Analysis of Customer Account Development Strategies

This report provides a comprehensive analysis of customer account development, encompassing various critical aspects of business operations. It begins by examining customer buying practices, including decision-making units, influences on buying behavior, and the impact of product offerings and ...Read More

qwertyuiopasdfghjklzxcvbnmqwertyui
opasdfghjklzxcvbnmqwertyuiopasdfgh
jklzxcvbnmqwertyuiopasdfghjklzxcvb
nmqwertyuiopasdfghjklzxcvbnmqwer
tyuiopasdfghjklzxcvbnmqwertyuiopas
dfghjklzxcvbnmqwertyuiopasdfghjklzx
cvbnmqwertyuiopasdfghjklzxcvbnmq
wertyuiopasdfghjklzxcvbnmqwertyuio
pasdfghjklzxcvbnmqwertyuiopasdfghj
klzxcvbnmqwertyuiopasdfghjklzxcvbn
mqwertyuiopasdfghjklzxcvbnmqwerty
uiopasdfghjklzxcvbnmqwertyuiopasdf
ghjklzxcvbnmqwertyuiopasdfghjklzxc
vbnmqwertyuiopasdfghjklzxcvbnmrty
uiopasdfghjklzxcvbnmqwertyuiopasdf
ghjklzxcvbnmqwertyuiopasdfghjklzxc
UNDERSTANDING AND DEVELOPING CUSTOMER ACCOUNTS

Contents
Introduction......................................................................................................................................2
Task 1: Understanding buying practices of customers....................................................................2
Task 2: Understanding customer support Issues.............................................................................5
Task 3: Understanding your own business......................................................................................6
Task 4: Preparing for customer procurement..................................................................................7
Task 5: Information Gathered to plan and develop customer accounts...........................................9
Conclusion.....................................................................................................................................10
References......................................................................................................................................11
2 | P a g e

Introduction
Every organization has intended to focus upon the customer needs and requirements effectively.
Thus potential customers are being focussed with higher level of activity for encouraging to
become a successful customer. Therefore, maintaining accounts of the customers are focussed in
order to increase the relationship with the help of experienced team so as to ensure better
opportunities and prospects rewarded by the organization. Accounting maintenance and
developments are highly important to maintain the recency, frequency and also potency with
probable recommendations in order to sustain effective communication. The overall assignment
will elaborately reveal all the understandings connected to buying practices among the customers
along with different issues related to customer support. Nevertheless, understanding own
business function has been inherited with customer procurement and also planning purpose
related to developing the customers.
Task 1: Understanding buying practices of customers
Decision making unit has always comprised of the offerings made regarding the individuals
possessing the customer account so that the communication procedure can be accomplished
successfully within the organization. These are entailed through the embankment regarding the
purchase and final approval of the buyers that are entailed within the firm. Thus the decision
making unit has been identified as a specific buyer that has entailed proper specification in
idealizing the approaches of the firm’s strategic evaluation. Thus the organizational chart has
intruded the means through which determination of customer accounts are maintained
impressively.
Generally the decision maker as well as deciders has been referred as the economical buyers that
are affable with making proper decision. The influencers have to evaluate the market and also
suppliers along with the products whether they are determined as best possible offering. The end
users like the customers have to possess clear ideas to identify about how the products are
manufactured. Apart from this, the initiators will suggests about the specific tenure for making
the purchase (Mullins, et al., 2014). The outcome regarding the influencers will recommend
about the outcomes regarding the decision made as per the opinion revealed. Thus the
3 | P a g e

organizational chart has been identified in relating to the strategy that has to be developed in
accordance with influences that are as follows:
Considering the criteria of making choice, different features through which the customer has
utilized the evaluation process for the products and services are enabled through decision of
purchasing a single brand. Certain procedures have enabled the buyers to feel cautious enough
for taking longer perception in following the recognition regarding the problem. After
recognizing the problem, data gathering process has to be emphasized in order to find all the
facts through which different options are opted. Proper implementation and monitoring are
required to avoid these problems.
Product
offerings
Other stimuli Purchase
situation
The buying situation
4 | P a g e

Cultural / Social / Personal / Psychological
factors
Decision-making process
...........................................................................
Product purchased or not purchased
These are the influences through which the customers are affected with customer buying
behaviour.
A preferred supplier is considered as the supplied that are selected for offering good value for the
buying entity within a competitive process. The suppliers possessed a contractual agreement
through which sales of specific products as well as goods have been entitled. Thus customer
attractiveness factors and relative strength factors are administered through providing proper
ratings in against with the competitive forces idealized.
Buying practices or policies are just like selling procedure which can be easily developed in all
time. The trends in buying practices have always gathered the sales along with the marketing
implication for the respective supplier of the organization by justifying techniques that are as
follows:
Just in time or JIT system of purchasing has aimed to minimize the stock of the entity by
pertaining effective supply system that has provided the materials as well as components as per
the needs. The centralized purchasing approach has intruded the factors in concentrating the
development determined through knowledge regarding the suppliers. Leasing has empowered the
benefits attained through the contract by dint of which the owner of a respective asset has
provided right for using.
5 | P a g e

