Project & Relationship Management: Difference between traditional and modern market, PESTLE and SWOT analysis, stakeholder analysis and its application in business scenario

This report discusses the concepts of project management, relationship management, difference between traditional and modern market, PESTLE and SWOT analysis, stakeholder analysis and its application in business scenario. It also provides a case study of Marks and Spencer. The report concludes that stakeholder analysis is an important method for stakeholder identification and the analysis of their needs. It is used to identify all key stakeholders, who have a vested interest in the issues with which the project is involved.

PROJECT &
RELATIONSHIP
MANAGEMENT

Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY............................................................................................................................................3
Difference between traditional and modern market.........................................................................3
Application of PESTLE analysis ..........................................................................................................4
Application of SWOT analysis ............................................................................................................4
Describe the stakeholder’s analysis ..................................................................................................5
How stakeholder analysis applies in business scenario ....................................................................6
CONCLUSION.........................................................................................................................................7
REFERENCES..........................................................................................................................................8

INTRODUCTION
Project management can be defined as the process of leading the overall work of a
team in order to achieve the project goals in an effective manner (Amaral Féris and et.al.,
2020). Project management is an essential part of a project and this is because it ensures that
the different tasks as well as activities in the project are carried out effectively. On the other
hand, relationship management can be defined as a strategy wherein a organization maintains
an ongoing engagement with the customers (Layton, Ostermiller and Kynaston, 2020).
Relationship management entails techniques to build consumer assist for a commercial
enterprise and its services, and boom brand loyalty. Most frequently, relationship building
occurs at the patron stage, however it is precious among organizations as well. Building a
relationship with clients yields rewards for all events. In order to conduct this report, Marks
and Spencer is being selected. This organisation is operating its roles and responsibilities in
retail industrial sector. Company offer its products and services worldwide and provide high
quality products and services to customers.
MAIN BODY
Difference between traditional and modern market
Traditional marketing refers to a type of marketing that does not involve the use of
any digital technology or online platform. The first and predominant difference among the
two is that whilst traditional advertising targeted on selling the goods which had been
produced by the enterprise while modern-day advertising first appears at from client pleasure
point of view after which produce the product in keeping with desires of the customers in the
end selling the ones items to goal customers (Wawak and Woźniak, 2020). Another
distinction between the 2 is that at the same time as conventional marketplace used to assume
from enterprise’s point of view as their entire awareness become on selling the goods to the
purchaser irrespective of whether or not they required the goods or no longer. Whereas
modern advertising is client oriented as beneath this sort of marketing employer first assesses
the want of the patron after which the product is customized to healthy the consumer wishes.
While traditional marketplace used mediums like flex forums, pamphlets, radio and
television for advertising and marketing while cutting-edge advertising now not best uses
conventional medium of advertising and marketing but also makes use of modern methods
like social media marketing, internet advertising and other such means to advertise the goods.
Traditional advertising turned into restricted only to advertising or selling branch and other

branch had no role to play in it while modern advertising is not confined to marketing branch
best rather the work in the entire corporation is accomplished retaining in thoughts the
marketing idea, so whether or not its making plans department, studies branch, finance
department all have something to offer for advertising and marketing branch of the
organization (Lumseyfai, 2020).
Application of PESTLE analysis
PESTEL analysis can be referred to as a framework that helps an organization to
identify as well as analyse the different external factors as well as their impact on the overall
performance as well as functioning of the company. A PESTLE evaluation is often used as a
wide reality-locating interest. It helps an corporation establish the outside factors that would
impact decisions made inside the company (Chen, Wang and Lu, 2021). By information the
impact these external elements can have on an organisation, it will become available for
businesses to devise better. A PESTLE evaluation is frequently used as a huge truth-finding
pastime. It enables an organisation establish the outside factors that might effect choices
made inside the company. By expertise the impact these external elements may have on an
organization, it will become reachable for agencies to devise better. They can form
techniques to decrease the threats and maximize possibilities for themselves. The PESTEL
analysis can be applied by listing the different external factors that can potentially affect the
business and identifying the implications of each of these. Furthermore, it has been
underlined that PESTLE analysis include various factors such as political, social, economic,
technlogical, legal and environmental. With the help of analysis all these factors organisation
can successfully operate in a business environment whole assuring high quality growth and
profitability.
This different factor represents the way and quantity to which the authorities affects
the economic system, and sure corporations. This will be at the federal, state or nearby degree
(Montes-Guerra and et.al., 2021). Current considerations within the market that could effect
making plans consist of elements, e.g. A capacity trade of government, risky government
because of the stability of energy, tax regulation, changing superannuation guidelines, labor
laws, and change restrictions. Businessmen and entrepreneurs regularly turn in the direction
of commercial enterprise evaluation gear for assisting them in making suitable selections for
their firm. Before any enterprise challenge, the commercial enterprise owners often remain
dubious regarding its outcome and the way it might be received. Pestle analysis is followed
for determining an answer to those questions.

