Exercise 14.7 Quality Definition and Quality Costs Rachel Boyce, president of a company that manufactures electronic components, has a number of questions concerning quality and quality costs. She has heard a few things about quality and has asked you to respond to the following questions. Required: 1. What does it mean to have a quality product or service? Explain how product quality and conformance are related. 2. Yesterday, my quality manager told me that we need to redefine what we mean by a detec tive product. He said that conforming to specifications ignores the cost of product variabl ity and that further reduction of product variability is a veritable gold mine-just waiting be mined. What did he mean