It can be achieved both nationally and also internationally that proper recognition of the
programmes for the quality standards like ISO and also 6 sigma has to be empowered. The ISO
9001 has been utilized to address the principles in setting effective delivery of the products.
In the mean time, the formal assessment has been empowered through identifying the potential
supplier by covering capability and capacity regarding the assessment within the areas for
maintaining financial stability along with service commitment. The delivery policies along with
the quality process regarding the environmental responsibility have to be achieved for
maintaining the CSR policies.
Task 2: Understanding customer support Issues
It is quite important for understanding about the excellence that an organization should achieve
in order to support the customers in a better way. Thus development within the product and
service are highly needed for the organization extensively. The purchasing process always varies
from one entity to another entity by specifying the process of buying. The supply regarding
machinery by adhering safety regulations in the financial year 1992 has implemented the
detained requirement to make safe and innovative machinery. Thus product development for the
respective customers is influenced by factors considering the history along with the culture and
has always encouraged the creativity and also amount spent formally upon the research along
with the development. Therefore, developments of value chain are necessary for the
organizations (Bara & Galka, 2016).
Managers appointing as sales and accounting must have knowledge about the individuals about
their organizational departments which will take part among the team. The knowhow for
including the support in prevailing the customer account is considered to be an important aspect
adjoining the role of managers encapsulating the accounting sales. The software available within
the personal computer has to be upgraded in order to replicate newer programs that are useful in
maintaining interactions with the vendors regarding online shopping. Thus quality solution has to
be provided by cost saving purpose and utilization of cash for the organization.
Different models that are similar regarding the problem and recognition are noted for decision
making process. These decisions have rest upon the aspects of the life both at home and also at
the working environment.
6 | P a g e

Thus the competitive practices have empowered the learning lessons within the environment by
gathering the information through providing competitors as per the competitive intelligence.
Thus proper anticipation are highly needed while spending the money for deciding about how to
buy the respective products.
Task 3: Understanding your own business
Understanding the unique business value and unique value proposition are highly needed for
implying Unique Selling Proposition in order to make proper interchangeable concepts
representing the additional value for the customers that reveal gains by determining dealings.
Thus accounting planning and procedure of evaluation has been identified as an integral
perspective in providing effective support and also services. Thus analysis of these perceptions
has been followed through porter’s growth strategy and also Ansoff Growth matrix.
Understanding the smart objectives is also required to for achieving the specific measurement
and measurable consequences depending upon the realistic principles of control for the
respective organization. Thus the customer activities are aimed through following the feedbacks
generated by structuring the responses of the customers about the sales process endeavoured on
behalf of the company.
7 | P a g e

In order to understand the organization’s ability in responding upon the customer buying
procedure, accomplishing the customer demand effectively and efficiently are highly needed.
Initially it is needed to conduct the situation analysis for discovering the happenings observed by
determining both advantages and disadvantages. The evaluation has been entailed by supplying
the evaluation form which will recommend whether the customers are satisfied with the
performance of the organization’s sales team. Different evaluative questions are asked which
entails are the sales staff are friendlier enough, do the sales staff know about the respective
products and by following the questions, the respondents or the customer will reveal their ratings
as poor acceptable and also good or excellent.
Task 4: Preparing for customer procurement
Customer procurement has been identified as the acquisition of the goods along with the services
that are appropriate for procured by meeting the best possible instances through which the
requirements of the purchaser in terms of quality along with the quantity has been administered
through probable time and also location. It has been identified that the customers showcased
sophistication every time and instances for establishing credibility within the suppliers. It can be
judged that the customers are required to show a clear understanding for the market in order to
underpin effective business operation. Thus proper information are always needed for the sales
manager to ensure proper audit regarding the customer within the industry sector in which the
business is operating. Ensuring proper attention will upgrade industry and also proper knowledge
regarding the sales and it has required to plan adhered regarding the products and services for
maximizing the interventions in the areas where it is reduce (Mullins, et al., 2014).
Generally the customers plan a purchase to generate different requisites as per the wish that
needs to be fulfilled before it is regarded to be comfortable accompanying the purchase. There
are different organizations that influence customers by adding criteria that a customer will not
consider. Thus proper strategies are needed to be ensured which influence the buying
perspectives of the customers and they have been revealed underneath:
Offering proper assistance for the buyer in writing the specification are needed. Workings with
different consultants will generate proper specification and involvement of the management as
well as employees of the organization.
8 | P a g e

