(Luận văn) poor key account management of salespeople at thanh an – ha noi

UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business t to ng hi ep w n lo ad ju y th Nguyen Thi Thanh Nhan yi pl n ua al n va POOR KEY ACCOUNT ll fu oi m MANAGEMENT OF SALESPEOPLE nh at AT THANH AN – HA NOI z z ht vb k jm gm MASTER OF BUSINESS ADMINISTRATION om l.c n a Lu va n Ho Chi Minh City – 2019 y te re UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business t to ng hi ep w n lo ad ju y th Nguyen Thi Thanh Nhan yi ID: 22170032 – MBus 8.2 pl n ua al va n POOR KEY ACCOUNT ll fu m oi MANAGEMENT OF SALESPEOPLE nh at AT THANH AN – HA NOI z z ht vb k jm om l.c gm MASTER OF BUSINESS ADMINISTRATION n a Lu SUPERVISOR: Assoc Prof TRAN HA MINH QUAN n va te re Ho Chi Minh City – 2019 y SUPERVISOR’S REPORT ON THE THESIS PROPOSAL SUBMITTED FOR DEGREE OF MASTER of BUSINESS ADMINSTRATION t to ng hi The thesis final title: ep POOR KEY ACCOUNT MANAGEMENT OF SALESPEOPLE w AT THANH AN – HA NOI n lo ad Student Name: Nguyen Thi Thanh Nhan y th Supervisor: Assoc Prof Tran Ha Minh Quan ju yi General comments pl  Remarks on the student’s attitude: al n ua va n  Remarks on the assignment’s academic quality: ll fu oi m nh at Overall assessment: z Meet requirement for submitting z ht Other ……………………………… om Supervisor’s signature l.c - The Turnitin plagiarism percentage: No gm Yes k Did the student follow the report schedule? jm Other remarks: - vb Not meet requirement for submitting n a Lu n va y te re Table of Contents t to Executive Summary ng Chapter 1: Introduction hi ep Company overview 1.1 Chapter 2: Problem identification w n 2.1 Symptoms analysis lo ad 2.2 Initial cause-effect map 10 y th 2.3 Updated cause-effect map 14 ju A discussion to eliminate some potential problems and focus on a central problem 16 yi 2.4 pl ua al Chapter 3: Problem justification 17 n 3.1 Problem definition 17 va Problem existence 18 3.3 Problem importance and problem consequence 18 n 3.2 ll fu m oi Chapter 4: Causes Validation 20 nh Causes informed by the theory 20 4.2 Causes validation 24 at 4.1 z z vb Chapter 5: Solutions 28 ht jm 5.1 Alternative solutions 28 k Implementation 29 Compensating 29 om l.c 5.2.1 gm 5.2 5.2.2 Action plan the solution 30 a Lu Chapter 6: Conclusions 37 n Interview transcript 38 7.2.1 7.2.2 Mr Ngoc – Sales Supervisor – four of five losing key accounts…………………38 Mr Thien – a Salesperson – one of five the failing key account 40 y 7.2 te re 7.1 Methodology: 38 n va Chapter 7: Supporting information 38 7.2.3 Mr Vu – Sales Manager of Spinal Team 42 References 46 t to ng hi ep w n lo ad ju y th yi pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re List of tables Table 4.1: Operationalization of Constructs and Reliability t to ng Table 5.2: The incentive policy currently hi ep Table 5.3: The compensating policy w Table 5.4: The extra suggested compensation n lo ad Table 5.5: The extra suggested compensation y th List of figures ju yi Figure 2.1: The revenues of three year 2016, 2017, 2018 pl al n ua Figure 2.2: Average of revenue per a case n va Figure 3.3: The revenues of five key accounts in failure fu ll List of diagrams oi m at nh Diagram 1.1: The functional structure of the company z Diagram 1.2: The functional structure of spinal department z ht vb Diagram 2.1: Initial cause-effect map k jm Diagram 2.2: Updated cause-effect map om l.c Diagram 4.2: Final cause and effect map gm Diagram 4.1: Model of KAS effectiveness n a Lu n va y te re Executive Summary In the context of this essay, it helps to have a more objective view of the issue in t to the organization For resolving the problems to improve the business ng hi performance, we have identified what is the real problem, limiting mistakes when ep identifying problems, namely a perception problem, and a target problem In w order to identify the real problem, we must collect from many data sources as n lo well as in-depth interviews with relevant people Furthermore, to determine ad where the problem comes from, considering all the ongoing company or y th ju department symptoms or potential risks are happens firstly Like this essay, the yi symptom is that sales of the five key accounts are reduced while total revenue pl ua al still increases for three consecutive years from 2016 to 2018 Then, six factors n have caused this symptom One of the six issues that can be solved during this va n time is poor key accounts management of salespeople This problem is currently fu ll present in the spinal team, and it will cause two serious consequences if not m oi resolved soon Therefore, finding out the causes of the problem is the next step nh before there are comprehensive solutions Thanks to the theory, the two main at z