Key Accounts and Contract Management

Economics

Events

An event is a gathering of audiences with the same objectives at a fixed time period and location. The event is organised and audiences are drawn by the event programme.

Fixed Time Period

Fixed Location

Purpose/Objective

Programme/Content

Audience/Gathering

Audience finds value in being part of the event and hence commits to participate in it.

Specific purpose/objective for holding the event. (eg celebration)

Fixed date and time for the event. (not ongoing)

Event is held in a fixed location(s). It can be virtual as well.

Organised

An event needs to be planned, organised, managed and executed. (not something that happens just by itself)

Programme/content draws in audiences. (eg concert)

Key Account

Contract Management

A key account is a company's most valuable customers and they contribute significantly to a company's overall revenue. Key accounts either make a one time bulk purchase or make multiple purchases throughout a financial period, or either through their sheer size, gives credibility to the company through their influence and refer new prospects.

Contract management is the management of contracts made with customers, vendors, partners or employees. It aims to maximise an organisation's operational and financial performance while reducing financial risk.

Topics

S&D

Marketing

Statistics

Economics

IHT

POM

Accounting

ESM

Law

4 elements of contract

2) Acceptance

3) Intention to create legal relations

4) Consideration

1) Offer

A person is said to make an offer when he indicates to another his willingness to enter into a contract on the terms which he sets out in the offer.

An offer may be oral/in writing, made to a single definite person/a group of persons/the world at large and must be communicated to the offeree before it can be accepted.

Situations which do not amount to an offer: invitations to treat, supply of information and declaration of intent

A contract is an agreement which is enforceable by law and it specifies the activities entered into by both parties and the terms through which they will each fulfill their parts of the agreement.

Termination of offers: revocation of the offer, rejection by the offeree and lapse of offer

Acceptance may be oral/in writing/by conduct, be absolute and conditional, conform to the prescribed method and be communicated.

The court presumes the parties intend commercial and business agreements to be legally binding while domestic and social agreements are not legally binding.

It is some benefit or profit accruing to one party or some detriment or loss suffered or undertaken by the other.

1) Consideration must be real
2) Consideration need not be adequate
3) Consideration must move from the promisee
4) Consideration must be legal
5) Consideration must not be past

Terms and conditions

Terms are statements which form part of the agreement which set out the duties and rights of each party. Express terms are actually communicated to each other by the parties whereas implied terms are not communicated to one another but the law inserts into the contract as a term.

A condition is a very important term of a contract, one which goes to the root of the contract. If it is breached, the innocent party can treat the contract as being ended, and can refuse to perform his part of the contract.

A warranty is a term which is not so important to the contract. If it is breached, the contract is still intact, which means that the innocent party cannot refuse to perform his part of the contract. His remedy is to sue the other party for damages.

The relative importance of a contractual term is sometimes debatable and such a term would not fit neatly into the classification of conditions and warranties. The remedy for breach of an innominate term therefore depends on the seriousness of the breach.

Void and voidable contracts

Void contracts cannot be enforced by either party while voidable contracts are valid contracts, but one of the parties may have entered into the contract without full knowledge or consent to the contract's terms. For voidable contracts, the innocent party may elect to treat the contract as valid or void.

Exemption clauses

An exemption clause is a type of contractual term which is inserted into contracts for the purpose of excluding or limiting the liability of one of the parties to the contract.

1) Has the exemption clause been made part of the contract itself?
2) Is the exemption clause void by law?
3) Is the exemption clause clear and unambiguous?

Discharge of contract

2) Agreement

3) Acceptance of breach

1) Performance

4) Frustration

A contract is performed when all the parties have carried out their respective promises and obligations under the contract.

A contract is said to be discharged by agreement if the contract itself contains a term which sets out the method by which the contract is to be discharged.

A breach of contract takes place when a party does not comply with the terms of a contract. This applies only where the term breached is a condition - the innocent party can treat the contract as discharged and can sue for damages. However, if the term breached is only a warranty, the innocent party is only entitled to sue for damages and cannot treat the contract as discharged.

A contract becomes frustrated when it becomes impossible to perform due to circumstances beyond the control of the parties.

