Tasks of PEST analysis
Why use the PEST analysis method? First of all, to better understand the external business environment, opportunities and threats. If your company is medium or large, and you are engaged in serious investments, then doing business blindly, relying only on intuition, is unacceptable. This is permissible only at the start or when owning a small business. You must assess all possible threats and take measures in advance against any negative influences and possible mistakes.
PEST analysis is also required to correctly define a business strategy. If you have a specific plan, then you are able to enter the battle with competitors. It is worth making sure that all decisions are thought out, coherent and do not contradict each other. The company's strategy is built from the following parts:
all expected products that will be manufactured;
regions of the country where the qatar email list company's scope of activity will increase or decrease;
probable investments or third-party cash injections that will be attracted in the foreseeable future.
To determine the right strategy, you need to scan the market opportunities.
Another task of PEST analysis is to obtain primary data that will help build the organization's risk management (in fact, macroeconomic risks are described here). The main elements of risk management are the definition, assessment, and development of measures to reduce their impact.
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Alexander Kuleshov
Alexander Kuleshov
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PEST Analysis Options
There are variations of PEST analysis. They include a different number of factors from a more extensive classification. These are PESTEL (+Environmental, +Legal), STEEP (+Ethical), STEEPLE (+Environmental, +Legal, +Ethical), etc.
In foreign marketing literature, PESTEL analysis is indicated as the most popular and widespread formulation. Here, the Environmental (environmental factor) and Legal (regulatory factor) factors are added.
Tasks of PEST analysis
Enrivonmental
This group in PESTEL analysis can also be defined by the name Ecological. That is, the level of influence of nature and climate on business is analyzed here.
Examples of factors in this category are climatic conditions, ecological state, availability of minerals and resources, and geographical characteristics of the area.
Legal
The category includes standards, laws, regulatory restrictions and other business-critical requirements introduced at the legislative level.
The group had to be separated due to the fact that the global business market is not only subject to political aspects, but also to a large number of regulatory restrictions and requirements governing international activities.