Explain the concept of Total Quality Management (TQM) and its significance in contemporary business environments. Discuss the fundamental principles and components of TQM, emphasizing its focus on continuous improvement, customer satisfaction, and employee involvement. Analyze the role of TQM in enhancing organizational performance, fostering innovation, and achieving competitive advantage in today's global markets. Additionally, evaluate the challenges faced by organizations in implementing TQM effectively, and propose strategies to overcome these challenges, ensuring the successful integration and sustainability of TQM practices within diverse organizational structures.