Wessex Key Account Fundamentals Bundle
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Managing Global Accounts
As globalization takes hold several things happen; customers are more demanding and sophisticated, competition gets tougher, business is more complex and fast changing, and highly competent global account managers are in short supply. The managerial challenges of competing in a global world are more difficult in orders of magnitude than competing domestically. Life is especially tough when the corporation is not centrally focused on the global customer when corporate personnel across functions and around the world do not get it. To get it means understanding at a visceral level that success or failure with global customers maybe synonymous with success or failure of the entire enterprise. Unless all employees are focused in the firms relationship with its global customers, competitors that do get it will surpass them. Indeed, competitive advantage based on building global supplier customer relationships may be longer-lasting than competitive advantage based on products or services. Companies cancel products but they less easily cancel people, especially those that have served them well. But the promise of long-run sustainable competitive advantage can be secured only if the firm truly focuses in serving the global customer. No matter where they are located, all firm employees must understand they are competing in a global world and that success with global customers is the Holy Grail. They must throw off the shackles of ethno-centrism and nationalism acquired in their youths, and embrace the global challenge. Not only should they defend their turf against global competitors but they must do what they can to make their global customers succeed. In pursuing this goal, they may develop a global account management system that in itself becomes a competitive advantage.
The Dictionary of Selling Terminology
The Dictionary of Selling Terminology (DST or Dictionary) provides a comprehensive reference list of the terminology and definitions used by both sellers and buyers on a global basis. The goal to address the necessity for a standardized and universal language to mitigate the confusion and ambiguity inherent in the selling and buying language due to definitional differences.
Standardized terminology is a common language, nomenclature, classification, or taxonomy that depends on a uniform use of correct terminology to bring clarity to terms that are unclear and could have several possible versions in the source language or several versions of translation.
The language of selling is not a single language. In fact, every sales organization, either for-profit or not-for-profit, has a different and unique language for the selling process based on organizational factors such as culture, industry, market sector or segment, channels, competitors, and geography.
However, in order to standardize the sales language, the seller’s sales organization needs to understand the product from the buyer’s perspective. To identify the core buying emotions, sales professionals, and those serving in supporting roles to the sales organization, need to learn the language of prospective buyers and current customers — the way they talk, the way they discuss their problems, and the way they feel about certain subjects, and so on.
Because of the way that language works as a living entity that continually changes, it is important to note that many of the terms included in the Dictionary will continue to evolve as the result of numerous factors such as culture, markets, and industries.
Both legacy and current terms are included in the Dictionary. Numerous entries reflect the increasing influence of technology and automation on enablement and operational processes including buyer enablement, content management systems, contract lifecycle management, and customer relationship management.
In addition, the terms inherent in the cross-functional departments which support the sales organization are included. The cross-disciplinary terms include: Finance —revenue, gross profit, and price, and Marketing — promotion; Legal — rules, regulations, compliance, governance, and risk; Manufacturing —quality as well as numerous Ethics terms.
Sales professionals, including Chief Sales Officers, Field and Inside salespeople, Frontline Sales Managers, Chief Learning Officers, Sales Enablement and Operations Directors, Key Account Managers, Business Development Directors, as well as marketing professionals will benefit from this definitive dictionary.
The Dictionary is also a valuable resource for those professionals who have accountability for the Supply Chain and Procurement functions.
Also, those professionals who serve in supporting functional roles such as Finance, Legal, Accounting, Operations, Human Resources, and all of the internal and external stakeholders will gain a deeper knowledge, understanding and appreciation of what it is like to walk in the shoes of the sales professional and the buyer.
No one rises to the top and stays on top of their game without lifelong learning and intentional growth initiatives. If you want to be more effective and efficient in your professional role, whatever that role is, you need to study and master the craft, which includes the language.
If you have a suggestion on a word to add to the next edition of the Dictionary,please fill out this form and send to us.
Market2Win (M2W) simulations are virtual training tools which allow the participants to take the role of a sales, finance, key account, marketing, or other departmental role under conditions defined by limited time and information to reinforce the requisite knowledge, skills, and abilities. Numerous games may be run simultaneously thus making simulations a cost-effective training method.
The learning methodology underlying the Market2Win simulations was designed and developed by Professor Malcolm Donald, Emeritus Cranfield University based upon his key account and marketing expertise in both an academic and business context combined with the expertise of Edmund Bradford, Managing Director, Market2Win (M2W) gained throughout his 30+ year career.
Simulations emulate the real work environment through experiential learning. The M2W simulations are built with deep learning processes which entails all forms of learning where the participant is behaviorally and cognitively challenged. Simulations complement theoretical education by providing a dynamic, interactive risk-free learning environment.
The purpose is to bring “real-world” learning into live or virtual classrooms and put the participants through a myriad of different experiences and measuring performance, providing feedback and recommendations. Research shows that 70% of what is learned is from experience, 20% is from social interactions and 10% is from traditional learning sources.
The M2W simulations are designed to address the processes, procedures, and methods requisite to developing a viable strategy as well as how to effectively execute the go-to-market strategy and action plan in a game format. Also, the M2W simulations are designed to provide extensive application of the knowledge, skills, abilities, tools, and analytics required for successful management of a key account, sales and/or marketing function. Templates are provided for analysis, strategy specification, tactical execution, and real-time analytics.
Simulations make learning new skills fun while creating favorable emotions with the learner and the training content. The participants acquire knowledge faster, and retain the knowledge longer, because they can experience and apply the concepts learned in a realistic real world, in a controlled environment. Participants can make mistakes and learn from them by experimenting with new methods to address the same issue. The moment participants become confident in their new abilities based on the outcomes of their decisions, typically they become capable of making lasting changes.
