How Can Quality Issues Impact an Entrepreneurial Venture?
The impact of quality issues can be significant and multifaceted:
1. Customer Loyalty: Poor quality can lead to customer dissatisfaction, which can erode loyalty and result in lost business. 2. Brand Reputation: Consistently facing quality issues can tarnish a brand's reputation, making it difficult to attract and retain customers. 3. Financial Performance: Quality issues can lead to increased costs due to returns, rework, and warranty claims, all of which can negatively impact the bottom line.