Final answer:
Total Quality Management (TQM) is the approach where all company members continuously work to improve all aspects of products, services, and business processes to ensure long-term success and customer satisfaction.
Step-by-step explanation:
The approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes is known as Total Quality Management (TQM). TQM is a holistic management philosophy that aims for long-term success through customer satisfaction and benefits to all members of the organization and to society. In contrast to the other options listed, Business Intelligence is about using data analysis to inform business decisions, Quality Function Deployment is a structured approach to defining customer needs or requirements and translating them into specific plans to produce products to meet those needs, Brand Equity Management refers to managing the value of a brand, and Product Positioning is the process of establishing the image or identity of a brand or product in the consumer's mind relative to competitors.