Quality management is the process of ensuring that products or services meet or exceed customer expectations. It involves identifying quality standards, establishing processes to meet those standards, and continuously monitoring and improving performance. Quality management encompasses various methodologies and tools, such as Total Quality Management (TQM), Six Sigma, and Lean Management, to enhance efficiency and effectiveness while minimizing defects and errors. Key components of quality management include quality planning, quality control, quality assurance, and continuous improvement. By prioritizing quality throughout all stages of production or service delivery, organizations can enhance customer satisfaction, build brand reputation, and achieve sustainable success in the marketplace. Question: How does implementing quality management principles contribute to reducing costs and improving profitability for organizations?
Question: How does implementing quality management principles contribute to reducing costs and improving profitability for organizations?
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