The participants were then asked to choose the most important factors out of cost, innovation, flexibility and quality which defines the company’s strategic objective. Factors like quality, price, reliability are not mutually exclusive but presented as a separate factor in literature (Achanga et al., 2006; Antony & Banuelas, 2002; Kumar & Antony, 2008). Moreover, the relationship between quality and cost is not understood well among researchers and practitioners in industry, otherwise the ‘Quality is Free’ concept should be a well accepted statement in industry e which is not always the case. Adhering to past literature and our own viewpoints, we kept these factors separate. Fig. 3 illustrates that “quality” is the most important factor and it is interesting to observe that “cost” is the last factor when it comes to business strategy.