GENERAL KNOWLEDGE

Detailed explanation-1: -PEST Analysis (political, economic, social and technological) is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market. As described by the acronym, those four areas are central to this model.

Detailed explanation-2: -PEST is an acronym that stands for Political, Economic, Socio-cultural and Technological. PESTLE adds Legal and Environmental factors. Conducting a PEST or PESTLE analysis helps business decision-makers understand the current and potential factors surrounding and influencing an organization.

Detailed explanation-3: -Definition: PEST Analysis is a measurement tool which is used to assess markets for a particular product or a business at a given time frame. PEST stands for Political, Economic, Social, and Technological factors. Once these factors are analysed organisations can take better business decisions.

Detailed explanation-4: -A PESTEL analysis is used to identify threats and weaknesses which are used in a SWOT analysis. Political factors include government policies, leadership, and change; foreign trade policies; internal political issues and trends; tax policy; regulation and de-regulation trends.

Detailed explanation-5: -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.