Total quality management (TQM) is a management approach that aims to continuously improve processes by incorporating employee knowledge and focusing on customer needs. It involves organization-wide efforts to install a culture of continuous quality improvement. Key elements of TQM include customer focus, employee involvement, a process-centered view, strategic planning, fact-based decision making, and continuous improvement. When implemented successfully, TQM can provide benefits like strengthened competitiveness, higher productivity, reduced costs, improved customer satisfaction, and increased profitability and shareholder value.