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provide insights from the perspective of PEST analysis on how you might improve it?

provide insights from the perspective of PEST analysis on how you might improve it?

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Answer #1

PEST analysis offers great insight to improve upon business performance and business expansion. It helps in determining the potential changes in the “political, economic, social and technological” areas as these are the important areas which influences any business. It offers a better understanding to make a next move in the business. PEST analysis is cost effective, offers a wider understanding of business, alternatives to the present business threats and ways to make use of opportunities.

It offers insights on

  • political factors such as legal factors (CSR, labor laws, etc.), taxes, fiscal policies, government based rules and regulation, and related obligations;
  • economic factors such as inflation rate, interest rate economic growth indicators, employment versus unemployment rate, etc. ;
  • social factors such as cultural trends, market trends, population , etc.
  • technological factors such as research and development , incentive, automation, etc.
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