The economics of quality, grades, and brands

Abstract

Since virtually every decision to produce, buy or sell is influenced by the quality of a product, the importance of quality in economics and marketing cannot be over emphasised. In view of this critical role, it is surprising that there has been, until now, little attempt to produce a theory of quality which can be adapted to the needs of people working in the real world. Economics of Quality, Grades and corrects this. Peter Bowbrick maintains that as quality is critical in competition, it is too important to leave to chance and hence the need for a guiding theory. Evidence of the need to treat quality as a serious economic factor can be seen in the success of high-quality, competitively priced Japanese products and the success of the Japanese economy in general. The book progresses logically, beginning with a definition of the subject and clarifying the underlying concepts before going on to more complex issues and rigorous analysis. Brands and grades are treated as aspects of quality and are integrated into the analysis at all stages. This book should be of interest to undergraduates in economics and business studies and to marketing professionals.

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