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Key Account and Contract Management - Coggle Diagram
Key Account and Contract Management
Business Law
Terms and Conditions
Conditions are very important as it goes to the root of the contract; when breached the contract can be deemed as ended by the innocent party
Terms are statements which set out the duties and rights of each party
Express Terms
Implied Terms
Discharge of Contract
Performance
Agreement (e.g. termination by offer)
Acceptance of Breach
Frustration
Remedies
Equitable Remedies
3 Most Common Types
Rescission
Injunction
Specific Performance
Common Law Remedies
Most Common Type
Damages
Void & Voidable Contracts
Voidable contracts differ from void contracts in that they can be carried out legally if both parties wish to do so
A void contract is legally unenforceable, starting from the time it was created
Exemption Clause
Exemption Clause is a clause in a contract that limits or removes a party's liability if something goes wrong
3 Criteria for EC to be deemed valid
EC must comply with the law and comply with the UCTA (Unfair Contract Terms Act)
EC must be clear and unambiguous
EC must be included in the contract when before the other party signs
Business Economics
Factors Affecting Elasticity of Demand
Closeness of Substitute (e.g. more substitute=more elastic, less substitute=less elastic)
Proportion of Income Spent on Goods (e.g. large proportion spent=more elastic, small proportion spent=less elastic)
Time to adjust to Price Changes (e.g. long time to adjust=more elastic, short time to adjust=less elastic)
Non-Price Determinants of Supply
Number of Suppliers
Technology & Productivity
Cost of Production
Sales Tax
Prices of Related Goods Produced
Non-Price Determinants of Demand
Population Size
Tastes & Preferences
Expectation of Future Price
Income
Prices of Related Goods
Market Structures
3 Characteristics of different product markets
The number and relative size of firms in each market
The type of products
The extent of free entry and exit of firms
Scarcity, Choice & Opportunity Cost
Scarcity (Limited resources available but unlimited needs & wants)
Choice ( Scarcity leads to choice)
Opportunity Cost (When there is a choice made, OC would incur)
Principle of Management
Types of Budgets
Expense Budget
Revenue Budget
Cash Budget
Capital Budget
The Task Environment
Competitors
Suppliers
Customers
Labor Market
Management Skills
3 Important Skills for Good Management
Human Skills
Technical Skills
Conceptual Skills
Stakeholder Concept
Anyone that has investment or interest in your business
Major Stakeholders
Shareholders & Owners
Employees
Customers
Suppliers
Creditors
Competitors
Community
Public Interest Groups & Media
Government
Growth Strategies
3 Types
Market Penetration Strategy
Product Development Strategy
Market Development Strategy
Marketing for H&T
Market Segmentation
4 Bases of Segmentation
Geographic
Demographic
Psychographic
Behavioral
Market Segmentation means putting prospective buyers into segments based on similar needs & similar responses to marketing actions
5 Promotion Mix
Personal Selling (e.g. Sales visit)
Public Relation (e.g. Press release)
Sales Promotion (e.g. Coupons)
Direct & Digital Marketing (e.g. Social Media Channels)
Advertising (e.g. TV advertisement)
Marketing Environment
SWOT Analysis
Strength
Weakness
Opportunity
Threat
PEST Analysis
Political
Economic
Socio-Cultural
Demographic
The Buyer Decision Process
Need Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post-Purchase Behavior
Marketing Mix
4 'Ps'
Place
Price
Product
Promotion
Intro to H&T
Characteristics of Services
Variability
Perishability
Inseparability
Intangibility
Maslow's Hierarchy of Needs
Self-actualization
Esteem
Belongingness
Safety
Physiological
Seasonality
Pricing & Demand will fluctuate depending on the time of the year (e.g. During the Sakura season in Japan, the tickets to Japan would be more expensive as it only happens once in awhile)
Factors affecting seasonality
Weather
School and Public Holiday
Accessibility
Transport for experience vs Transport for function
Time
Frequency
Cost
Carrying Capacity
The number of people, animals, or crops which
