While developing products and services which are the intended outputs from the organizations, the crucial issue is to decide the appropriate quality level at which those outputs need to be offered. This is because the cost aspects as well as the marketability of the outputs are dependent on the quality of the output and governed by various internal and external forces. Also, the manner in which the quality standards need to be raised over a period of time to meet rising competition is equally important considering the strategic value of quality. This demands a holistic approach to quality planning with a strategic perspective. While strategy formulation pertaining to the conventional areas like finance or marketing, are well conceivable based on success models, formulation of quality strategy is still to be standardized. In this paper planning for quality in a strategic perspective is discussed which advocates the use of a composite approach relying on certain models and concepts. The proposed composite approach links the quality-cost relation, product life cycle, and quality expectation from market view with product quality in terms of eight dimensions of quality. This also facilitates a carefully planned continuous quality improvement cycle. The methodology involves a step-wise approach. The applications and also the merits and limitations of the approach are discussed.