Most customers are interested in quality and price. Not all customers are just concerned with price, because some are more interested in the product being high-quality and long-lasting.
The key is that a company needs to understand that a product cannot be all things to all people. The company’s marketers need to identify a target market “of buyers sharing common needs or characteristics that a company decides to serve” (see first link). You determine what your product can do, and who is likely to use it, or you determine a market and design your product to meet that group’s needs.
As Harvard Business School researchers noted, researchers have sometimes lost their way. They are more focused on the product than the customer.
Customers want to "hire" a product to do a job, or, as legendary Harvard Business School marketing professor Theodore Levitt put it, "People don't want to buy a quarter-inch drill. They want a quarter-inch hole!" (see second link)
Basically, the customer want the product to do what he wants the product to do, at the lowest cost possible. He or she will choose the product that does that best.
The exception to this is status symbol items. People don’t want a Jaguar to get them from Point A to Point B. They don’t buy huge houses full of luxuries because they have large families. Sometimes a product, a brand, is valued in and of itself.
Interestingly, the same is true with people. Some people choose to market themselves by attending prestigious status symbol universities or working at famous companies. Other people choose to focus on specific skills. In this economy, some people even work for less-trying to be a value. Of course, the bottom line is whether or not you can do the job!