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If you're looking for a textbook answer, take a class at a community college, or Google or Wikipedia the term. This one is real-life.
Large corporations (the customer) often hire contract companies (contractors) to do specific work for them. A custom contract is drawn up and signed, detailing the work and the fees. For a small contractor, this can mean a substantial income, and may even be the major source for all their income (that's bad -- you should diversify). The large customer may include some 'weasel' clauses that seem harmless to the uninitiated, but enable them to legally cancel or alter the contract on a whim. They don't necessarily want to cancel, they merely want to be able to threaten to cancel.
Later, the customer will squeeze the contractor to do additional work (scope creep), but not be required to pay for it. This means the large customer's work is actually being financed by the small contractor. The threat of finding a clause that will allow the customer to cancel the contract, or threatening to refuse to renew the contract, makes the additional work more likely to get done at no cost to the customer. Sometimes mere verbal abuse and threats are adequate.
Client Management in this context means, "If your customer is making outrageous new demands, and wants them for free or at a ridiculously low price, you're not managing your client properly."
If you're about to sign a contract written by someone else, and you don't have a clear understanding of your duties of SLA's (Service-Level Agreements), SOW's (Scope-of-Work agreements), or RFP's (Request for Proposal), you're out of your depth; someone WILL take advantage of you. The #1 rule for accumulating wealth is 'have someone else pay your bills.'
What else can I help you with?
Definition of hospitality and tourism management?
definition of hospiality and tourism management?
Definition of management challenge?
meaning of management challenges
What is the purpose of a client relationship management?
The purpose of client relationship management is to help companies handle the interaction with their present and future customers. It can help improve the company's sales, technical support and even its customer support.
Definition of Organising as a management function?
the function management that creats the organisation,s structure.
Definition of management by 10 authors?
write 10 definitions of management with the name of the authors
What features does the client management tool offer for effective client management and communication?
The client management tool offers features such as contact organization, task tracking, appointment scheduling, and communication tools like email and messaging for effective client management and communication.
Definition of hospitality and tourism management?
definition of hospiality and tourism management?
What is the definition of tender?
What is meant by tender client database
What is another word for client management?
User Managenment
What is the definition of the 7 m's of management. Define each?
what is the definition of the 7 M's of management. define each?
What is the definition of stress management?
The definition of stress management is to control stress. Good stress management provides a healthy way to relieve stress.
Definition of meal management?
meaning of meal management
Definition of management challenge?
meaning of management challenges
What type of company would offer jobs in client management?
Client management jobs are found with most larger companies providing diverse services to many. Life Insurance Companies, for example, require several kinds of client management jobs, as do some financial institutions. There are client relations managers, client services managers, and client account managers to name a few. All provide a pivotal link between providers and users, so the possibilities are limitless!
What is the definition of a 'bona fida' client?
bona fida - good faith
What is a Definition of a client within construction?
A client is a person/indiviual or organisation which carries out a construction project for himself or another person/organisation.
What does good client management mean?
Good client management refers to how companies handle their clients. Interaction, advocacy, recognition and collaboration are all vital in providing one's clients with good service.
