This article deals with the understanding of quality as a component of excellence. It starts from the premise that outstanding market performance is influenced by several factors. In an organizational theory approach, these include the various value-creating processes that determine the perceived value of the final product or service by customers. These processes are typically manufacturing, logistics, marketing, sales, or leadership and R and D processes. In this article, the definition of quality is reviewed from a management historical perspective, especially from the marketing management side, with a Hungarian literature orientation, especially the period 1983–2003, which was decisive in the development of product quality theories. The results show that quality is primarily a subjective category, based on the perception of the final consumer, and is of particular importance in shaping product image and corporate image, and thus market performance.