Account management Essay Example | Topics and Well Written Essays - 750 words

Account management - Essay Example The Entertainment and leisure industry includes a wide range of sub-sectors: entertainment (adult entertainment, attractions, movie and theaters), gambling, hospitality, restaurant and caf, sport and recreation, etc. Entertainment and leisure industry is marked by increasing capital markets activity over the past 5 years. It is estimated that average annual returns for industry are anticipated to exceed 13 percent over the next 10 years, with Entertainment and leisure industry investment alternatives performing at single digit growth rates (approximately 7 percent to 9 percent).The entertainment and leisure industry, known for its patchy supply chain and bungling circulation processes, has the latent to improve efficiency, inventory, audit control and to diminish infrastructure and operation costs by web-enabling their business online.In order to assess the situation the company can provide its own market research to collect and analyze the available information. This information can be found in mass media including press and TV advertising. This will help to identify competitors one by one, their price strategy and promotion techniques, their potential and target audience and even the quality of products they propose. This research may include information on new security equipment and associated consultancy services brought out by other companies, the relative prices of goods in the Internet shops, how competitors are promoting their products, or whether changes are taking place in the way consumers buy goods. This second activity is sometimes referred to as market intelligence for it enables management to build up a picture of the market in which they operate and chart the significant changes and trends so that strategies may be initiated and changed as appropriate. And, the received information should be compared with distributors marketing activity and strategy. An assessment of general environment and the firm's immediate competitive position should enable the account manager to identify the major threats and opportunities facing the firm. A strengths and weaknesses analysis can be particularly powerful if it incorporates a comparison with competitors. Core competences are concerned with identifying those particular strengths which give the company an edge over its competitors, and those areas of particular weakness which are to be avoided. This may require a parallel analysis of competitors' resources as previously mentioned. Bear in mind the mistakes and false steps made by the distributors new marketing strategy will be developed. Taking into account this data it will be possible to assess, to a certain extent, opportunities existing in the entertainment and leisure industry. The account manager will need financial and organizational information as for the UK distributors activity. It may include sales and product variations by region and also will provide the basis for implementing. The account manager should analysis the previous work of distributors and identify possible mistakes in their marketing strategy. Their work may include ineffective advertising campaign, inappropriate sales decisions, tools and techniques, or the choice of target audience may be wrong. The following techniques can be used to "gain entry" into the sector: the sales may be designed to make consumers aware of a new product, to stimulate nonusers buy to sample the existing product and service. The next step is elevation of customer to 'client' status, to establish a pattern of repeat buying by making it easy for the customer to do business with the company. If consumers are really impressed