BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Politics, Economy, Social, Technology
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Politics, Economical, Social, Technology
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Political, Economic, Sociocultural, Technological
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Politicians, Economist, Socialist, Technologist
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Detailed explanation-1: -PEST analysis stands for political, economic, social, and technological. This type of analysis is used to gauge external factors that could impact the profitability of a company. Generally, it is more effective with larger organizations that are more likely to experience the effects of macro events.
Detailed explanation-2: -Many companies use a political, economic, social and technological (PEST) analysis to get a better assessment of their business environment and to understand external threats and opportunities.
Detailed explanation-3: -Technological factors include production techniques, information and communication resources, production, logistics, marketing, and e-commerce technologies. These affect how an organisation operates, sells its products, interacts with, and gathers intelligence on customers, suppliers, and competitors.
Detailed explanation-4: -First, brainstorm the changes happening in your business environment that will likely impact your organization, focusing on the four key areas of PEST – politics, the economy, socio-cultural changes, and technology.
Detailed explanation-5: -ECONOMIC: Economic factors will include exchange rates, economic growth or decline, globalisation, inflation, interest rates and the cost of living, labour costs and consumer spending.