Which of the following best describes Total Quality Management (TQM)?

Total Quality Management (TQM) is best described as a management approach aimed at achieving long-term success through customer satisfaction. The core principle of TQM is that all members of an organization participate in improving processes, products, services, and the culture in which they work. By focusing on customer satisfaction, TQM encourages organizations to continuously improve quality in every aspect of their operations, which in turn leads to business success.

This approach incorporates various quality management principles, including customer focus, employee involvement, process optimization, and continuous improvement. TQM recognizes that the quality of products and services plays a pivotal role in gaining and retaining customers, thereby creating a sustainable competitive advantage.

In contrast, a focus narrowly on production processes or profit margins, as suggested by other options, does not align with TQM principles, which encompass a holistic view of quality encompassing all organizational activities, not just those related to manufacturing or immediate profit. Consequently, TQM's comprehensive nature extends beyond just one area of an organization, making it applicable across various industries and sectors.