Key Accounts Management: Concepts and Applications

Key Accounts Management (KAM) is managing a few customers from whom the company gets sizable business on a regular basis. In the present changing business scenario of stiff competition, Key Accounts Management occupies a pivotal role for the profitable management of many companies. From the perspective of Key Accounts Management definition, one can easily understand its role in ensuring better profitability. Moreover, KAM cannot be just a one-time affair of product/service delivery and as a result, companies cannot disown their responsibility by simply executing an order. A lot of planning is required, before execution of the order and also after its execution. This planning revolves round many elements that circumscribe dynamic marketing mix of product/service, price placement and promotion. Key Account Planning, Key Accounts Management with a lifetime value perspective, bridging the gaps, supplier-customer relationship management and building technical competence-all these together play a pivotal role in each element of this marketing mix. In customizing the product to suit individual customer needs, offering flexibility in pricing terms, securing effective delivery of product/service and in selective promotion of the product/service, a regular interaction with these customers is essential. Developing a long-term relationship with these customers holds the key to success. Within this perspective, this book “Key Accounts Management” covers a wide spectrum of issues, ranging from picking the meaning of “Key Accounts Management” value, to principles and strategies of application of Key Account Management in various sectors.