Quality improvement can lead to reduced quality-related costs, including the cost of rework, scrap, and warranty claims. By producing higher-quality products, a company can save on these expenses, improving its bottom line.
2. Increased Customer Satisfaction: Higher quality products lead to increased customer satisfaction. Satisfied customers are more likely to become repeat buyers and loyal advocates for the brand. This, in turn, can result in higher revenues, market share, and long-term business success.
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