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PEST Analysis

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PEST stands for the analysis of the external factors, which is beneficial when conducting research before beginning a new project or to help conduct market research. These factors are:

  • Political – Laws, global issues, legislation and regulations, which may have an effect on your business either immediately or in the future.
  • Economic – Taxes, interest rates, inflation, the stock markets and consumer confidence all need to be taken into account.
  • Social – The changes in lifestyle and buying trends, media, major events, ethics, advertising and publicity factors.
  • Technological – Innovations, access to technology, licensing and patents, manufacturing, research funding, global communications.

Source: http://creately.com/blog/diagrams/swot-analysis-vs-pest-analysis/

Pest can also be known as PESTLE, which includes other factors such as:

  • Legal – Legislation, which have been proposed and may come into effect and any passed legislation’s.
  • Environmental – Environmental issues either locally or globally and their social and political factors.