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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 ...
Another barrier to environment scanning is the interpretation of information that has been collected. Undetermined sources can cause confusion and irrelevance to the process. [18] Current research shows that the analysis of the market environment has challenges to predict or foresee upcoming market changes.
A market analysis investigates among other things the influence of supply and demand on a market. [4] Organizations use the findings to guide the investment decisions they make to advance their success. The findings of a market analysis may motivate an organization to change various aspects of its investment strategy.
The economic event analyzed can include implementation of a new policy or project, or may simply be the presence of a business or organization. An economic impact analysis is commonly conducted when there is public concern about the potential impacts of a proposed project or policy. [1] [2]
Market participants or economic agents consist of all the buyers and sellers of a good who influence its price, which is a major topic of study of economics and has given rise to several theories and models concerning the basic market forces of supply and demand.
Context analysis is a method to analyze the environment in which a business operates. Environmental scanning mainly focuses on the macro environment of a business. But context analysis considers the entire environment of a business, its internal and external environment. This is an important aspect of business planning.
Horizon scanning is "the systematic examination of potential threats, opportunities and likely future developments which are at the margins of current thinking and planning’ and, continuing, horizon scanning ‘may explore novel and unexpected issues, as well as persistent problems or trends."
Debunking the Myths of Computable General Equilibrium Models (PDF). Working Paper 2008-01. Schwartz Center for Economic Policy Analysis (SCEPA) and Department of Economics, The New School. Reinert, Kenneth A., and Joseph F. Francois, eds. Applied Methods for Trade Policy Analysis: A Handbook. Cambridge University Press, 1997. ISBN 9780521589970