causes of the weakness of business staff are identified, including intrapreneurial z ht vb ability and poor communication Next, there are three alternative solutions like jm recruiting, training, and compensating that were identified for resolving this k issue Nevertheless, compensation is the roof of cause in this situation Finally, gm l.c the detail plan for a complete solution will be designed to suggest Because if the om problem is not resolved thoroughly, it will not only that will this problem spread a Lu to other major units if not resolved early Thanks to this essay and the theories in n this course, I have learned many ways to approach and identify problems in my n va actual business so that I can come up with appropriate solutions in each y te re circumstances and times Chapter 1: Introduction 1.1 Company overview t to ng Thanh An Limited Company was found in 2001, which the headquarter is located hi in Hanoi city Besides, there are three offices in Ho Chi Minh, Da Nang and Can ep Tho with more 300 persons in 2018 Thanh An has distributed the equipment, w n devices and implants The strategy is that providing a complete system solution lo ad in Orthopedic, Neurosurgery departments, and Operating room in high ju y th technology medical equipment field to almost hospitals or clinics in Vietnam, like ICU; Imaging diagnosis; Medical training equipment yi pl ua al The company divides the structure according to the product in charge, including n groups of tools and equipment provided to the Orthopedic Trauma department; va group of goods supplied to Neurology; endoscopic product team, and project n ll fu equipment business m oi Thanh An has over 15 years experienced up to now, which is one of the first nh at firms in VN which bring the spinal technology to Vietnam from 2005 Many z leading professional who had sent for training oversea by Thanh An, so a lot of z vb advantages can gain in this field Although the market has been developed ht k jm quickly, many another brands approached the hospital for giving more various om l.c implants gm products for the doctors choices not only quantity of products but also quality of For better the company understanding, the overview diagrams and functional n a Lu personnel structure is showed below: n va y te re Thanh An HN (310 persons) t to ng hi Ha Noi office (135 persons) ep Da Nang office (50 persons) Ho Chi Minh office (90 persons) Can Tho office (35 persons) w Head of Branch HCM n lo ad ju y th yi Admin & HR Dep Sales Department Accountant Dep Technical Support Dep pl n ua al va Endoscopic Dep Spinal Department n Orthopedic Dep ll fu Project Dep oi m at nh z Implant products (14 persons) z ht vb Instrument products (2 persons) k jm Diagram 1.1: The functional structure of the company gm I am working in Spine Department buying implant of Medtronic brand as a om l.c Salesperson about years These products are high-tech goods Almost huge hospitals or specialize center are my customers through tenders or contracts or a Lu even quotations every year The Specialist spinal surgeons use these products to n n va treat of patients by inputting to into a body in a cervical or a back vertebral y te re In this project, the spinal team will be conduct to analysis The spine products are made by Medtronic – USA, and Thanh An is an exclusive distributor that sell to the hospital via the tender or contracts Moreover, ones are classified high-tech by Ministry of Health, so some big hospitals or specialize Clinics just have conducted this method such as Cho Ray, HTO, 115, Nguyen Tri Phuong,… t to In terms of personnel, there are 14 persons in the implant team including sales ng hi manager, salespeople, clinical supporting, and sales admin ep Diagram 1.2: The functional structure of spinal department w n lo ad Spine team (17 persons) ju y th Sales Manager (1) yi pl ua al Implant Salespeople (4) Sales Admin (1) Clinical Team (9) n n va Instrument Salespeople (2) ll fu oi m Salesperson (4 Key accounts) Salesperson (4 Key accounts) at Salesperson (5 Key accounts) nh z Sales Supervisor (5 Key accounts) z ht vb k jm om l.c gm n a Lu n va y te re (2) Account growth In addition, a criterion to encourage growth on key accounts should be t to implemented Specifically, if customers with sales account for 7% of revenue, ng hi and have a growth rate of 100% or more compared to the previous year, they will ep be rewarded with 0.1% of the total revenue of for salesperson responsible As an w example, when a unit considered meeting this criterion, in 2019, the actual n lo revenue is 100 billion, of which Nguyen Dinh Chieu hospital has the revenue of ad 15 billion, up 114% with 2018 only billion As such, you will be rewarded with y