The global quality standards are an unambiguous concept as the quality is always of much priority to define various expressions. The quality considerations relating to the economic concept are much more significant. It is only the quality that makes the product durable and reputed; when the quality of the product is low, it results in the decline of the product. Various kinds of quality aspects are to be considered by the ISO, which mainly deals with quality assurance and quality control.
The shareholders are the backbone of the company, and they are the major investors of the firm. And as they are the investors, they expect a fair return for their investment. Quality plays a major role in the organization, which aims that the expectations of the customers should not be diminished after the purchase of the product. When a product, which is distributed internationally, is launched, it should pass the quality criteria where the quality and the profitability are proportional to each other. Profitability is the direct factor that links the shareholders in terms of revenue, so the shareholder has a major role in determining the quality standards of the products.
Example:
The GlaxoSmithKline is a globally reputed pharmaceutical company with many external shareholders. Its worldwide mission is to develop quality by facilitating the public to take an effort in getting things done for success. The share holders worldwide wide have the opportunity in the meetings to decide on the quality criteria, in fixing the price, etc. The organization’s strategic objective is to be an undeniable organizer in the industry. In the course of its Global area partnership task, it has precise goals, strategic objectives, and targets in replicating the mission of quality improvisation.