…can be a real challenge in these troubled economic times. Standards and certification exist to assure the quality of what we buy so they are important to achieve, surpass and uphold. The achievement of quality standards can be a justification for charging a price premium against competitors who are not able to meet the same standards. The achievement of standards carries a cost to the supplier that needs to be recouped.
A number of countries are struggling to recover from the global economic crisis, and customers are naturally tightening their belts and either buying or stocking less, or buying cheaper. For many, this is a time for compromise but buying on price alone may result in paying a higher total cost, as sub-standard products need to be repaired or replaced. On the other hand, suppliers need to re-emphasise the benefits that differentiate their product or service, while at the same time finding innovative ways to make their offers more competitive.
