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However, there will always be factors outside of your control affecting how your business operates. One method for discovering and quantifying those factors is the PEST analysis. PEST is an acronym for political, economic, social and technological.
It was created by Harvard professor Francis Aguilar in It should be included in every business plan, in addition to a SWOT analysisas it is part of risk management and strategy design. P — Political Environment According to Donna Lubrano, senior advisor at Northeastern Universitythe political environment is an analysis of what politics is doing to the business world.
We look at tariffs, trade deals as they are developed not only by the economics or business side but what political relationships influence those decisions," Lubrano said.
Issues that must be considered include tax guidelines, copyright and property law enforcement, political stability, trade regulations, social and environmental policy, employment laws and safety regulations.
Companies should also consider their local and federal power structure, and discuss how anticipated shifts in power could affect their business.
For this analysis, look at interest rates, exchange inflation, unemployment, gross domestic product, credit availability and rise and fall of the middle class. Among the items that should be examined are demographics, population growth rates, age distribution, attitudes toward work and job market trends.
The drive to eat healthier, the drive to care for the environment, baby boomers staying in the workforce longer, adults have fewer children later in life. All of these impact how consumers buy houses, cars, etc.
T — Technology Technology plays a huge part in business, and it can impact it either negatively or positively. Specific items that need to be scrutinized include, but are not limited to, government spending on technological research, the life cycle of current technology, the role of the internet and how any changes to it may play out, and the impact of potential information technology changes.
For the legal factor, a company should examine how legal changes and interpretations could impact a company, directly or indirectly, according to Daniel Feiman, managing director at Build It Backwards. He advised including changes in laws, global law conflicts and Supreme Court decisions in this portion of the analysis.
For the environmental portion of the analysis, Feiman said to look at environmental evolutions and regulations to determine how they could impact a business. Look closely at ecological regulations and restrictions as well as endangered species. Feiman also suggested that each of factors, including the original PEST factors, should be measured against the following grid: The more significant benefits include: A greater understanding of your company More effective long-term strategic planning Heightened attention to potential threats and dangers Insight for valuable business opportunities Limitations Solarju, a digital marketer at Housingman Indianoted a few disadvantages as well.
As the data collect[ed] is huge, one needs to carefully utilize it in a better way, and as it is from external sources, one is not sure about the accuracy. Additional reporting by Katherine Arline.
Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily. You May Also Like.The Wine Industry Advisor is an Online Industry Publication featuring news and articles relevant to the wine industry.
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Browse industry insights for prospecting opportunities & informing sales calls. Search over 1, industries to find industry reports & market share analysis. Get free market research reports today, . § Implementation of Texas Essential Knowledge and Skills for Agriculture, Food, and Natural Resources, Adopted (a) The provisions of this subchapter shall be implemented by school districts beginning with the school year.
PEST ANALYSIS The pest analysis refers to four main factors: POLITICAL ECONOMICAL SOCIAL TECHNOLOGICAL The analysis will focus towards the industry that how the political stability, rules and regulation, and the legal system of the country affecting the overall industry.
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