th ju an additional 15 million VND at the end of the year The formula is as follows: yi Revenues in 2019 * 0.1% = 15 billion * 0.1% = 15 million pl al n ua Table 5.4: The extra suggested compensation va Criterion Requirement Compensation n A/ Total ll fu Revenue of account revenue ≥ 7% Revenue of account A x 0.1% oi m Meet both Growth of revenue of account A requirements compared the previous year ≥ 100% at nh z z vb Thus, the implementation plan can be summarized as follows: ht l.c gm  People: all salespeople of Spinal products k  Time to apply: the new policy will be applied in 2020 jm  Suggestion: according to tables 5.3 and 5.4 om  The cost: the compensation costs increase less than 0.1% on total revenue n va  Deserving to receive with the revenue achieved n  Encouraging the highest personal effort a Lu  Benefits: te re  Taking deeper development in major accounts y  Creating more equity in the salespersons 34  Incomes: As competition is increasingly fierce, the spinal group is losing its market- t to leading competitive advantage and some exclusive products Moreover, sales ng hi have grown very rapidly in the last three years, specifically the increase of more ep than 40% per year, so the market share and market are entering the saturation w phase Therefore, growth is forecast to increase by 10% in 2019 only in 2018 n lo Moreover, to be able to exploit all resources, this suggested compensation policy ad is the best in the current and near future ju y th According to this bonus policy, it is expected that these main hospitals will grow yi pl by more than 100% and specifically as below: ua al Table 5.: The extra suggested compensation n Year 2018 (Thousand VND) Year 2019 (Predict) (Thousand VND) n va Hospitals 18,000,000 7,610,000 16,000,000 346,700 oi 7,300,000 Trung Vuong 5,354,700 12,000,000 115 People 4,763,500 at nh 175 Military 8,226,700 m HTO ll Nguyen Dinh Chieu fu No z z 63,300,000 ht vb Total 10,000,000 jm Conclusion, any combination, a multi-goal approach could be more nearly k gm aligned with firm objectives than easy volume schemes Sometimes, this includes l.c starting from the beginning to design the main account management reward, om which may be the following: compensated design, followed by goal setting, responses are brought into awareness of justice in the process In that case of n a Lu performance evaluation, and then divide rewards Last but not least, emotional n va major account managers, the challenge of fairness is greater than that of selling in te re the field Primary account group members always expect the commission for y their contribution to exploring business for strategic clients In additional complexity of designing a reward program for main account management, they 35 are often supported by a team The team may think that major account managers are not the only one who deserves to receive the incentives While rewarding a t to team, awareness of justice is very important to motivation Historically, this is a ng standard practice to receive team members equally for achieving specific goals hi ep Thus, due to stimulate maximum sales growth, employees who still retain the spirit of teamwork should still be rewarded according to the percentage of w n revenue achieved at the rate achieved and without the upper limit lo ad In closing, the current resources allowed in this context, these policies can be y th ju implemented in the short term However, it is advisable to build a strong yi customer relationship and marketing in the long-term as a solution pl n ua al n va ll fu oi m at nh z z ht vb k jm om l.c gm n a Lu n va y te re 36 Chapter 6: Conclusions In short, recognizing the symptoms of a business problem is not simply that we t to can see it Sometimes, problems are not obvious instead in a hidden form Hence, ng hi it is very difficult to recognize, but it is very dangerous due to its impacts when ep we are easy to lose control and make difficult to react On the other hand, to w ensure that we don't miss out on any issues that cause that symptom, we should n lo read in the relevant articles that mention this trouble Therefore, it is advisable to ad y th take a comprehensive look at all of the smallest problems and to determine if it is ju really a problem The first step is very important for us to get the real issue, yi pl because the premise is not right, it will take time and cost to while ignoring al n ua urgent and more important issues In brief, the initial cause-effect map is drawn va to give an overview of the symptoms and the problems it causes are compiled n from the company data sources, specialized interviews and theoretical sources fu ll Then, it is necessary to determine whether this problem