Many people believe that creating a product at a lesser price automatically implies that a large bulk of the quality has also been compromised. This, however, is not true at all.
In fact, every time materials thicknesses are reduced, lower grade materials are substituted and tolerances are opened up to allow for lax manufacturing methods, which ultimately means that the product quality will suffer. This reduction in product quality can be much more expensive than most people realise.
High quality materials can actually save you money in various areas, in particular production problems, which are not uncommon. The high quality components will assemble with each other much more easily, with less adjustment, less forcing and less trouble in general. The way it reduces cost is due to the fact that less problems mean increased productivity which means less time spent at the machines. One of the most well known secrets is that increasing productivity is a much better way of reducing cost.
The final thing is to have a strong relationship with the suppliers of the material, and ensure they will provide you with quality. Without a commitment to quality, a supplier is going to provide you with the minimum they can get away with. This is the bedrock of combining cost saving with top quality, as a lack of quality materials will result in a terrible product that will be fraught with problems.