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Pest Analysis (Political, Economic, Social & Technical Analysis)

581 words - 2 pages

PEST Analysis (Political, Economic, Social & Technical Analysis)

A PEST analysis (also sometimes called STEP, STEEP or PESTLE analysis)
looks at the external business environment. In fact, it would be
better to call this kind of analysis a business environmental analysis
but the acronym PEST is easy to remember and so has stuck. PEST stands
for Political, Economic, Sociocultural and Technological.
(Technological factors in this case, include ecological and
environmental aspects - the second E in STEEP and PESTLE, while the L
in PESTLE stands for legal). The analysis examines the impact of each
of these factors (and their interplay with each other) on the
business. The results can then be used to take advantage of
opportunities and to make contingency plans for threats when preparing
business and strategic plans.

You need to consider each PEST factor as they all play a part in
determining your overall business environment. Thus, when looking at
political factors you should consider the impact of any political or
legislative changes that could affect your business. If you are
operating in more than one country then you will need to look at each
country in turn. Political factors include aspects such as laws on
maternity rights, data protection and even environmental policy: these
three examples alone have an on impact employment terms, information
access, product specification and business processes in many
businesses globally.

Obviously politicians don't operate in a vacuum, and many political
changes result from changes in the economy or in social and cultural
mores, for example. Thus although tax rates are generally decided by
politicians, tax decisions generally also include economic
considerations such as what is the state of the economy. In Europe,
the politicians drove the introduction of the euro currency but the
impacts include economic factors: cross-border pricing, European
interest rates, bank charges, price transparency and so on. Other
economic factors include exchange rates, inflation levels, income
growth, debt & saving levels...

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