Total Quality Management (TQM) aims to continuously improve processes through a company-wide focus on quality and customer satisfaction. TQM involves integrating tools and techniques for quality improvement, establishing a quality-focused culture led by top management, and measuring outcomes to ensure goals are met. While some companies saw TQM programs fail in the 1980s-1990s, proper implementation of TQM principles like prevention of defects, continuous improvement, and customer-focus can lead to higher quality products and services.