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

fellow Analysis ( governmental, Economic, Social & Technical Analysis)A feller outline (also sometimes called STEP, STEEP or PESTLE analysis)looks at the out-of-door business environment. In fact, it would bebetter to call this kind of analysis a business environmental analysisbut the acronym PEST is effortless to remember and so has stuck. PEST standsfor Political, Economic, Sociocultural and Technological.(Technological factors in this case, include ecologic andenvironmental aspects - the second E in STEEP and PESTLE, while the Lin PESTLE stands for legal). The analysis examines the impact of eachof these factors (and their interplay with each other) on thebusiness. The results can then be used to take advantage ofopportunities and to touch contingency plans for threats when preparingbusiness and strategic plans.You need to deal out each PEST factor as they all play a part indetermining your overall business environment. Thus, when looking atpolitical factors you should con sider the impact of any political orlegislative changes that could affect your business. If you areoperating in more than one country then you depart need to look at eachcountry in turn. Political factors include aspects such as laws onmaternity rights, data security measures and even environmental policy thesethree examples alone have an on impact employment terms, informationaccess, product specification and business processes in manybusinesses globally.Obviously politicians dont operate in a vacuum...