Quality function deployment (QFD) has had considerable success in terms of its implementation in companies. It has also been the subject of many studies in recent years. It seems, however, that there are some shortcomings in the research on this subject and in particular the lack of an adequate conceptual framework suitable for empirical research. The purpose of this paper is to address this issue. This study proposes and elaborates a model which examines QFD in relation to three dimensions of performance: improvement of product quality, reduction in costs for R&D, shorter R&D time. The model is empirically tested on data gathered on a stratified random sample of manufacturing plants through the application of valid and reliable measures. The model is tested using structural equation modeling. The results show three distinct paths of direct influence which lead, respectively, to superior economic performance. The empirical study has shown that the success of a QFD project is mainly influenced by motivated employees in the QFD project team. A comprehensive technical support for the QFD project is also a crucial key success factor. The strict organization of the QFD project is of minor, however still remarkable importance for the success.