Key account management: Theory,practice and challenges

Key account management is a natural development of customer focus and relationship marketing in business‐to‐business markets. It offers critical benefits and opportunities for profit enhancement to both sides of the seller/buyer dyad.

This paper describes a framework for understanding the development of key account relationships. It has also incorporated a comprehensive guide to the current practice of key account management and comments on the challenges for the future of key account management practice. The paper is based on research involving in‐depth interviews with key account managers, their managers and their main contacts in the customer organisation.

The scope of key account management is widening and becoming more complex. The skills of professionab involved in it at strategic and operational levels need to be constantly updated and developed. This paper demonstrates how key account management can be implemented and points decision‐makers in the right direction for better practice in the long term.     

Marketplace spirituality: challenges for the New Age retailer

The consumers of New Age spirituality products have been said to be involved in a form of ‘pick and mix’ religion or to be browsing in a ‘spiritual supermarket’ which emphasises borrowing from a wide variety of cultures. The paper details the different physical and virtual channels through which consumers may access goods and services. Retailers who serve this market are typically independent traders and face many of the challenges that are characteristic of the small business sector. The term ‘New Age' is identified as applying to a broad range of retailers who attempt to occupy different market positions. The research however identifies considerable product overlap between these retailers and suggests that the market displays limited differentiation. As this paper is an exploratory study, it finally sets out a series of research themes for future work.     

Global talent management and global talent challenges: Strategic opportunities for IHRM

The need for multinational firms to be as competitive in the global marketplace as possible has increased dramatically over the past twenty years. For international human resource management this has meant many strategic opportunities to international human resource management. An excellent example of such an opportunity is that which exists regarding the management of talent. This opportunity began to develop in the late 1990s with the advent of the challenge of “global talent management.” During the past few years this opportunity has expanded to include challenges dealing with talent shortages, talent surpluses, locating and relocating talent, and compensation levels of talent. Together, these conditions are all “global talent challenges”. In this article we describe these several global talent challenges and the strategic opportunities they present to firms and propose the implications of these for firms and for the field of international human resource management.     

Facing complexity,crisis, and risk: Opportunities and challenges in international human resource management

International human resource management (IHRM) as a field of practice involves heightened levels of complexity compared to domestic HRM based on the multitude of contexts in which multinational firms operate. As complexity increases, so do levels of risk and the chance the firm must deal with crisis situations. Based on articles presented at the 3rd Global Conference on IHRM, this special issue focuses on how IHRM can contribute to organization success when faced with extreme operating conditions. This editorial provides a backdrop to the articles by describing the challenging economic, political, and social environments impacting organizations, exploring conditions from the recent past and current day such as the global financial crisis, trends toward political nationalism, aging populations, and growing immigrant workforces. The focus lies on exploring how HRM can respond to such challenging external contexts to continue to contribute added value to the firm.     

Operating a foreign-invested enterprise in China: challenges for managers and management researchers

In the 20 years since China re-opened to foreign investment, the challenges of doing business in China have become clear. In this article, we review some of the difficulties foreign investors face when running their businesses and suggest ways that management researchers can forge a better understanding of these problems.     

The challenges of and solutions for implementing enterprise risk management

Enterprise risk management (ERM) began to take root in the late 1990s and has since become generally recognized as an expectation of good management and corporate governance. However, as evidenced by surveys and research, many companies still struggle with ERM implementation. This article explores the challenges companies face when implementing ERM and offers solutions for firms struggling with the concepts and execution. We draw upon Hydro One's experience in achieving ERM maturity as a best practice case study. The company's ERM methods have been researched and documented extensively. With over 15 years of ERM success, Hydro One is an excellent organization to benchmark for ERM best practices.     

Agriculture in Europe: New challenges ahead

The recent reform of the EC’s Common Agricultural Policy is likely to be only the beginning of the adjustments which will be necessary in the near future. Accession applications by various EFTA countries are pending. At the same time Eastern Europe desperately needs assistance from Western Europe, not only in the form of food aid but also in the form of help in establishing agricultural production and trade based on the laws of the market. The following article takes stock of the situation.     

Strategic challenges and issues for Chinese managers and management in the global economy: conclusions

The contributions to this symposium on ‘Demystifying Chinese Management’ have attempted to tackle new strategic issues and challenges vis-à-vis the newly diversified ownership and management system which has occurred since Deng's economic reforms. It is clear that when we try to ‘make sense’ of management in the People's Republic of China, we must take into account the degree to which Chinese management has become distinctive, with an adaptation of exogenous knowledge to local circumstances and a relative degree of ‘convergence’ involving a synthesis of ‘local’, ‘glocal’ and ‘global’ forms.     

A 20-year evolution of internships: implications for retail interns,employers and educators

For decades, retail educators and companies have agreed that internships play a vital role in students' retail education. Overall, the perceived value of internships/internship programmes and the attitude towards them have remained fairly stable and positive. However, the role of internships, their structure and the way they are administered have changed. After reviewing relevant literature, we identified five dimensions as major trends/changes regarding internships or internship programmes over the past 20 years: 1) internships: the new recruiting tool; 2) increased endorsement of internships by retailers and educators; 3) paid vs. non-paid internships: a legal issue?; 4) structure of internship programmes revamped; and 5) socialization of interns: creating a bond. Each dimension is discussed in detail and practical implications for retail interns, employers and educators are presented.     