a region can support without degradation
Physical Capacity
Environmental Capacity
Ecological Capacity
Events Sponsorship & Marketing
Customer Value Journey
The 8 Steps
Awareness
Get Them to Engage
Get Them to Subscribe
Purchase/Register
Excitement, Engaged
Multi-Event Attendee
Be a Sharer
Be a Promoter
Event Sponsorship
The Benefits
Brand Enhancement
Value Add to Programs
Funding
Service In-Kind
Broader Market Reach
Sponsorship Activation
Types of Activation
Employee Activation
Advertising Activation
PR Activation
Retail Activation
Venue Activation
Cause-Related Activation
Digital Activation
Content-Based Activation
Business Activation
Hospitality Activation
Innovation Activation
Celebrity Activation
Track & Respond
Tracking Outcomes
Quality
Process
1, Numbers
Collaborative Marketing
It is about companies working together for mutual gains
Successful Collaboration
Complementary
Same Targets
Like-minded
Marketing Goals
Sales & Distribution
H&T Distribution Channels
Direct Booking
Online Travel Agency (OTA)
Global Distribution System (GDS)
Travel Agents
Travel Wholesalers & Tour Operators
H&T Sales Representatives
National/State Tourist Organizations
Consortia & Reservations Systems
Distribution in the Sharing Economy
Negotiation
Responding to Objections
Product
Price
Source
Time
Needs
Working to reach an agreement that is mutually satisfactory to both buyer and
seller (win-win situation)
Managing Distribution Channels
Horizontal Conflict
Vertical Conflict
Channel Conflict
Site Inspection
Site Inspection provides valuable product information
Increases the
salesperson's enthusiasm for the product.
Allows customers to reassess their options & experience the service level & amenities for themselves
Ethical Sales Behavior
Factors Influencing the Ethical Behavior of Sales People
Personal, Company, and Customer Needs
Companies Policy
Values of Significant Others
Laws
Personal Code of Ethics
Business Accounting
Nature of Business
Trading
Service
Manufacturing
Rules in Accounting
Rule 1: Each type of account
has been given a nature
Rule 2: Increases recorded on the same side as nature of account
Rule 3: Decreases recorded on opposite side to nature of account
Periodic Profit Determination
Indication of efficiency of enterprise
Determination of profits available for distribution to owners
Guide to decision-making
Satisfy legal requirements
The primary aim of businesses is to make profits (though they can incur losses instead). The
calculation of such profits and losses is an important objective of the accounting function
Users of Financial Information
Owners/Investors
Management
Creditors
Government
Employees
Customers
Accounting Entity
The business is an entity or body separate from the owners and the accounting process is concerned with the activities of the
business organizations and not the activities of the owners.
Travel Geography
Movement
Population
Goods
Ideas
Human-Environment Interaction
Dependency
Adaptation
Modification
Barriers to Travel
Disease Outbreak
Political Unrest
Natural Disasters
Labor Shortage
Currency Fluctuations
Changes in Government Travel Policies
Demographic Changes in Tourism
Aging Population
Life Expectancy Increasing
Family Structure
Population Location
Migration
Climate
Weather
Short-term state of the atmosphere
Climate
Long-term pattern of weather
Business Etiquette & Service Excellence
Fundamentals of Dressing
Essential Elements
Appropriateness
Attitude
Aesthetics
Conservative and Business-like attire assures clients, guest and suppliers that you are competent
First Impression
Impression is formed by
Personal appearance
Grooming
Body language
First words
Social Etiquette
Allows you to gain acceptance to improve success when dealing with people
Punctuality
Privacy & Personal Space
Unplug
Opening Doors
Email Etiquette
Address your recipient accordingly
Use proper salutations & closing statements
Keep emails brief and to the point
Reply to your emails
Format appropriately
Dining Etiquette & Table Manners
Wait for everyone to be served before beginning to eat
Keep your smartphones off the table when eating
Chew with your mouth closed
Address service staff by their name