The attractiveness along with the compatibility among the customers been entailed through
preferring the status of the suppliers. It is important to determine the values regarding each and
every parameter through understanding the criteria and also value by measuring the weighting
factors. The attractiveness factors are adjoined through intervening the size regarding the
volume, profit and also value along with the financial stability. Ease of access will deliberately
possess geographical necessity and also openness. The closeness of existing relationship has to
be empowered in order to achieve the strategic fit.
Conducting competitor analysis is highly required in maintaining taste and preferences of the
customers. Thus the relative strength factors have emphasized the customer attractiveness in
sufficing the development account and also major account which are generally high. On the other
hand, the opportunistic account and maintenance account are possessed lower valuation for
pertaining mutual attraction.
Preferred supplier status can only be deemed through developing proper strategies significantly.
Different factors are able to provide by the organization for respective customers through which
probable commitment can be easily provided. The matrix can be identified with cumulating the
working procedures like joint projects, dealing contra accounts and also building proper
relationship (Lemon & Verhoef, 2016).
The standard contract has been used for the respective customers by determining evaluation
process that is supplied with the existing contracts respectively. It can be said that to buy the
product, it is important to provide the sales receipt by following the terms and conditions
regarding the sale considering the seller responsibilities. Thus for achieving these instances it is
important for working hard at the initial level by which building operations are sustained. To
enjoy particular relationship with the customers are also needed for accumulating the decision
making process. Thus the contracts assessed have to be compared in view of the other
organization’s contract where all the details can be compared in order to achieve success of own
respective organization.
The contracts are compared and have to be sustained through idealizing the impact when they
have been benchmarked within the respective industry. It can be said that the industry standards
can be preferred with contractual arrangements in order to measure sale and success by
9 | P a g e

determining the customer feedbacks effectively. It is identified that a contract by law are legally
enforceable agreement in between the parties which accounts to one or two sustained with
mutual obligations. The remedies at the respective law for breach regarding the contract have
damaged the monetary compensation by determining cost recovery and reliable damages.
Task 5: Information Gathered to plan and develop customer accounts
In order to win new accounts or customers ideas of utilizing the tactics are important. The tactics
are considered to be the ways through which proper implementation of objectives and strategies
can be generated. The organization has to identify the objectives initially, and thus outlining the
strategies in detail has been considered and implementations of the business plan are highly
sustained.
Thus identification of segmentation, targeting and also positioning are important for determining
the activities that suit the business decision respectively. Process of advertising with newsletters
and also internet blogs has to be entailed.
Offering things to the individuals in accordance with their respective wants has to be ensured.
Free evaluations for maintaining the level of business are needed for making proper interaction.
Thus estimating the growth and order valued has determined the process that reveals cancelled
appointments through invaluable in evaluation through monitoring the items. Regular evaluation
has been allowed the sales manager to alter the changes through maximizing the resources have
to be ensured.
The monitoring activities regarding the effectiveness and relationship with the respective
customers have been identified. These have included the items like the overall sales volume that
accompanies with profitability and types of products that have been ordered encircling the
10 | P a g e

efficiency regarding the account management. Quantitative evaluations are enabled through
proper justification by providing rating within the five point scale (Lin, 2014).
Thus utilizing the information that has been gained, the customer evaluation has assisted every
organization to improve the overall relationship among the customers for maintaining the
efficiency. Information thus gained is invaluable in maintaining the process of accounting
planning. The AISM (Account Identification and Selection Matrix) a method considering the
classification of accounts has been developed to encounter new accounts.
Conclusion
Thus it is important to encounter effective process for the organization to enable sales
management and accounts so as to assess proper interventions relating to the factors assembling
the business operations.
11 | P a g e

References
So, K. K. F., King, C., Sparks, B. A., & Wang, Y. (2016). The role of customer engagement in
building consumer loyalty to tourism brands. Journal of Travel Research, 55(1), 64-78.
Lin, J., Wang, B., Wang, N., & Lu, Y. (2014). Understanding the evolution of consumer trust in
mobile commerce: a longitudinal study. Information Technology and Management, 15(1), 37-49.
Lemon, K. N., & Verhoef, P. C. (2016). Understanding customer experience throughout the
customer journey. Journal of Marketing, 80(6), 69-96.
Mullins, R. R., Ahearne, M., Lam, S. K., Hall, Z. R., & Boichuk, J. P. (2014). Know your
customer: How salesperson perceptions of customer relationship quality form and influence
account profitability. Journal of Marketing, 78(6), 38-58.
Baran, R. J., & Galka, R. J. (2016). Customer Relationship Management: the foundation of
contemporary marketing strategy. Taylor & Francis.
Wottowa, K. L., Henry, M., & Storts, W. E. (2014). U.S. Patent No. 8,712,804. Washington, DC:
U.S. Patent and Trademark Office.
Gurajala, R. B., Lott, R. W., Huber, K. D., Flynn, J. J., Mansfield, W. G., Seymour, J. T., ... &
Davis, J. P. (2016). U.S. Patent No. 9,246,759. Washington, DC: U.S. Patent and Trademark
Office.
Johnston, M. W., & Marshall, G. W. (2016). Sales force management: Leadership, innovation,
technology. Routledge.
Campello, M., & Gao, J. (2017). Customer concentration and loan contract terms. Journal of
Financial Economics, 123(1), 108-136.
12 | P a g e

Dhaliwal, D., Judd, J. S., Serfling, M., & Shaikh, S. (2016). Customer concentration risk and the
cost of equity capital. Journal of Accounting and Economics, 61(1), 23-48.
13 | P a g e