How external environmental forces affect your business

PEST analysis is another widely used strategic analysis tool. It is particularly useful when you need to identify how external forces affect your business or organization. The letters used in PEST indicate which areas are involved. The focus of the analysis is on the influence of political, economic, socio-cultural, and technological factors.

An overview of each factor allows you to minimize potential risks and, where appropriate, use these forces to your advantage. PEST analysis is also a useful tool when you are about to enter a new market or region where conditions are different from those you are used to. By using the factors identified in the new environment, you can adapt more quickly to change.

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