Definition of key account management

This describes a customer-oriented coordination unit within a company, in which activities associated with very important customers are consolidated.

In this context, the focal point for the coordination of marketing tasks is a small number of selected customers who are of great significance to the company.  The objective of key account management is to gain a thorough understanding of key customers.  Furthermore, the coordination with them has to be done in such a way that different employees display a uniform approach towards these customers.

Example
A manufacturer can hold key accounts for the most important trading firms they do business with.  For instance, a supplier in the automotive industry will most certainly hold key accounts for all the important automotive manufacturers it supplies. [1]

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