Final answer:
Total Quality Management (TQM) is a holistic approach focusing on improving customer satisfaction, employee participation, and supplier partnerships to achieve continuous quality improvement within an organization.
Step-by-step explanation:
The coordination of efforts directed at improving customer satisfaction, increasing employee participation, improving supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement is indeed known as Total Quality Management (TQM). This concept encompasses a comprehensive system that involves all members of an organization working together towards improving the quality of goods and services, which in turn increases the long-term success of the organization. Total Quality Management is a holistic approach that focuses on long-term success through customer satisfaction and benefits all members of the organization and society.
TQM challenges the traditional hierarchy of the manager/employee relationship and promotes a shift towards a more collaborative and participative approach. It acknowledges that a two-way street in this relationship, where both parties contribute value, is beneficial in meeting the organization's broader goals. This involves not only employees and managers but also extends to fostering improved supplier partnerships and overall better business practices.