Total Quality Management (TQM)
Quality: ability of a product or service to meet or exceed customer expectations
TQM: approaches and techniques used to achieve quality throughout the organization
Outsourcing and Downsizing
Outsourcing: contracting with outside professionals
Downsizing: cutting the number of employees
Competitive Advantage
Significant, long-term benefit to a company over its competition
Ability to establish and maintain a competitive advantage is vital to the company’s success