The New EFQM 2010 Model for Business Excellence and its Fundamental Concepts in Light of the Economic Crisis
AbstractThe current economic crisis has led a large number of companies in various economic sectors to enter into predatory competition. Because of competitive pressure, businesses are forced to optimize their strategies and business processes in order to strengthen efficiency, productivity and sustainability. Rapid improvement is especially important to small and medium-sized companies that do not dispose of adequate financial assets to successfully withstand a longer lasting crisis. This study examines the most significant areas in which businesses can gain competitive advantages and thus even profit from a crisis that leads to adjustment of the markets. To achieve this objective, the authors will commence with a comparison of the revised EFQM 2010 model to the previous version. More particularly, they will display the 8 fundamental concepts of the new EFQM model. In a further step, they will demonstrate how businesses and business consultants apply these concepts in light of the foreboding economic and financial situation.
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Bibliographic InfoArticle provided by Department of International Business and Economics from the Academy of Economic Studies Bucharest in its journal Romanian Economic Journal.
Volume (Year): 14 (2011)
Issue (Month): 40 (June)
EFQM model; creativity and innovation; building partnership; excellence sustainability; sustainable development;
Find related papers by JEL classification:
- M00 - Business Administration and Business Economics; Marketing; Accounting - - General - - - General
- M14 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
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