Final answer:
Total Quality Management (TQM) is the philosophy that corresponds to an approach where management is dedicated to improving operations throughout the value chain to exceed customer expectations, integrating quality in every facet of the organization.
Step-by-step explanation:
Total Quality Management (TQM) is a philosophy in which management improves operations throughout the value chain to deliver products and services that exceed customer expectations. This approach involves a company-wide effort to instill quality in every process, product, and service.
Unlike Customer Relationship Management (CRM), which primarily focuses on the customer interactions and building long-term relationships, or a customer focus approach that prioritizes customer needs and satisfaction, TQM integrates the concept of quality improvement in all aspects of the company’s operations. The Cost-benefit approach is related to analyzing the balance of costs and benefits of investments or actions but does not specifically address quality management across the organization.