Further, a demonstration of how product price, sakes and marketing, profits and losses can be closely associated with the product quality has been elucidated. Overall, this article focuses on the interdependence of product quality, cost and performance and on the company’s profits and losses. This review of product quality is based on the qualitative synthesis of researches conducted in different industries and market segments. The article provides a comprehensive explanation of product quality and its implications on overall business management. Based on these researches, the author was able to construe the concept of quality in a versatile manner that can be easily understood. another factor contributing to the affirmative approach of this study is the flow of explanation.The article begins with the definition of product quality from five different perspectives namely, the transcendent approach of philosophy. the product-based approach of economics. the user-based approach of economics, marketing and operations management. the manufacturing-based approach and value-based approaches of operations management. The author’s approach to choosing these specific perspectives explains the very point he intends to drive regarding quality and its impact on different aspects of the business. Perspectives such as philosophy and/or economics may not directly imply operations management, but have a significant impact on the overall business. Each of these five approaches briefly explains the viewpoint of different researchers on quality/product quality along with the definition of quality. The explanation also highlights reasons for origin of the viewpoint in a specific perspective. For instance, the product-based quality is attributed to the differences in quantity keeping in mind the durability factor which was one of the strategies in manufacturing. While explaining each of these approaches, the shortcomings of each approach have also been indicated, thus providing good insight into these approaches.