requirement is the main matric to measure the quality of a 
product. If the applicatin covers all the clients 
requirement that is in RTM if it covers all the entries, we 
can say that the product is a quality product.

The testing process need to be measured in terms of 
schedule
Functionality
code coverage
problmes

THe quality of testing could be measured in terms of 
Customer Satisfaction index

Quality of testing is measured by following parameters
1. Optimization of resources
2. Meeting project scope
3. Meeting deadline
4. End user satisfaction

This can be difficult to determine. Many modern software
applications are so complex, and run in such an
interdependent environment, that Measuring Quality of
testing  can never be said as 100%. Common factors in
deciding when we can measure the quality of testing is as below

1. Stability of the application.
2. Useful testing addresses important product risks and are
solved.
3.Test cases completed with max.percentage passed 
4. Test budget depleted - Coverage of
code/functionality/requirements reaches a specified point
5. Bug rate falls below a certain level 
6. Beta or alpha testing period ends successfully with
client satisfaction.

I think this would clarifiy your doubts.

from my view quality can be measured in terms of 
1.Customer Requirements
2.Delivery Schedule with in a time
3.Cost with in a budget
4.Service offered which is maintainable
If any product follows these above criteria then we can say
it a Quality products.