Introduction to PEST Analysis
Assess the macro-environmental and industry factors impacting your business or market.
PEST Analysis is a fundamental technique for developing any business strategy. It's a proven method for assessing the external, macro-environmental factors - political, economic, societal and technological that could create threats or opportunities for your industry. Combined with Porter's Five Forces Analysis and Trend Quantification you will have a much better picture of the dynamics playing out in your industry and what the implications of these dynamics are. In this Expert Toolkit Guide you'll get:
- An overview of the PEST Analysis approach and how it adds value in a business context
- An understanding of how PEST Analysis and Porter’s 5 Forces work together
- An overview of the key steps involved in producing a PEST Analysis
- Templates to use for conducting PEST Analysis
- An explanation of the benefits and limitations of PEST Analysis
- A worked example of PEST Analysis
Being able to lead an organization through a complete PEST analysis is a highly valuable skill. Your ability to take a team on the journey of understanding industry dynamics and macro environmental factors will ensure you are an impact player when it comes to strategy development. PEST is most effective when combined with Porter's Five Forces Analysis. Be sure to download Expert Toolkit's Essentials of Porter's Five Forces Analysis.
Document Length: 22 Landscape Pages
Document Format: PDF
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