Total quality management (TQM)
Teaches that quality, like everything else, has an intrinsic value and is important to customers. TQM spreads customer orientation throughout the company and empowers employees to fix problems in order to sustain world-class quality of products, services, and processes. (continue reading…)
Supply chain
The complete set of suppliers of goods and services required for a company to operate its business. For example, a manufacturer’s supply chain might include providers of raw materials, components, custommade parts and packaging materials. Supply chain management refers to the management of supplier relationships in order to gain competitive advantage in cost, service, and quality. (continue reading…)
Porter’s Five Forces
Harvard Business School professor Michael Porter’s famous explanation of the five forces that drive industry competition: potential entrants, suppliers, substitutes, buyers, and competitors. (continue reading…)