In his role as Chair of Wessex Press, Noel Capon brings a unique perspective as an experienced Marketing educator, researcher, author and professional, originally trained as a research chemist.
“I knew when I completed my doctorate in Chemistry that I didn’t want to be a ‘bench’ chemist.” By that time, Professor Capon was very interested in Marketing and began his career working in Marketing for Imperial Chemical Industries (ICI) in his native Britain.
Professor Capon has been a leader in Marketing ever since, applying an analytical approach to solving business problems.
That’s what led him to launch Wessex Press, Inc. (formerly Axcess Capon) almost 20 years ago.
“I knew there had to be a better way to provide high-quality textbooks, globally, at a more affordable price.”
Professor Capon previously served two terms as elected chair of the Marketing Division at Columbia Business School. He held faculty positions at UCLA (where he also was Marketing Chair) and Harvard Business School before joining Columbia in 1979.
Professor Capon teaches Marketing Strategy, and Sales and Strategic Account Management courses to MBA and EMBA students. He also has taught at many educational institutions as a visiting professor, including INSEAD (France), Hong Kong University of Science and Technology (HKUST), and the China Europe International Business School (CEIBS), Shanghai, PRC. Professor Capon is Honorary Dean, Marketing and Innovation College, Beijing, PRC.
In addition, Professor Capon contributes to Columbia Business School’s Executive Education program and has designed, directed and taught in a variety of Marketing, Sales Management, and Strategic and Global Account Management programs. He also has developed and directed customized programs for major corporations globally. Professor Capon co-founded The Chief Sales Executive Forum (2001), and is a member of the Board of Directors of the Strategic Account Management Association (SAMA).
Professor Capon has authored or co-authored more than 40 Marketing and Account Management books, including many international editions. Some books of note:
Key Account Management and Planning, Free Press/Simon and Schuster, 2001. This was the first major book on key (strategic) account management and is known as “the bible” of key account management.
Managing Global Accounts, Wessex Press, 2005. This is the only book to date that addresses the growing field of managing global customers.
Managing Marketing in the 21st Century (4th edition, Wessex Press, 2016), Capon’s Marketing Framework (4th edition, Wessex Press, 2017) and Capon’s Marketing Essentials (Wessex Press, 2017), in various editions, offer a new and powerful way of approaching the Marketing discipline.
He earned his B.Sc. and Ph.D. degrees in Chemistry from University College, London University; Dip. B.A. from Manchester Business School; MBA from Harvard Business School; and Ph.D. in Marketing from Columbia Business School.
Kent Kubie has had the privilege of working with some of the leading IT and business professionals in the country at the top Fortune 100 accounts. He has 30 years of experience in IT Consulting, Engineering, Sales and Sales Leadership, and 15 years in healthcare with providers, bio tech and insurance companies. With a background in accounting and engineering, Kent brings a unique view to clients on how they can get value out of their assets. In his current role, he focuses on helping healthcare providers maximize their capital and expense dollars to provide the best outcomes for their organizations.
Pamela has more than 30 years of diversified experience in sales, strategy, key account management, and marketing at the national and global level with a proven track record of driving long-term sustainable growth. Her industry expertise includes professional service firms and industrial and durable goods manufacturers ranging in size from start-ups to Fortune 100 corporations. She has significant experience in managing complex initiatives across highly matrixed organizations with multiple stakeholders. Equally conversant in the sales and marketing disciplines, she specializes in defining and executing go-to-market strategy, linking sales to strategy, identifying, and capitalizing on new product and market opportunities, building brand equity, and creating viable sales enablement tools. Pamela is recognized for her ability to grow sales, market share, and margins in both the core markets and adjacent markets.
The Dictionary of Selling Terminology, 2021, Wessex Press, Inc. was the result of her ongoing observations of the financial and reputational risk inherent due to the ambiguity in the language used by buyers and sellers. She is coauthoring a new book with Professor Noel Capon Selling by the Numbers; Financial Investigation and Analysis©. In addition, she is coauthoring the Buyer and Seller Processes: A Stakeholder Perspective© (October 2021) Pamela joined The Malcolm McDonald Academy (MMA) and Market2Win in 2019. She is tasked with curriculum development and as well as teaching and research. In addition, she is serving as the Managing Director, Americas.
From 2008 through 2018, Pamela taught in the College of Business Administration at the University of Nebraska Omaha (UNO). In that position, she taught upper-division and graduate courses in sales, key account management, and marketing. During her tenure at UNO, she developed several new sales courses, including Global Strategic Account Management, Fundamentals of Selling, Consultative Selling Principles, Selling in an Entrepreneurial Context, Selling Financial Services, and Predictive Analytics for the Sales Function. Her research interests include sales ethics and ethical decision -making, buyer and seller pipeline processes, finance competencies requisite to the selling function, and non-cognitive sales competencies underlying superior sales performance. Professor Malcolm McDonald, Emeritus, Cranfield University, and Dr. Noel Capon, Columbia University, are her primary research partners.
Prior to this she served as the Global Marketing Lead for Accenture’s Security Practice from 2006 to 2007. Her responsibilities included managing all the marketing and business development initiatives as well as serving as the liaison for the Practice’s joint ventures and strategic alliances. She drove new business opportunities with Global Fortune 500 corporations and large government and healthcare organizations, which led to significant increases in revenue and margin year over year. Ms. Peterson received her MBA from The University of Chicago Booth School of Business.