Which of the following best describes TQM?

Total Quality Management (TQM) is best described as a long-term philosophy focused on customer satisfaction. This approach encompasses continuous improvement in all aspects of an organization, emphasizing the importance of meeting or exceeding customer expectations. TQM involves all employees in the organization and encourages a culture of collaboration and proactive problem-solving to enhance quality in processes, products, and services.

This philosophy is not merely concerned with short-term fixes or financial outcomes; instead, it seeks to create sustained organizational success through quality initiatives that are ingrained in the company’s culture. By prioritizing customer satisfaction, TQM fosters loyalty and trust, ultimately leading to better business performance over time.

The other options focus on aspects that are not representative of TQM's core principles. TQM is not about addressing issues temporarily or neglecting the contributions of employees, nor is it singularly focused on financial metrics, which can overlook the broader goals of quality and customer fulfillment.