What do you mean by PEST analysis?
Political, Economic, Social and TechnologicalClick to see full answer. Correspondingly, wHAT IS A PEST analysis and why is it important?A PEST analysis is a widely used strategic planning tool. It is used by many to identify the political, economic, social and technological factors that may have an effect on a project and its planning process….
Political, Economic, Social and TechnologicalClick to see full answer. Correspondingly, wHAT IS A PEST analysis and why is it important?A PEST analysis is a widely used strategic planning tool. It is used by many to identify the political, economic, social and technological factors that may have an effect on a project and its planning process. Sometimes it’s expanded to include legal and environmental factors and called a PESTLE analysis.Subsequently, question is, what is the difference between PEST and SWOT analysis? PEST focuses on external environmental factors that affect the business, whereas SWOT analysis focuses on both internal and external factors. PEST explores the political and legal landscape by looking at employment laws, political issues, taxes and regulations that impact the business. Keeping this in consideration, how do you do a PEST analysis? Follow these steps to analyze your business environment, and the opportunities and threats that it presents. Use PEST to brainstorm the changes happening around you. Brainstorm opportunities arising from each of these changes. Brainstorm threats or issues that could be caused by them. Take appropriate action. What is social factors in PEST analysis? Social Factors: This inlcudes population trends such as the population growth rate, age distribution, income distribution, career attitudes, safety emphasis, health consciousness, lifestyle attitudes and cultural barriers. These factors are especially important for marketers when targeting certain customers.
