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In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
PEST stands for political, economical, social and technological factors. Two more factors, the legal and environmental factor, are defined within the PESTLE analysis. [ 5 ] To explain these environmental factors, it is necessary to say that most of the factors depend on each other and that they change over the years.
These factors indirectly affect the organization but cannot be controlled by it. One approach could be the PEST analysis, which includes political, economic, social and technological, whereas other variations JIT) include environmental and legal factors.
These factors generally fall under PESTLE. PESTLE refers to political, economic, social, technological, legal and environmental factors. Regularly addressing PESTLE factors falls under operations management. Meanwhile, addressing any event, opportunity or challenge in any one or many factors for the first time will involve project management.
PEST analysis, which covers the remote external environment elements such as political, economic, social and technological (PESTLE adds legal/regulatory and ecological/environmental); Scenario planning, which was originally used in the military and recently used by large corporations to analyze future scenarios.
The next step of the method is to conduct a trend analysis. Trend analysis is an analysis of macro environmental factors in the external environment of a business, also called PEST analysis. It consists of analyzing political, economical, social, technological and demographic trends.
PESTLE factors influence corporate behaviour in many ways. They cause organisations to change the way they operate; however, the size and nature of change is dependent upon which factor is causing the change (political, economic, social, technological, legal, or environmental).
Examples of frameworks that address the four elements described above include: External environment: PEST analysis or STEEP analysis is a framework used to examine the remote external environmental factors that can affect the organization, such as political, economic, social/demographic, and technological. Common variations include SLEPT ...