Explain the Concept of Total Quality Management

question 82

Essay

Explain the concept of total quality management. How is it different from the quality inspection of a final product just before being packaged?

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Definitions:

Market Approval

The official authorization for a product to be sold in a specific market, often referring to regulatory approval for pharmaceuticals or medical devices.

Substitute Products

Goods or services that serve as alternatives to others, offering consumers options when making purchase decisions.

Pharmaceutical Products

Medications and drugs developed for medical use to diagnose, treat, or prevent diseases.

Economic Profits

The excess of total revenues over total costs, including both explicit and implicit costs, indicating a return above the firm's opportunity costs.