What is key account management?

Question

what does a key account management department do?

Answer 1

I'm guessing this is something to do with 'key account mngt team' under the sales/ mktg department. Which means that this team will handle selected accounts (example in banking would be their GOLD class/ premier class customer). The task would involve approaching the customer to arrange best use of their funds by you/ your team/ your company. This might includes selling your own company's investment product. This could also offering them some additional benefits/ products (so your company may benefit from the service charge). etc

Like the name suggest "Key", they;'re there for a reason. It's in the bext interest of the company to keep them happy or it may impact the company's performance, either direct/ indirect?