If you are looking to get your MBA, you may be considering a career in project or relationship management. But what’s the difference between these two areas of management? Let’s look at each of these terms a little deeper.
In relationship management, an organization keeps a certain level of engagement with their audience. This helps the organization develop its relationship and increase loyalty with the audience. This means the organization is actively working to build a relationship with the audience. instead of viewing the relationship as merely transactional.
Relationship management is vital for organizations because it helps build brand loyalty. Sometimes, organizations will hire a dedicated relationship manager for this. In other cases, an organization may combine this role with another role that includes human resources or marketing. The two main types of relationship management are between businesses and consumers (B2C), and between businesses and other businesses (B2B).
It costs more for a business to get a new customer than to keep an old one. That is why there is a strong focus on relationship management in the business world. If a consumer feels that a company cares about them and their needs, they will likely keep using that company.
Managing relationships with customers involve a deep understanding of their likes and dislikes. A B2C relationship manager will often spend time doing market research and learning about trends. This will ultimately help a business create campaigns to help retain customers.
Businesses looking to develop their relationships with other businesses, such as suppliers, vendors, and distributors, can also use a relationship manager. Managing these relationships can benefit both parties by helping them build trust and communicate expectations. If a dispute or conflict comes up, relationship management can help smooth things over between the parties.
In project management, a company is working to complete a goal or task. This may be a one-time goal or task or involve a set of tasks to achieve a larger goal.
A project manager will usually help define these goals and tasks. Then, the manager will decide what steps to take to complete the project. He or she will assign these steps to different members of the organization. As the members of the organization complete these steps, the project manager will check the quality of the work being done.
There are three most common types of project management. Waterfall project management, where an organization member has to complete one task before they can start the next one. Agile project management, where members may be working on different tasks at the same time. Lean project management, where members are working on projects try to avoid waste. The type of project management will depend on the organization, the project itself, and the preferences of the project manager.
No matter which type of manager you are interested in becoming, studying at the ISDC Global Business School (IGBS), either in class or online. IGBS will give you the skills you need to be a top project or relationship manager.