Price or Service/Quality?

Which is the most important to you - or to your business?  Price or service? Where does quality come in? 

A group of small business owner friends and I had a lively discussion this morning about price verses customer service.  We were split almost down the middle. 

Half think price is more important and the "low bid" should always win.  Then customer service becomes "get what you pay for" or an unexpected perk for better than expected customer service.

The other half think price is important, but clients pay for the service they get.  Especially when looking for a long time provider.  They believe good clients are willing to pay a fair price to get what they want and expect from their service provider.  Some in this group mentioned they tend to provide a little more than the 'expected' service for their clients.

Then "Quality" was added to the mix.  The "low bid" group saw quality and service as the same.  "You get what you pay for."

The others considered quality as important as service.  "Good clients pay for what they want."

I'd love to know what you all think.  Price or Service/Quality? 

 .