Machine learning for enterprises: Applications,algorithm selection,and challenges

Machine learning holds great promise for lowering product and service costs, speeding up business processes, and serving customers better. It is recognized as one of the most important application areas in this era of unprecedented technological development, and its adoption is gaining momentum across almost all industries. In view of this, we offer a brief discussion of categories of machine learning and then present three types of machine-learning usage at enterprises. We then discuss the trade-off between the accuracy and interpretability of machine-learning algorithms, a crucial consideration in selecting the right algorithm for the task at hand. We next outline three cases of machine-learning development in financial services. Finally, we discuss challenges all managers must confront in deploying machine-learning applications.     

The risk concept for entrepreneurs reconsidered: New challenges to the conventional wisdom

This paper explores the entrepreneurial risk construct, focusing on how the decision to launch a new venture may entail risks different from what is found in established firms. Opportunities often emerge from the creation of specialized knowledge: in start-ups this knowledge is characterized by concerns for rent appropriation and information asymmetry. We suggest that traditional measures of risk do not properly account for these concerns; hence an illusion of greater risk-taking attaches itself to entrepreneurs, especially if the specialized-knowledge is difficult to observe. We suggest alternative measures that better capture these concerns, including the dilution of control when issuing equity, cash burn rates, etc.     

New financial service development for banks in Taiwan based on customer needs and expectations

The purpose of this study aims to employ an analytic approach to analyze efficient managerial strategies for advancing new service development (NSD) by involving viewpoints of customer needs and expectations within a financial service context. This paper uses a sample of potential banks' credit card applications, customers' preferences and satisfaction ratings, and new credit card service data with the applications of both analytic hierarchy process and VlseKriterijumska Optimizacija I Kompromisno Resenje to analyze customer satisfactions and preferences simultaneously. Then, it applies the importance–performance analysis technique to diagnose managerial strategies for reducing the customer gaps between customer perceptions and expectations. The study emphasizes the importance of analyzing customer preferences and reducing gaps between customer satisfactions of perceptions and expectations to ensure NSD success.     

Research in marketing in Europe: Some reflections on its setting,accomplishments and challenges

In this paper we present some reflections on the development and state of research in marketing in Europe. After briefly putting European research in a historical perspective, we devote a major section to discussing the institutional setting in which research takes place. We believe that the institutional setting is a crucial determinant of research. We then discuss numumber of European research accomplishments. We essentially limit ourselves to marketing models and industrial marketing, our own major areas of interest. In the final section we list some challenges for the future and discuss how they could be turned into opportunities.     

Big data: Dimensions,evolution, impacts,and challenges

Big data represents a new technology paradigm for data that are generated at high velocity and high volume, and with high variety. Big data is envisioned as a game changer capable of revolutionizing the way businesses operate in many industries. This article introduces an integrated view of big data, traces the evolution of big data over the past 20 years, and discusses data analytics essential for processing various structured and unstructured data. This article illustrates the application of data analytics using merchant review data. The impacts of big data on key business performances are then evaluated. Finally, six technical and managerial challenges are discussed.     

Adjusted expectations,satisfaction and loyalty development

The primary contribution of this article is an analysis of the influence of the use of individual's expectations about a service consumption on the behavior models, that examine the process according to which loyalty and satisfaction are generated. More specifically, the research examines the implications of considering adjusted expectations, namely those that tourists have after having visited a destination, rather than those expectations they may have prior to their visit. By developing structural equations, the research verifies that the use of adjusted expectations modifies the chain of causal relationships described in the cognitive–affective explanatory models for tourist satisfaction and loyalty.     

Integrating global mobility and global talent management: Exploring the challenges and strategic opportunities

Although global mobility represents an important element of many multinational enterprise's (MNEs) global talent management systems, the two areas of practice have largely been decoupled in research and practice. The current paper aims to build a dialog around the integration of these two important areas of practice and illustrate how the integration of global mobility and global talent management can contribute to the success of the MNE. Human capital and social capital theories are introduced as theoretical frames for the integration of the two areas and global talent pools and routines for managing global staffing flows are introduced as key organizational routines that can maximize the contribution of global mobility to the MNE. The paper also considers challenges and opportunities for the integration of mobility and talent and outlines some directions for future study.     

Consumer Behavior in Later Life: Current Knowledge,Issues, and New Directions for Research

The aging of the Earth's populations has been creating increasing interest in older consumers among researchers, marketers, and policymakers. Yet previous research efforts have produced little knowledge to help explain consumer behavior in later life. The main reason for this limited knowledge may be a lack of theoretical and methodological bases for studying the consumption patterns of older generations. This article advocates the value of emergent paradigms and methods that are becoming increasingly popular in behavioral sciences and hold promise for studying the consumer behavior of older adults. It particularly recommends approaches that emphasize the importance of examining consumers in the context of the time and life circumstances in which they are embedded, and it builds a research agenda to help address contemporary research issues and guide further research.