Question

Does high quality is synonymous with high price or high cost? Please use Toyota Corolla and a Rolls Royce (two functionally similar products that compete in very different markets) discuss the relative quality of each

Answer 1

yes, High quality is synonymous or proportional with high price or high cost because in addition to quality. There the addition of tools and equipment also occur and all have higher costs compare to low or medium quality equipment. The low-cost equipment means good value for customers but some customers want the high quality to have better products compare to other products and that special quality Increases the cost of the product.

Toyota corolla and Rolls Royce both cars are different segments and purpose. Toyota Corolla is an effective quality product compare to Rolls Royce. Their significant difference between in building cost of these cars Rolls Royce cost approx 5-10 crore and Toyota corolla price approx 16-20 lakhs only. Both are the same type of product and the same driving purpose. Both of car product compete in the different market where Toyota compete with Honda, Volkswagen, Ford, etc type cars that are common market type products but Rolls Royce competes in luxury car segments such as porch, BMW, Audi, etc. Their target customers also different Rolls Royce target high-income customer or businessman but Toyota targets in medium-income customers and high-income both. Product quality is different in both products where Rolls Royce provides a better view of color and comfort with high security for customers but Toyota Corolla provides cost-effective quality type color, design, interior and comfort with security for their customers in products.

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