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Key Accounts & Contract Management (Relevant Modules) - Coggle Diagram
Key Accounts & Contract Management
(Relevant Modules)
Sales & Distribution
Distribution Channels
Definition
Paths in which products and services take on, to go from its manufacturer or service provider to the end customer.
Distribution system
Consists of different firm which have banded together for mutual benefit.
Examples of distribution channels
OTA
Travel Agents
Travel Wholesalers
Tour Operators
Ticketing Websites
Purpose
Serves as a market place for clients to purchase airline tickets, hotel rooms, tourist attraction and events tickets.
Relevance to KACM
The knowledge of the various distribution channels allow events companies to sell their products and services to a broader market, allowing them to increase their revenue.
Personal Selling
Definition
Personal selling involves the process of two-way flow of communication between a buyer and a seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision.
Main Roles
In the customer's eyes, salespeople are the firm.
Sole personal contact a consumer has with a company.
Personal selling may be the most important aspect of a company's marketing plan.
Crucial link between firm and customer.
To satisfy both sides in the exchange process, sales people must combine company interests with customer demands
Relevance to KACM
Personal selling allows for salespeople in the events industry to market their event to potential customers more effectively. It also allows salespeople to overcome the lack of physical products sold in the events industry through the use of interaction to influence customer's decision.
Business Law
Contract law
Definition
Legal binding contract agreement between two or more parties for some purpose, with the intention of creating a legally binding contract.
4 Elements of a Contract
Acceptance
Intention to create legal relations
Offer
Consideration
Relevance to KACM
Due to the many contracts being formed and the importance of contracts in the events industry, it is important for us to have knowledge on different aspects of a contract. This ensures that in the future, we are able to read through a contract thoroughly to prevent and disadvantages on our ends.
Principles of Management
Departmentalision
Definition
Basis for grouping positions into different departments, which are attributed to an entire organisation.
Approaches to Departmentalisation
Traditional Approach
Matrix Approach
Functional Approach
Divisional Approach
Innovative Approach
Network Approach
Team Approach
Relevance to KACM
We are able to link it to our learnings in KACM, as seen in lecture 3 of KACM.
When it comes to planning an event, it is crucial for managers within the events company to decide what kind of departmentalisation approach is most appropriate, in order to meet their organisation's needs and objectives.
Introduction to Hospitality and Tourism
Seasonality
What Is It?
Categorised under the economic impact sector, it is considered as on of the major costs towards the events indsutry.
What Does It Do?
Events companies may face low customer arrivals during certain periods of the year, causing a drop in revenue.
Relevance to KACM
The events industry is not spared from seasonality and its potential costs towards the industry. Thus, event organisers must take into account seasonality while planning their events to ensure for a successful event.
Characteristics of Services
The Different Characteristics
Intangibility
Refers to how services cannot be picked up by the five sense such as taste and sight.
Inseparability
Refers to how services are sold, produced and consumed concurrently .
Perishability
Refers to how services cannot be kept for later sale or usage.
Variability
Refers to how services are highly variable and inconsistent.
Service quality relies on who the service provider is as well as when and where the service is provided.
Definition
Services have four distinct characteristics which separates them from products.
Relevance to KACM
Characteristics of service is relevant to KACM as it also applicable to the MICE and events industry
Principles of Marketing
Marketing Mix
Purpose
Used to elicit the desired responses companies want from their target market.
Comprises Of
Place
Where good and services are sold.
Price
Cost of good and services sold,
Product
Good and services sold by organisation.
Promotion
Methods used by organisation to market their goods and services sold,
Relevance to KACM
Allows the transition to the 8Ps from the event marketing mix seamless and smooth due to our knowledge of the 4Ps from the marketing mix
Market Segmentation
Definition
Categorising of potential buyers into segments or groups based on similar needs and common responses to marketing actions.
Purpose
Allows companies to form connections between consumer need to tangible marketing actions.
Bases of Market Segmentation
Demographic
Characteristics of the population e.g., age and race.
Psychographic
Psychological attributes of the population e.g., social class or life-style.
Geographic
Where potential customers live geographically e.g., country or city.
Behavioural
How a potential customer right react to a certain product.
It also includes their understanding of or attitude about a certain product e.g., benefits sought.
Relevance to KACM
Event organisers are able to utilise market segmentation to ensure they are catering to the right customers during an event.