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Key account management is a strategy used by suppliers to target and serve high potential customers with complex needs by providing them with special treatment in the areas of marketing, administration and service. In order to receive key account status, a customer must have high sales potential. ... Third, key account status is more likely to be given to customers willing to enter into a long-term alliance or partnership. ... Key accounts that are geographically spread are often called national accounts.
Key account handling requires a special kind of attention from the seller that may be beyond the capacity of the requires a special kind of attention from the seller that may be beyond the capacity of the regular field salesforce. Some of the key responsibilities of key account managers are planning and developing relationships with a wide range of people in the customers firms, mobilising personnel and other resources in their own firms to assist the account, and coordinating and motivating the efforts and communications of their company¡¦s field salespeople in their calls on the various departments, divisions and geographical locations of the key account (Wotruba and Castleberry, 1993)
According to Hise and Reid (1994), the six most critical conditions that are needed to ensure the success of key account management are as follows:
ƒÜ Integration of the key account programme into the company¡¦s overall sales effort;
ƒÜ Senior management¡¦s understanding of, and support for, the key account unit¡¦s role;
Ć Clear and practical lines of communication between outlying sales and service units;
Ć Establishment of objectives and missions;
Ć Compatible working relationships between sales management and field salespeople;
Ć Clear definition and identification of customers to be designated for key account status.
Approximate Word count = 805
Approximate Pages = 3.2
(250 words per page double spaced)
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