loaded question... depends on where your looking from. consumer wants it for next to nothing and have it last forever...
I disagree. The requirements can have little to do with the quality. The end user has no idea of the requirements but they sure as hell know about quality.
Well i really agree with Adam. Quality is really conformance to requirements but you are also right. There are customer (like women) that have no idea what they want but they want it now. At the end they will be happy only when you can recognize their needs and potential.
A product that executes its intended purpose correctly for the majority of its expected life at an apropriate accepted cost. Again based on the end user... Better?
A quality product, is one that has an over-design safety factor of 2.0 built in it, has to work out of the box, and has no failure for the life of the warranty. Donald Source
I think a quality product is "A product which satisfies customers' needs with regards to functionality, reliability, safety and cost effectiveness" Milind Source
For a truly interesting read that approaches "quality" from a more philosophical direction and a great addendum to the left brain answers. "Zen and the Art of Motorcycle Maintenance: An Inquiry into Values" by Robert Pirsig Don Source