Final answer:
Total Quality Management (TQM) is critical for small businesses in competitive industries as it enhances operational performance and customer satisfaction. Organizational diversity enriches innovation, and strategic planning guides long-term success. Product differentiation similarly increases customer attraction and retention, ensuring company survival.
Step-by-step explanation:
For small businesses in highly competitive industries, it is crucial to consider methods that can enhance their chances of survival by improving performance. These businesses must focus on initiatives that can provide a competitive edge. Total Quality Management (TQM) is an essential approach that allows businesses to improve their operations continuously, ensuring quality and customer satisfaction are at the forefront. Organizational diversity can also contribute to a richer pool of ideas and innovative solutions that might not surface in a homogeneous employee group. Strategic planning is vital for setting long-term goals and providing a roadmap for achieving them, which is critical for business survival.
Considering the benefits of product differentiation within monopolistic competition, a similar principle can apply within a company's strategies. A business that adapts and offers unique variations on products or services is better positioned to attract and retain customers, thus enhancing its survivability. Moreover, attention to market pressures and employee satisfaction can inform a business's practices, ensuring it adapts constructively to industry changes.