The Importance Of Account Management

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Most Managers feel the real assets of a company are firmly in the maintaining the relationships between the company clients, customers, employees and suppliers. So, to develop strategic relationships with the customers is very important (Accenture, 2011). It is believed that more than 52% of the companies recognize their key account plan needs improvement. Strategic plan is a process that brings life to mission and vision of the enterprise. An excellent strategic plan, which is worth of value, is pushed from the top down, which considers the internal and external environment around the business. It is the primary duty of the managers of the business and is communicated to all the stakeholders which includes both inside and outside of the company…show more content…
The growing awareness of the importance of strategic accounts have increased in a rapid manner of sophistication of the key account management practice and its integration into the company’s organization (MCE, 2013). The companies strategically adapt their key account management approach to have their competitive advantage and also to maintain a sustainable supplier and and customer relation. Key account planning has deep roots in marketing planning (Mcdonald and Woodburn, 2007). Marketing planning is a logical sequence of events which leads to the setting of marketing objectives and formulation of plans to achieving them. The list of sequences are mission statement, corporate objectives, conduct marketing object, conduct SWOT (Strength, Weaknesses, opportunities and threats) analysis, set marketing objectives and strategies and forecasts and budgets. Key account planning must be places firmly in the context of a strategic marketing planning. If not done with proper care it will not be effective. As we have stated that strategic plan is very important. There are lots of challenges that account managers faces consequently these days. The reasons are in today’s context most of the products are not unique. There are very few companies who…show more content…
After collecting the information regarding the target market, the business must create the specific brand if they want to succeed. For example the needs for young people are different than that of old people. The example could be young people for instance in selecting a car brand choose for quality such as speed, outlook, design whilst the old people look for comfort and economy. The challenge here is to meet the needs for one market but with different needs. It is critical also to understand the demographic and the cultural factors. In terms of demographic factors the population size, distribution by gender, the location, geographical region (Proctor, 2002). It is important to understand the behavior of the consumers towards the product. There are several costs involved in launching a new product into the market but the thing to be noted is that it should not have any negative consequences in terms of financial burden to any organization. Since, organization need to promote its product in the market and there are number of promotional vehicles available to an organization. Since, these vehicles are quite expensive and may have some effect on the operation of the organization (Proctor

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