Final answer:
The customer is key in determining a product's quality and value as their satisfaction and needs are integral to the product's perceived worth.
Step-by-step explanation:
The customer ultimately determines a product's quality and value. This is because every purchase a customer makes is based on the belief about the satisfaction that the good or service will provide. Factors such as market analysis, detailed design, and production choices all have a significant influence on the product, but it's the end-user experience that defines its worth. Customers today have varying needs that shift with changes in personal circumstances and market conditions.
For instance, a design might look good on paper and have passed all the tests, but if it doesn't meet the customer's changing needs or offer the required satisfaction, then its perceived quality and value diminish.
The information available to the customer is often imperfect, and if the product does not live up to expectations, it can lead to buyer's remorse and affect future purchasing decisions.