Abstract
In the accounting realm, quality is an increasingly important element in planning, production, distribution and branding of goods and services because of global competition and other external factors in many industries. However, the cost of quality must also be considered as not to add unwanted or unwarranted costs to pass along to the end-customer. Marketing professionals are trained to strategically build and protect their own brand, which may consist of products or services. To achieve high-quality, it is imperative that the accounting and marketing departments work together. The four categories of Quality Costs (Prevention, Appraisal, Internal Failure and External Failure) encompass many different quality activities at different stages in producing goods or services. The research and experiences in the marketing industry based on branding will help to show that most quality initiatives are in fact preventative when the end goal is maintaining a solid consumer base and satisfied consumers. As this study shows, treating the brand as an experiential entity serves as a quality facet. This alludes that quality is a facet linking accounting and branding.
Highlights
In today’s very competitive marketplace, companies are no longer bound by geographic boundaries
We argue that marketing, branding, needs to be heavily involved in managing the quality of the goods or services and the cost of quality for the company
From an accounting perspective, the quality cost principles are all related to preventing customer complaints and dissatisfaction in the manufacturing process
Summary
In today’s very competitive marketplace, companies are no longer bound by geographic boundaries. Costs of quality are most often discussed with relation to production and distribution of physical goods, but the same rules apply to service industries In both cases, the marketing function needs to be playing a major role in the quality promise of a company. Being able to advertise and deliver high-quality offering helps attract and retain customers For this to succeed in the contemporary society, marketing research points out the necessity of consumer experience via the human senses (Achrol and Kotler, 2012). Accounting may help calculate profitability of customer-segments, components to manufacture a high-quality product, and branding costs (Kotler and Keller, 2016). This paper sets to bridge accounting and marketing by viewing the brand as a quality facet
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