In: Economics
EFQM stands for European foundation of quality management, created for such a platform where individuals, organizations, firms can learn from each other. They can share their there ideas with each other to improve their performance, to increase the efficiency of the work done, to do work faster, to innovate, to improve quality, to gain more market share, to attract customers. This sharing of knowledge is an universal part, anyone can join it and have discussion. It helps in determining the positioning of a firm in overall market, they get to know the competitive index, they get to know what other are doing and they are lacking in which part to come at top level.Tourism industry which has much more growth opportunities can adopt EFQM model to raise effectiveness, to gather as much ideas to attract customers from all the world, to get the idea of keeping the price at such level where customers have no problem in paying it. This EFQM Framework supports the hospitality and tourism industry competitiveness through the implementation of innovative solutions to defined challenges, and by encouraging Leaders to implement proven excellence models and frameworks.