PEST Analysis. What is PEST Analysis? It is very important that an organization considers its environment before beginning the marketing process. In fact,

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Presentation transcript:

PEST Analysis

What is PEST Analysis? It is very important that an organization considers its environment before beginning the marketing process. In fact, environmental analysis should be continuous and feed all aspects of planning. The organization's marketing environment is made up from: 1. The internal environment 2. The micro-environment 3. The macro-environment e.g. Political (and legal) forces, Economic forces, Sociocultural forces, and Technological forces. These are known as PEST factors.

Political Factors The political arena has a huge influence upon the regulation of businesses, and the spending power of consumers and other businesses. The political arena has a huge influence upon the regulation of businesses, and the spending power of consumers and other businesses.

Economic Factors Marketers need to consider the state of a trading economy in the short and long-terms. This is especially true when planning for international marketing. Marketers need to consider the state of a trading economy in the short and long-terms. This is especially true when planning for international marketing.

Sociocultural Factors The social and cultural influences on business vary from country to country. It is very important that such factors are considered.

Technological Factors Technology is vital for competitive advantage, and is a major driver of globalization. Technology is vital for competitive advantage, and is a major driver of globalization.

SUMMARY Political (incl. Legal) EconomicSocioculturalTechnological Environmental regulations and protection Economic growthIncome distributionGovernment research spending Tax policiesInterest rates & monetary policies Demographics, Population growth rates, Age distribution Industry focus on technological effort International trade regulations and restrictions Government spendingLabor / social mobilityNew inventions and development Contract enforcement law Consumer protection Unemployment policyLifestyle changesRate of technology transfer Employment lawsTaxationWork/career and leisure attitudes Entrepreneurial spirit Life cycle and speed of technological obsolescence Government organization / attitude Exchange ratesEducationEnergy use and costs Competition regulationInflation ratesFashion, hypes(Changes in) Information Technology Political StabilityStage of the business cycle Health consciousness & welfare, feelings on safety (Changes in) Internet Safety regulationsConsumer confidenceLiving conditions(Changes in) Mobile Technology

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