Application of SWOT analysis
A SWOT analysis is an important aspect for an organization because it helps in
analysing the strengths, weaknesses, opportunities as well as threats that can affect the overall
performance. It is important to ensure that the SWOT analysis is applied in an effective
manner so that the goals as well as objectives are achieved in an effective manner. the
application od SWOT analysis for the respective company, Marks and Spencer is as follows –
Strengths – Marks and Spencer is one of the renowned name in retail industrial sector.
Company offers high quality products and services to customers. In addition to this, it has
been uderlined that Marks and Spencer is conducting its activities with skilled and talented
employees.
Weaknesses – Marks and Spencer is facing major weakness in terms of expansion as
compared to other rivals in industry. In addition to this, it has been identified that they invest
less in digital marketing comparatively to other competitors in retail industry. Furthermore, it
has been evaluated that due to their limited design they are facing decrease in sales. The
customers are Marks & Spencer often exhibit low pride stages and there were numerous
troubles with admire to the returns policy in addition to in-save enjoy. This has resulted in
poor emblem loyalty and multiplied emblem switching.
Opportunities – It has been evaluated that Marks and Spencer is having significant
opportunist in terms of making investment in digital marketing. This will significanly assist
company to attract large number of customers around the globe. In addition to this, company
is also having opportunity to increase product portfolio and develop new designs with
innovation and technology. This will significantly allow company to ensure long term growth
and profitability.
Threats - The main competitors of Marks & Spencer are Uniqlo, Gap, Tommy
Hilfiger, Zara, and United Colors of Benetton.
Describe the stakeholder’s analysis
A stakeholder analysis is a method of identifying these people before the undertaking starts
off evolved; grouping them consistent with their ranges of participation, hobby, and impact in
the mission; and figuring out how pleasant to involve and talk every of those stakeholder
businesses at some stage in (Ivetić and Ilić, 2020). By drawing near business enterprise
influencers, executives, or treasured stakeholders for help early to task, the business
enterprise can leverage the know-how and awareness of these key gamers to help manual the

