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In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
One instrument to analyse the company's external environment is the PEST analysis. PEST stands for political, economical, social and technological factors. Two more factors, the legal and environmental factor, are defined within the PESTLE analysis. [5] To explain these environmental factors, it is necessary to say that most of the factors ...
These factors indirectly affect the organization but cannot be controlled by it. One approach could be the PEST analysis, which includes political, economic, social and technological, whereas other variations JIT) include environmental and legal factors.
The next step of the method is to conduct a trend analysis. Trend analysis is an analysis of macro environmental factors in the external environment of a business, also called PEST analysis. It consists of analyzing political, economical, social, technological and demographic trends.
The situation analysis looks at both the macro-environmental factors that affect many firms within the environment and the micro-environmental factors that specifically affect the firm. The purpose of the situation analysis is to indicate to a company about the organizational and product position, as well as the overall survival of the business ...
PEST analysis, which covers the remote external environment elements such as political, economic, social and technological (PESTLE adds legal/regulatory and ecological/environmental); Scenario planning, which was originally used in the military and recently used by large corporations to analyze future scenarios.
PEST analysis: PEST is an analysis about external environment . It includes a complete examine of a firm's Political, Economical, Social and Technological external factors, which may impact firms' objectives or profitability. They may become a benefit for the firm or harm its productivity.
These factors generally fall under PESTLE. PESTLE refers to political, economic, social, technological, legal and environmental factors. Regularly addressing PESTLE factors falls under operations management. Meanwhile, addressing any event, opportunity or challenge in any one or many factors for the first time will involve project management.