Remedies

1) Damages
2) Injunction
3) Specific performance
4) Recission

Introduction

Functions of management: planning, organising, leading and controlling

Management skills: conceptual, human and technical

Management types: top, middle and first line

Environment and corporate culture

External environment

Internal environment

General environment

Task environment

1) Legal political dimension
2) International dimension
3) Sociocultural dimension
4) Technological dimension
5) Economic dimension
6) Natural dimension

1) Customers
2) Competitors
3) Suppliers
4) Labour market

Corporate culture is made up of symbols, stories, heroes, slogans and ceremonies

Planning

Benefits of planning and goal setting

1) Provides a source of motivation and commitment for staff
2) Guides resource allocation
3) Guide to action
4) Set a standard of performance

Basic planning process

1) Stating goals
2) Listing alternative ways of reaching goals
3) Developing premises upon which each alternative is based
4) Choosing best alternative for reaching goals
5) Developing plans to pursue chosen alternatives
6) Putting plans into action

Growth strategies

1) Market penetration strategy
2) Market development strategy
3) Product development strategy

Decision making

Conditions under which decisions are made

1) Certainty
2) Risk
3) Uncertainty
4) Ambiguity

Decision biases to avoid

1) Being influenced by initial impressions
2) Justifying past decisions
3) Seeing what you want to see
4) Perpetrating the status quo
5) Being influenced by emotions
6) Overconfidence

Organising and departmentalisation application

Departmentalisation

Traditional

1) Functional
2) Divisional
3) Matrix

Innovative

1) Team
2) Network

Leading and influencing

Change leadership

1) Transformational leadership
2) Servant leadership

Essential skills associated with effective leading

1) Visioning
2) Managing power and influence
3) Empowering
4) Communicating
5) Motivating
6) Managing groups and conflicts
7) Managing diversity

Fundamentals of controlling

Scopes of control

1) Physical resources
2) Human resources
3) Information resources
4) Financial resources

Timing controls

1) Feedforward controls
2) Concurrent controls
3) Feedback controls

Controlling process

1) Establish standards of performance
2) Measure actual performance
3) Compare performance to standards
4) Take corrective action

Introduction

4 service characteristics

1) Intangibility
2) Inseparability
3) Variability
4) Perishability

Marketing is the process for creating, communicating, delivering and exchanging offerings that benefit its customers, the organisation, its stakeholders and society at large.

Steps in the marketing process

1) Understand the marketplace and customer needs and wants
2) Design a customer driven marketing strategy
3) Construct a marketing mix programme that delivers superior value
4) Build profitable relationships and create customer delight
5) Capture value from customers to create profits and customer equity

Digital marketing

1) Online marketing
2) Mobile marketing
3) Social media marketing

Market segmentation, targeting and positioning

Market segmentation

1) Geographic
2) Demographic
3) Psychographic
4) Behavioural

Market coverage strategies

1) Undifferentiated
2) Differentiated
3) Concentrated

Market positioning

1) Identifying competitive advantages
2) Selecting competitive advantages
3) Effectively communicate chosen position

Product life cycle

1) Product development
2) Introduction
3) Growth
4) Maturity
5) Decline

Market modification strategies

1) Market
2) Product
3) Marketing mix

Consumer behaviour

Characteristics affecting consumer behaviour

1) Social

1) Membership/reference group
2) Word of mouth/online social networks

2) Cultural

3) Psychological

4) Personal

1) Culture
2) Subculture
3) Social class

1) Motivation
2) Perception
3) Beliefs and attitudes

1) Age and life cycle stage
2) Lifestyle
3) Personality
4) Self concept

Buyer decision process

1) Need recognition
2) Information search
3) Evaluation of alternatives
4) Purchase decision
5) Post purchase behaviour

Promotional mix

5 promotional mix tools

1) Advertising
2) Sales promotion
3) Personal selling
4) Public relations
5) Direct and digital marketing

Marketing and sponsorship role

Role of marketing in events

1) Major focal point of holding an event is the audience
2) Allows organiser to reach targeted audiences
3) Necessary for meeting event objectives
4) Build brand awareness of event/organiser/event partners
5) Impacts how audience/event partners/sponsors/supporters evaluate the organiser

Ways events benefit from marketing

1) Audience
2) Registrations/money
3) Brand awareness
4) Sponsorships
5) Funding/support
6) Value/authentic

