What does TQM stand for in the context of BSG?

In the context of the Business Strategy Game (BSG), TQM stands for Total Quality Management. This concept emphasizes the importance of continuous improvement in all areas of an organization, focusing on delivering high-quality products and services that meet customer expectations.

Total Quality Management involves the entire organization, from management to employees, working collaboratively to enhance processes, reduce waste, and improve product quality. By prioritizing quality in production and operations, companies can increase customer satisfaction, differentiate themselves from competitors, and ultimately improve their market performance. This strategic approach aligns perfectly with the objectives in the BSG, where the overall goal is to achieve competitive advantage through effective resource management and quality improvements.

The other options provided do not capture the essence of the widely recognized TQM framework in the context of strategic management and are therefore less applicable to the principles and practices seen in BSG.