really exists in its oi m organization and how important it is by answering the question of what its nh at consequences will be if you not solve it Besides, arguing the problem of why z z the problem can be solved Next, finding out the main causes and sub-causes for vb ht this problem based on theoretical sources, thereby determining what causes the jm company is facing From these causes, we will find and choose the most suitable k gm solution like my company is a reward This is the right solution for this time to om l.c explore and improve the efforts of salespeople as well as this policy can be enforced The problem, the weak issue of the salesperson in charge of the key n va problem lies in the bonus policy that has not yet evaluated and rewarded the n a Lu accounts needs to be immediately alerted not by the five hospitals, but the te re individual capacity Further, if this situation persists, not only will this hospital y year, but even larger hospitals like Cho Ray or Xuyen A hospital will gradually lose market share by subjective salespeople 37 Chapter 7: Supporting information 7.1 Methodology: t to ng Purpose – This document is to complete the Master's thesis by testing the hi ep application of theories learned in the department we are working to identify problems and make possible solutions w n lo Approach - Solutions to boost sales can be done in many ways In particular, the ad direct method by creating incentives for business staff to improve productivity by y th ju rewarding tools is quite realistic in the increasingly fierce market In addition, yi recruitment is also difficult to find suitable candidates pl al n ua Methodology - Qualitative method by in-depth interview many times with three ll fu Manager of this products n va personnel are two salespersons in charge of five key accounts and one Sales oi m 7.2 Interview transcript nh at 7.2.1 Mr Ngoc – Sales Supervisor – four of five losing key accounts z z Interviewer: Can you assess the business situation of the current spinal group as ht vb well as the accounts in which you are in charge? jm k Mr Ngoc: Yes, of course The situation of neurological group business in the gm om l.c coming time will face many difficulties and it is also difficult to achieve sales Interviewer: What factors you think lead to a difficult business situation and n a Lu hard to achieve the sales target? va Mr Ngoc: There are a lot of competitors that approached this field Moreover, n te re some of the previous products along with new techniques of the company have y monopoly on advantages, but rivals have also deployed a loss of competitive advantage now On the other hand, the policy of insurance changing also more impact on quality products, because the bidding rules divided into two packages 38 and choose the products with the lowest prices So the risk of fail is well-known having high prices t to Interviewer: What is the stage of the spinal market right now? ng hi ep Mr Ngoc: The market is gradually positioning the saturation period, the number of patients in these hospitals has increased insignificantly even some hospitals w n have reduced the number of diseases because some new specialist centers have lo ad built Overall, growth is estimated at 15% over the years y th ju Interviewer: What does your evaluation the performance of accounts: People yi 115; Pediatric 2; Nguyen Tri Phuong; and Khanh Hoa general? pl n ua al Mr Ngoc: va n - Nguyen Tri Phuong hospital: Since Dr Tuan - chief of neurosurgery fu ll department was busy studying Ph.D for a year, the amount of surgery is less m oi Besides, this is the hospital that the health department has made a reference to nh apply other hospitals, so companies want to win a bid at this hospital On the at z other hand, because Dr Tuan also developed a high technique of Pakinson z ht vb disease treatment, then he reduced the amount of spinal products jm k - People 115: 115 hospital is one of the major centers and leading hospitals of the gm health department Ho Chi Minh City Therefore, the specialist doctors here will om l.c have the right to choose the tender products in centralized bidding at the health department HCM city Therefore, most firms want to participate in bidding at a Lu this hospital so that doctors have certain experiences, and get the opportunity to n n va achieve through a focused bidding technique Therefore, the share of market te re share with competitors is increasing, leading to reduced sales Another aspect, y the heads of neurosurgery Department – Mr Si also wants the company to put the tools at the hospital so that the doctors can take the initiative and feel more secure when having surgery for patients Due to the pressure of a little the 