Explain the term quality assurance as part of Total Quality Management (TQM) - Leaving Cert Business - Question C (i) - 2016

Achieving a recognized quality standard brings several benefits to a business:

1. Enhanced Trust and Credibility: Quality symbols, such as a quality mark or certification, signify that a product can be trusted. They assure customers that the product has met industry standards which enhances customer loyalty and satisfaction.

2. Marketing Advantage: Companies can leverage quality certifications in their marketing strategies to create a competitive edge. Being able to communicate that products meet stringent quality benchmarks can attract more customers and increase sales.

3. Expanded Market Access: Recognized quality standards facilitate easier access to international markets, as they demonstrate compliance with globally accepted quality criteria, such as the ISO9001 standard.

4. Enhanced Reputation: Associating with high-quality standards improves a company's reputation in the marketplace, fostering trust and potentially leading to more business opportunities.

5. Cost Savings: By implementing quality assurance processes, companies can reduce waste and minimize mistakes, leading to significant cost savings over time.

6. Improved Employee Engagement: Achieving quality standards often results in better employee motivation and job satisfaction, as employees take pride in their work and the recognition that comes with achieving high-quality outcomes.