Question: ABC Corporation, a leading manufacturing company, is evaluating different approaches to enhance its operational efficiency and meet evolving market demands. As part of its strategy, the company is considering implementing a Total Quality Management (TQM) system. ABC Corporation's management believes that adopting TQM principles will significantly improve the company's overall performance. Consider the following scenario and answer the question below: Which of the following statements best explains the fundamental principles and potential benefits of implementing a Total Quality Management (TQM) system within ABC Corporation? a) Principles: TQM emphasizes a customer-centric approach, continuous improvement, employee involvement, and data-driven decision-making. Benefits: Improved product quality, increased customer satisfaction, reduced waste, and enhanced employee morale and commitment. b) Principles: TQM focuses on cost reduction, strict hierarchical control, and top-down decision-making. Benefits: Increased operational complexity, decreased employee motivation, and improved profit margins. c) Principles: TQM emphasizes rigid standardization, minimal customer interaction, and individual rather than team-based approaches. Benefits: Reduced production time, enhanced employee creativity, and improved market responsiveness. d) Principles: TQM advocates for centralized decision-making, limited employee involvement, and reactive problem-solving. Benefits: Decreased customer loyalty, increased error rates, and heightened production costs.