39 number of instruments, the company only has one set in the country in the southern office, and one must use it for other hospitals, so it cannot meet the t to surgeon's requirements As a result, doctors are not satisfied with the spine team ng hi - Pediatric 2: Pediatric has a difference context that belongs to another case ep due to the subjective side of hospital The company has a very good relationship w with Dr Can - head of pediatrics department who has supported this product n lo 100% However, the amount of surgery is not much, and almost when the ad y th children are off or have a charity organization coming to surgery Therefore, ju using only marketing methods to attract new patients to support hospitals can yi pl improve the situation ua al - Khanh Hoa general: Because Dr Manh - head of the spinal department only n n va uses proprietary products such as anterior cervical spine, posterior cervical spine, ll fu cement pump, and some other popular spinal techniques Nevertheless, because oi m the company's cement pump product is often short of supplies from manufacture, at nh it affects the work of doctors to create a loss of trust and monopoly status in the z hospital Additionally, the support of the surgeon was also transferred from z ht vb Thanh An to the other rivals jm Interviewer: Can you compare the investment of your company to your k l.c gm customers with others rivals? Mr Ngoc: Competitors have many diverse ways to invest in customers For om example, they will invite both customers along with client’s relatives to go on n va discussion knowledge and travel overseas tours; or domestic conferences also n a Lu annual vacations for the board of directors; sponsor expert doctors to combine y te re give a large number of doctors and nurses attending these ones 7.2.2 Mr Thien – a Salesperson – one of five the failing key account 40 Interviewer: What are the causes leading to the failure of these accounts at Dong Nai Union hospital? t to Mr Thien: In my opinion, the reduction in sales at Dong Nai hospital in ng hi particular and other hospitals in general is for the following reasons: ep - First, due to the regulations of the hospital's bid evaluation, the pharmacy w n department has a lot of decision-making power, so the expertise only assesses lo ad technical features with a low proportion of decisions Therefore, most of the y th participating products are reached the first round Next to the second round, ju yi according to the criteria of selecting the lowest prices, the quality products of the pl company were failed for a number of items ua al n - Second, the number of new companies has approached the market too much, so va n they actively go to the provincial hospitals to penetrate the market where other fu ll firms often have less care for doctors Particularly, up to six companies increased m oi within two years, besides long-time rival companies also implemented many new at nh techniques z z - Third, the neurosurgery department has a decrease in number of patients due to vb ht the development of other hospitals in the province such as Dong Nai General k jm Hospital, ITO Dong Nai gm l.c - Final, shortages of goods and instruments also caused a drop in sales om Especially for the cement pumping technique that the surgeons usually uses n doctors to be postponed or canceled a Lu Moreover, other tools also lack sizes of implants in a few times also make n va te re Interviewer: Do you believe that the revenues will be increased in the next y years? 41 Mr Thien: Yes, I hope so Learning from the following years of bidding, to be able to win all the items I attend, I have to discuss carefully with the special t to characteristics of the products to put into the technical features of our products to ng prevent opponents from participating hi ep 7.2.3 Mr Vu – Sales Manager of Spinal Team w Interviewer: Can you assess the business situation of the current spinal group? n lo ad Mr Vu: I am very worried about the business results in the coming years, y th specifically 2019 and 2020 ju yi Interviewer: What factors you think lead to drop down business situation and pl n ua al hard to achieve sales target of the next years? n va Mr Vu: Sales of the last two years have been very high, large hospitals such as ll fu Cho Ray have occupied a very high market share from over 30%, Xuyen A oi m accounts for about 60%, so to increase market share will be difficult and also at nh impossible Because these units have a number of operations performed at the same time, there are not enough instruments to support at the same time z z Meanwhile, the target next year is equal to the growth factor multiplied by vb ht years of sales so the number exceeds the