Project & Relationship Management: Traditional vs Modern Market, PESTLE & SWOT Analysis, Stakeholder Analysis

This report discusses the importance of project management and relationship management in achieving project goals. It covers the difference between traditional and modern market, application of PESTLE and SWOT analysis, stakeholder analysis and its application in business scenario. The report focuses on Marks and Spencer, a leading retailer of household and clothing products.

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. Organization chosen for this report is
Marks and Spencer, which is a leading retailer of household and clothing products.
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. The different factors include,
political factors, economic factors, social factors, technological factors, environmental factors
as well as legal factors.
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 & Spencer positions itself as a high-stop price product which
objectives the premium segment. In sync with their emblem photograph the products sold by
using the retailer especially in clothing line are fashionable, modern, and complicated.
Weaknesses – Marks & Spencer often has a presence in Europe, United Kingdom,
and the USA. Though they've opened shops in Asia and Middle Eats they have been
unsuccessful in winning customers normally because maximum in their designs are western
and not traditional. 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 – Fashion is an evolving enterprise and new segments come up on a
everyday basis (Hagen and et.al., 2021). In Asia, there's a huge demand for ethnic and
traditional put on which presently Marks & Spencer has been unable to capitalize on. This is
one vicinity which can display loads of promise to the retailer.
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. The intention of the stakeholder evaluation technique is to
develop a strategic view of the human and institutional panorama, as well as the relationships
among the special stakeholders and the troubles they care about maximum. There are a few
strategies to help in this method.
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
learning and the quality of planning. 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
Relationship Management: An Empirical Study of mHealth User Engagement and
Retention. Available at SSRN 3573193.
Ivetić, P. and Ilić, J., 2020. Reinventing universities: Agile project management in higher
education. European Project Management Journal, 10, pp.64-68.
Hatamleh, M.T., 2020. Exploring the Project Risk Management: Highlighting the Soft Side
of Project Management.
Kim, S., Chang, S. and Castro-Lacouture, D., 2020. Dynamic modeling for analyzing impacts
of skilled labor shortage on construction project management. Journal of
Management in Engineering, 36(1), p.04019035.
de Melo, J.C.F. and et.al., 2020. From open innovation projects to open innovation project
management capabilities: A process-based approach. International Journal of
Project Management, 38(5), pp.278-290.
Layton, M.C., Ostermiller, S.J. and Kynaston, D.J., 2020. Agile project management for
dummies. John Wiley & Sons.
Lumseyfai, J., 2020. A Four-Pillared Holistic Model for Improving Performance in
Engineering Virtual Project Teams. Engineering Management Journal, 32(2),
pp.107-119.