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Having a business empire is no joke and sometimes we are often faced with tough choices, among which is the number of people are goods are meant for, the quality of goods being produced to cover the amount of people, and the price range.

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I was reading some business books over the past couple of days and I discovered something which caught my attention, it is the fact that all three factors:

- Quality

- Quantity

- Price

Cannot be all present if a business empire is to make it big.

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In economics, we were made to understand that certain goods and services were manufactured for certain purposes among which, some are manufactured at a target class of consumers.

Those goods and services are difficult to manufacture and as such the quality has to be top notch, with the price compensating for the inability to mass produce.

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Why mass production does not favor quality

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Sounds ironic right? Everyone believes that a good that is mass produced should be as good as something that is of antique value.

The truth is if diamonds and ordinary beads went for the same price, what makes it special?

The quality of diamond, it's almost indestructibility, save for other diamonds and certain other things which more or less separates the diamond into little pieces, each piece still having a value of it's own, instead of rendering it totally useless.

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Imagine if Ferrari's were mass produced, noting that the cost of production was about 25% or higher, do you know how many models will be recalled due to mechanical, electrical and other faults?

The reason is quite simple, during quality control for mass produced goods, sometimes certain faults are ignored in goods being shipped abroad and the cars are only recalled if the faults gets noticed by enough people.

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A camry on the other hand, sells for far less and is produced for far less. Mass production costs far less as certain things are absent in the car.

Take for instance, Ford had to recall some of their vehicles sometime back due to an error resulting from transmission issues, this issue alone affect hundreds of thousands of their vehicles.

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How does quality operate as an entity

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Quality in the production line deals with how long, how strong and how favorable a good or service will be on the long run will be to it's consumers.

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Quality is a generic term, as a product with little quality or less quality, also has quality but in reduced quantity.A good, product or service that has high quality has to be in a reduced quantity and a high price.

So for quality:

Quantity is low and price is high.

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How quantity fits in

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Quantity are inverses of each other, a product in large quantity is is simply a product of reduced quality.

So for quantity:

Quality is low and price is lower than that of quality

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And price

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Price is subject to either quantity or quality. An option for either quantity or quality affects the price.

So for price:

Quantity is lower price and quality is higher price.

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Conclusion

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In conclusion, understanding the relativity between those three factors, greatly affects the productivity positively. A business which values an increased or mass product output will need to favor a slightly declined quality end product so as to match the price target.

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While a business which targets the line of being tagged quality, has to reduce the quantity and increase the price to compensate.

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All images are from pixabay

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Thanks to @elyaque for the badge and @son-of-satire for the generic footer

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