The Primary Objective of Total Quality Management (TQM)is To

question 34

Multiple Choice

The primary objective of total quality management (TQM) is to:

• A) meet or exceed customer expectations.
• B) maximize profits for the company and the employees.
• C) form a sustainable organization.
• D) protect the employees from any form of discrimination.

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Definitions:

Natural Monopoly

An industry in which economies of scale are so great that a single firm can produce the industry’s product at a lower average total cost than would be possible if more than one firm produced the product.

Horizontal Market

A market that appeals to a wide range of consumers across different industries or sectors.

Contestable Market

A market with no barriers to entry or exit, where a company's prices and output are constrained by the threat of new entrants or competition rather than by existing competitors alone.

Public Interest Theory

A theory suggesting that regulations are created in response to the public's demand for fair and efficient markets.