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What Is the Difference Between Total Quality Management and the Traditional

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What is the difference between total quality management and the traditional approach to quality management?


Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, a homogenous product, free entry and exit, and perfect information, leading to prices equaling marginal costs.

Monopolistic Competition

A market structure where many firms sell products that are similar but not identical, allowing for product differentiation.

Product Differentiation

The practice of setting a product or service apart from those in the marketplace to increase its attractiveness to a designated target market.

Market Price

The going rate for purchasing or selling a good or service in a specified market at this time.

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