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Key Accounts and Contract management - Coggle Diagram
Key Accounts and Contract management
Principle Of Marketing for Hospitality &Toursim
The Marketing mix: 4Ps
Product
: is anything that can be offered into the market for attention, purchase or even use to satisfy a need or a want. A product can be a good or service or an idea with tangible or intangible attributes
Price
: is the amount a consumer would exchange for the benefits of having the product
If we follow the 4ps we have learnt in marketing and also another 4ps learned in Key accounts and contract management, thius will allow our events to run smoothly as the will help facilitate the event.
Promotion
: refers to the company’s overall promotion mix or its marketing communication mix. This is a specific mix of advertising, personal selling, sakes promotion, public relation and direct marketing used by the company to achieve their marketing objective
Place
: is a distribution system, this is where the customer comes to us, and is made where the good or services is accessible to the consumer
Principle Of Management
Departmentalization
Various approaches
Matrix approach
: is a hybrid approach, it is where the two structures existing simultaneously (Functional and Divisional). Thus, some employees report to two supervisors
.These various approaches help to faciliate a good events team and it will ensure that events will run smoothly for all of the clients
Team approach
: gives managers a way to delegate authority and also push responsibility to lower level. Thus, more flexible, and responsible in a complex and competitive environment. Cross-functional teams consist of employees from various functional departments who are responsible to meet as a team and resolve conflict
Divisonal apporach
: approach is an M-form structure and it is multi divisional, this is where sperate divisions can be organised with the responsibility for products, service, and major projects
Functional approach
: is a U-form structure, this is where people are grouped intro departments based on their common skills, work activities expertise and resource use.
Network approach
: This extends the idea of horizontal coordination and collaboration beyond the boundaries of the organisation
The basis for grouping positions into departments and departments into the entire organisation. It is also defined as “the set of formal tasks assigned to individuals and departments; legal reporting relationships, including lines of authority, decision, responsibility, number of hierarchy levels, and span of managers’ control; and the design of systems to ensure effective communication between employees across departments
Introduction To Hospitality & Tourism
Tourism
Reasons for travel
Leisure
: travel for the purpose of enjoyment
Business
: beyond one’s general home area for work purposes
As more tourist are coming into the country for their own personal reason, they may be attending events and also shooping or sight seeing. This will help generate revenue for the company and the country too.
Tourism Refers to the activities of tourist
Sales & Distribution For Hospitality & Tourism
Negotiation
1) Gather infomration before negotiation
2) Decide Team vs Inidividual Negotiation for both seller & buyer
3) Understand the value of what we are offering
4) Prepare an agenda
5) Determine your goals and financial objective
6) Review adaptive selling styles
7) Prepare a Negotiations Worksheet
By following these steps, the negotiation stage will be a breeze for us and this will allow companies to capture their key accounts safely.
Business Law
Terms and Conditions of a contract
Terms
Express Terms
: are terms which are actually communicated to each other by the parties.
Implied Terms
: are those which the parties have not communicated to one another but which the law inserts into the contract as a term. The reason why the law inserts these terms is that although the parties themselves did not include the terms; the terms are so obviously necessary to the contract itself that they must have intended such a term.
Conditions
A
condition
is a very important term of a contract, one which goes to the root of the contract. It is so crucial to the contract that 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
Before giving up the contract to the client, everybody involved in the contract must check all the conditions set and they must make sure nothing is missed out or miswritten. After checking, they are able to hand it over to their client to close the deal.
Sometimes, the relative importance of a contractual term is debatable and such a term would not fit neatly into the classification of conditions and warranties. These terms are known as
innominate terms
Contract Law
A Contract is an agreement which is enforceable by law between two or more persons for some purpose, their intention being to create a legally binding contract
The following four elements make up a binding contract
a) Offer
b) Acceptance
c) Intention to create legal relations
For a company to work with their client, a contract must first be accepted by the client and they must have the following steps if they want to work with them.
d) Consideration