Final answer:
The process described in the question is known as continuous improvement. It involves aligning an organization's practices and services with changing business needs through ongoing identification and improvement of all elements involved in effective management.
Step-by-step explanation:
The process described in the question is known as continuous improvement. Continuous improvement involves aligning an organization's practices and services with changing business needs through the ongoing identification and improvement of all elements involved in the effective management of products and services.
For example, a company may regularly assess its products, services, processes, and customer feedback to identify areas for improvement. They may then implement changes and monitor the results to ensure the desired improvements are achieved. This ongoing cycle of improvement helps the organization adapt to changing business needs and stay competitive in the market.