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The fundamentals of TQM are revisited for providing a relevant perspective on business excellence. Judging from the experience of the Japanese TQM movement, there is a need for a step‐by‐step approach towards TQ. As a result of exploratory research, a model called TQMEX standing for TQM EXcellence model has been developed based on sound TQM practices. The theoretical background, personal experience and results of an intensive questionnaire survey conducted in Hong Kong, Japan and the UK have highlighted the importance of the Japanese 5‐S, BPR, QCC, ISO 9000 and TPM to TQM practice. The findings are useful for firms wanting to benchmark against the business excellence of leading firms which have survived and grown despite the two global oil crises and the recent Asian financial turmoil.

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