current capacity k jm gm Interviewer: According to the annual revenue report, although the total revenue om about this situation? l.c has grown very well, some hospitals have reduced revenue, what you think a Lu Mr Vũ: Exactly I have observed that some hospitals have reduced turnovers, n I am noticing for consideration during the time 42 y contributions decreased to only 12% yet This is also one of the major issues that te re approximately 40% of total revenue in 2016 After three years, the proportion of n va especially for the five units that three years ago had a very high turnover of Interviewer: What you think the reasons are caused the failure of these accounts? t to Mr Vũ: There are many reasons for this problem both objective and subjective ng hi following: policy of insurance the price ceiling as well as procedures and regulations require First, due to the decline in the number of patients at the hospital In addition, the w ep - n lo ad professional doctors that have to follow, so high-quality items like my company y th lose their advantages ju yi Second, the situation of competition is intense increasingly Doctors have too pl - ua al many product choices In addition, small rivals have flexible deflection policies n to attract and meet customers' requirements For a large company like Thanh An va n has a lot of disadvantages compared to another enterprises in the industry ll fu Third, the biggest problem is due to the key account salesperson They haven’t a oi m - at nh positive working attitude and not really trying the best Ones also did not often meet customers, or the discussions were not effective Therefore, it has not z z vb response the timely needs of customers The salespeople are not enough the ht ability to be sensitive to capture customers' ideas or lacking creativity in solving jm k problems especially in cases of shortage of goods or tools However, the target gm group and individual target still achieve, so they still have not realized the om l.c problem or have not really acted Four, it is also related to the main account management, they not closely a Lu - n follow the market situation, then they delayed or missed the supplementation the n va quantity of goods in the contract or listing of bid plans for the next year Or in y te re some cases they know but the relationship with customers is not strong enough to complete the job but they cannot find the direction of processing nor report to the superiors asking for support For example, a reason encountered in hospital 115 43 is a part BOD decision to change bid, but business staff has not had good relationship with these main people t to - Final, shortages of goods and instruments are also the cause of this problem The ng hi number of operations is increasing, but the amount of supplies is not adequate ep Besides, long-term tools are also worn out but have not been replaced This issue w comes mainly from the manufacturer, for reasons such as changing personnel and n lo their strategies So, they still have not met the requirements from the distributor ad y th On the other hand, on the side of goods, there is a shortage of personnel due to ju the lack of sufficient supply from both producers and Thanh An As for the yi pl company has three reasons: (1) the policy of minimizing the inventory cost limit, al n ua (2) the ordering department usually places orders based on the previous use va history but rarely synthesizes according to the proposed demand of four offices; n (3) salespeople not predict the market demand for products that use ll fu oi m Interviewer: What things you want to suggest for enhancing the business at nh performance? z z Mr Vu: First of all, to adjust the attitude of employees in their work to vb ht encourage them to make efforts to build relationships with customers, improve jm the quality of communication to confidently meet customers more regular k gm Currently, I also know that there are unreasonable policies in the bonus policy It om l.c is not yet possible to assess the ability of each member in the compensation scheme even though they all achieve the target Besides, organizing internal n a Lu courses to share knowledge and market experience for each other va Interviewer: What will solutions help improving the efforts of salespeople? n y te re Mr Vu: Concerning about the circumstances of each employee to see if they are struggling to solve is also a way to focus on work Besides, the reward policy must be developed mainly based on personal revenue In addition, the incentive 44 must be calculated on the sales generated rather than their salary This policy in the long-term is still more beneficial to 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