Sponsorship impact on events

1) Money
2) Brand/image
3) Programme

Defining event excellence

1) Event objectives/KPIs
2) Audience experience
3) Flexibility/agility/managing change
4) Delivering value

Customer value journey

1) Awareness
2) Get them to engage
3) Get them to subscribe
4) Purchase/register
5) Excitement/engaged
6) Multi event attendee
7) Be a sharer
8) Be a promoter

Email marketing

Types of emails

Considerations

1) Transactional
2) Relational
3) Promotional

1) Personal
2) Call to action
3) Content
4) Design
5) Audience

Event marketing

Pre event marketing

1) Website
2) Community building
3) Segment outreach
4) Content marketing

During the event marketing

1) Social media
2) Paid social
3) Content marketing

Post event marketing

1) Content marketing
2) Social media
3) Email

Sponsorship activation

Types of activation

1) Employee
2) Advertising/marketing
3) PR
4) Retail
5) Venue
6) Cause related
7) Digital/data
8) Content based
9) Business
10) Hospitality
11) Innovation
12) Celebrity

Categorise distribution as an element of the marketing mix

3 functions of intermediaries

1) Transactional
2) Logistical
3) Facilitating

Major H&T distribution channels

1) Direct booking
2) OTA
3) GDS
4) TA
5) Travel wholesalers and tour operators
6) H&T sales representatives
7) National/state tourist organisations
8) Consortia and reservations systems
9) Distribution in the sharing economy
10) Online real time restaurant reservation booking platform
11) Delivery/take out/drive through window
12) Food trucks
13) Concierges
14) Social commerce
15) Super apps
16) Voice and chatbots

Examine channel design and management decisions

Channel behaviour and organisation

Channel conflict: horizontal and vertical

3 types of VMS

1) Corporate VMS
2) Contractual VMS (franchising and alliances)
3) Administered VMS

Marketing channel design

1) Analysing consumer needs
2) Setting channel objectives
3) Economic feasibility
4) Amount of control in each entity

Channel management decisions

1) Select channel members
2) Manage and motivate channel members
3) Evaluate channel members

Explain personal selling philosophy

Types of sales force structure

1) Territorial structured
2) Market segment structured
3) Market channel structured
4) Customer structured
5) Combination structured

Characteristics of successful salespeople

1) Self motivated
2) Dependability and trustworthiness
3) Integrity and ethical sales people
4) Customer and product knowledge
5) Analytical skills and the ability to use IT
6) Communication skills
7) Flexibility and agility
8) Creativity
9) Confidence and optimism
10) EI

Factors influencing the ethical behaviour of salespeople

1) Personal, company and customer needs
2) Company policies
3) Values of significant others
4) Laws
5) Personal code of ethics

Illegal business practices

1) Business defamation
2) Reciprocity
3) Conspiracy and collusion
4) Interference with competitors
5) Gift giving
6) Bribery/entertainment
7) Privacy laws

Apply product knowledge and create product solutions

Product information categories

1) Product development and quality improvement processes
2) Performance data and specifications
3) Servicing the sale
4) Price and delivery

Develop an effective sales presentation

6 step presentation plan

1) Approach
2) Need discovery
3) Presentation
4) Negotiation
5) Close
6) Servicing the sale

Introduction

Reasons for travel

1) Leisure
2) Business
3) Visit friends and relatives

Type of visitors: tourists and excursionist

Maslow's hierarchy of needs

1) Physiological
2) Safety
3) Social
4) Esteem
5) Self actualisation

Plog's psychocentric allocentric model

1) Allocentrics
2) Midcentrics
3) Psychocentrics

Cohen's classification of toursits

1) Organised mass tourist
2) Individual mass tourist
3) Explorer
4) Drifter

1) Introduction
2) Double entry
3) Income statement
4) Balance sheet
5) Inventory

1) Demand
2) Supply
3) Elasticity
4) Production factors and costs
5) Market structure

1) Motivation for travel
2) Appropriate travel season/climate
3) Capital and key business cities
4) Iconic landmarks/key attractions
5) Special events

1) Descriptive and inferential statistics
2) Data sources
3) Sampling techniques
4) Qualitative and quantitative data
5) Presentation of data