What management approach involves the participation of all stakeholders in exceeding customer expectations?

Total Quality Management (TQM) is a management approach that emphasizes the involvement of all stakeholders in an organization to continuously improve processes, products, and services with the aim of exceeding customer expectations. TQM is based on the principle that quality is everyone's responsibility, promoting a culture where every employee is encouraged to contribute to the overall quality improvements through their specific roles.

This approach relies on collaboration and communication among employees at all levels, as well as engagement with suppliers, customers, and any other stakeholders. By actively involving everyone in the organization, TQM fosters an environment where quality is viewed as a collective goal, leading to higher customer satisfaction and loyalty.

In contrast, the other management approaches listed focus on different aspects of management, such as operational efficiency, strategic planning, or the allocation of resources, and do not emphasize the collective participation of all stakeholders in the same way TQM does.