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.
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.