Research and describe the PEST Analysis in your own words. Next, identify how you can use the PEST Analysis in your profession. List the pros/cons of using a PEST Analysis in a business setting. Lastly, explain how this new “tool” compares to the tools you learned in previous FISHBONE ANALYSIS
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Research and describe the PEST Analysis in your own words. Next, identify how you can use the PEST Analysis in your profession. List the pros/cons of using a PEST Analysis in a business setting. Lastly, explain how this new “tool” compares to the tools you learned in previous FISHBONE ANALYSIS
“PEST was developed in the 1960s by Francis Aguilar.” (Carruthers, 2009) PEST stands for Political, Economic, Social, Technology; these are external factors that affect firms and have an influence on decisions for the company’s future (EPM, 2019). If a firm wants to move to another country or develop a new product, the use of a PEST analysis is a management tool that could help the firm decide which way to go. (EPM, 2019) PEST combined with the SWOT analysis can help a company identify opportunities and threats with the decision to expand the firm.
The political considerations for either expanding or moving a firm to another country would include tax incentives, tariffs, and employment laws, to name a few. (Frue, 2020) Economic factors would be; inflation rates, economic growth, and interest rates. (EPM, 2019) Social considerations such as culture, lifestyles, and population growth should be examined if you are opening a consumer-direct business. (Frue, 2020) Technological factors would be automated processes, the technology of the area (electric car charging station availability), and technology support. (Frue, 2020) Collecting data on these four areas and identifying the opportunities and threats in a SWOT analysis will help a management team be able to identify the survivability of their firm in a new location or whether they should launch a new product or not. A firm can also leverage its strengths and correct its weaknesses before entering the new market or launching the new product (EPM, 2019).
References
Carruthers, H. (2009). Using PEST analysis to improve business performance. In Practice, 31(1), 37.
EPM. (2019, November 13). PEST Analysis (PESTLE) Explained with Example. Retrieved from YouTube: https://www.youtube.com/watch?v=7qrahnx94nc
Frue, K. (2020, September 13). PEST Analysis Ultimate Guide: Definition, Template, Examples. Retrieved from PESTLE Analysis: https://pestleanalysis.com/pest-analysis/
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