TQM improve management and profit

TQM is a type of Japanese management which stand for total quality management. It means that the whole workforce has to be committed to quality improvements.
Many companies only pay attention to the quality of products. TQM is to improve quality of every part of business like selling, production, communication, finance and so on. So it improves management.
As TQM improve the quality of production, therefor it can reduce the waste therefor costs will be lower. The quality of products will be improved by TQM as well, so products are likely to be inelastic, so we can make selling price higher. Because of the high quality, so products are less likely to be given back and customers are less likely to complain. After TQM companies may easier to communicate with supplier. So it can reduce the cost, keep stock level low and make sure have enough material for production. All these benefits can either reduce costs or increase selling price. So TQM can improve profit.