First, I think I could get that test question wrong despite the fact that I'm pretty sure I have the grammar of it. It's not wholly obvious to me what is expected by the person who set it.
"ABC is famous for its quality product"
This means that ABC has a quality product, and is famous for that. This is grammatically correct, but as others have said it might be that a different meaning, "quality products", was intended. If ABC only makes one product, then it's fine. It's also fine if "product" is being used here as a mass noun. For example if ABC manufactures high-grade cocaine and heroin then we might say it's famous for its quality product.
"ABC is famous for its product quality"
This means that ABC is famous for "product quality", that is to say for the quality of its product(s).
This may indeed be the correction intended by the person who asked the question, since then "product quality" and "customer satisfaction" are compound nouns formed in the same way.
Usually the two sentences turn out to mean much the same thing, but in the former the "product" is the the noun for which ABC is famous, and in the latter "product quality" is. Or product-quality, if you choose to use a hyphen to make it clear that we have a compound noun!
Pedantically the second phrase could mean that ABC is famous for its low product-quality, although it would be deliberately obscure to say it that way. In the former phrase I don't think "its quality product" can ever mean a low-quality product. Except sarcastically of course. "Quality" used as an adjective is perhaps a little informal but means "high-quality".
Leaving aside the product, "ABC company" might be wrong. I don't know what kind of errors/corrections the test is looking for, but it's not what you'd normally write. If referring to a company named "ABC" you can say, "The ABC company" (and maybe get into a further pedantic argument if the "C" stands for "company" already). Generally you just say "ABC". If "ABC Company" is the name then you'd expect the C would be capitalized, but I guess people and corporations can spell their own names however they like :-)