venture to a successful final result. Enlisting these players early on may also growth the
chances will earn their support for the task. Stakeholder evaluation normally refers to the
variety of strategies or gear to identify and apprehend the needs and expectancies of primary
pastimes inside and outside the venture environment. Understanding the attributes,
interrelationships, interfaces amongst and between project advocates and opponents, assists
us in strategically making plans our mission. Herein lies a large portion of our undertaking
danger and viability, and in the end the aid that we need to efficaciously attain and preserve.
On initiatives of any importance, this enterprise requires a certain degree of being politically
astute or street smart. One should attain an understanding now not best of the internal venture
surroundings, however also the entities, which includes interfaces, extending into the outside
surroundings. This requires a couple of competencies to discriminate among venture
organizations and help develop ability coalitions of help or, if necessary, lessen the effect of
unseen competition.
There are numerous methods for acting a stakeholder evaluation (Hatamleh, 2020)
. The most common are stakeholder mapping and the salience model. Stakeholder analysis is
part of stakeholder management and an critical method for stakeholder identity and the
analysis in their desires. It is used to discover all key stakeholders, who have a vested interest
inside the troubles with which the venture is involved. Primary stakeholders are people who
are maximum affected either definitely or negatively by the challenge. Secondary
stakeholders are those in a roundabout way affected. There can be tertiary stakeholders,
who're impacted the least.
How stakeholder analysis applies in business scenario
The idea argues that a enterprise that efficiently manages its stakeholder connections will live
to tell the tale longer and perform higher. Finally, stakeholder idea can develop the moral
concept that a enterprise has a extra duty to society than the mere maximization of income for
its stockholders (Kim, Chang and Castro-Lacouture, 2020). A stakeholder's primary position
is to assist a business enterprise meet its strategic objectives with the aid of contributing their
enjoy and angle to a mission. They also can provide important substances and resources.
Stakeholder analysis is frequently taken into consideration step one in strategic making plans
activities on an organizational level. Here we permit minds to take into account the desires of
all events besides ourselves, and format a enterprise idea for the future with that in thoughts.
If stakeholder evaluation is a valued and steady hobby on the organizational stage, then its

thrust can be felt on the assignment degree. The attitude and consequences can also filter out
down and be implemented to a couple of initiatives.
High Power, Low Interest - Because in their influence inside the employer, the
enterprise have to paintings to preserve these people satisfied. But due to the fact they haven’t
proven a deep hobby inside the project, you could turn them off if over-speak with them.
High Power, High Interest – These are the most critical stakeholders, and also the
company ought to prioritize keeping them satisfied with the venture’s progress.
Low Power, High Interest – The business enterprise wants to maintain those human
beings knowledgeable and test in with them regularly to make sure they're now not
experiencing troubles at the project.
Low Power, Low Interest – These people should be informed about the project from
time to time. This helps them in keeping a track of the roles as well as responsibility.
Stakeholder analysis is done earlier than the mission starts offevolved. A preliminary
analysis can be carried out for the duration of the development of a venture idea (de Melo and
et.al., 2020). However, after a venture is proposed and accepted, a formal stakeholder
analysis need to be executed. With the help of stakeholder evaluation company can undertake
use of effective various starategies to enusre long term growth. It will also help company to
engage with stakeholders and develop strong relationship with them. It will significantly
assist company to gain sucess and development in industry.
CONCLUSION
From the above report, it can be concluded that project management is an essential
part of a project and this is because it ensures that the different tasks as well as activities in
the project are carried out effectively. A stakeholder analysis is a method of identifying these
people before the undertaking starts off evolved; grouping them consistent with their ranges
of participation, hobby, and impact in the mission; and figuring out how pleasant to involve
and talk every of those stakeholder businesses at some stage in. Enlisting these gamers early
on may also increase the chances will earn their support for the assignment. Stakeholder
assessment typically refers back to the kind of techniques or gear to pick out and apprehend

the desires and expectations of number one interests inside and outside the mission
surroundings.

REFERENCES
Books & Journals
Amaral Féris, M.A. and et.al., 2020. Enhancing software development through project‐based
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R&D Management.
Wawak, S. and Woźniak, K., 2020. Evolution of project management studies in the XXI
century.
International Journal of Managing Projects in Business.
Chen, S.H., Wang, W.T. and Lu, C.T., 2021. Exploring the development of entrepreneurial
identity in a learning-by-doing entrepreneurial project environment.
Education+
Training.
Montes-Guerra, M.I. and et.al., 2021. Adoption of Good Project Management Practices in the
International Cooperation Sector in Colombia. In
Project Management and
Engineering Research (pp. 477-489). Springer, Cham.
Hagen, L. and et.al., 2021. The Implications of Premium Version Adoption on Customer
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Available at SSRN 3573193.
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Agile project management for
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Lumseyfai, J., 2020. A Four-Pillared Holistic Model for Improving Performance in
Engineering Virtual Project Teams.
Engineering Management Journal,
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