Explain the concept of Total Quality Management (TQM) and its role in enhancing organizational performance within a business management system. Elaborate on the principles, strategies, and methodologies encompassed within TQM that contribute to improving overall effectiveness, efficiency, and customer satisfaction in an organization. Discuss the key components of TQM, such as continuous improvement, customer focus, employee involvement, and process optimization, and illustrate how these elements synergistically work to create a culture of quality and excellence. Furthermore, analyze the challenges that companies might encounter when implementing TQM and suggest strategies to overcome these obstacles. Support your arguments with relevant TQM theories, renowned TQM models, and successful case studies from different industries to demonstrate the impact of TQM on organizational success and competitive advantage in today's business environment.