PEST Analysis [Audio]
February 27, 2020
A PEST analysis allows a business to determine potential opportunities and threats associated with their strategy and figure out ways to either take advantage of them or to avoid them.
It’s a strategic planning tool used to identify the Political, Economic, Social, and Technological factors that may have an effect on business and its planning process.
Political factors – focuses on areas in which government policies affect the economy, your industry or your organization and include tax policies, employment laws, tariff and trade restrictions, regulations, and environmental issues.
Economic factors – targets inflation rates, interest rates, economic growth indicators, exchange rates, supply, and demand.
Social factors – includes demographics, cultural attitudes, workplace issues, health consciousness, and lifestyle trends.
Technological factors – covers the rate of technological change, research and development spending, technology incentives, and infrastructure investments.
Listen to how this form of strategic business analysis, in conjunction with your business planning, can provide a solid basis for informed decision-making at your organization. Contact us for the guidance you may need.
CONNSTEP Air Time is a series of 10-20 minute conversations on relevant topics we encounter every day talking with business owners and organization leaders.
We discuss planning, strategies, tactics, market conditions, trends, changes, and possible outcomes to help you do your job better and have a more robust and successful business. For you and your workforce.
Our goal is to provide you with a greater understanding of everyday business concerns and conditions and what you can do about them.
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