A good __________ can both increase value to the customer and reduce product cost.

A quality assurance system is fundamental to enhancing both customer value and reducing product costs. This is because a well-implemented quality assurance system establishes stringent standards and processes that ensure products meet specific quality criteria before they reach the customer. By focusing on quality from the onset, companies can reduce the likelihood of defects and returns, which not only minimizes waste and associated costs but also improves customer satisfaction and loyalty.

Moreover, a quality assurance system promotes continuous improvement within the organization, encouraging teams to identify inefficiencies and areas for cost-saving without compromising on quality. As these processes become more efficient, the overall cost of production decreases while simultaneously delivering products that better meet customer expectations, thus driving added value for the customer.

In contrast, other options like customer service, marketing strategy, and financial audits play different roles in the business. While they contribute to overall success, they do not directly optimize the production process and product quality in the same manner that a quality assurance system does.