GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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stands for Political, Economic, Social and Technological Analysis; examines the overall, external economy affecting a business
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deals with competition in that it pertains to the level of ease for competitors to be able to enter a company’s market
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research and development, rate of technology changes
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determined by the ability and likelihood of customers finding another way to either make or provide the services or products a company offers
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should occur every so often to ensure avoidance of future problems associated with risks and risk management; involves testing current systems and methods to minimize the likelihood of other issues arising
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Detailed explanation-1: -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-2: -PEST is an acronym describing four primary external factors that influence the business environment: political, economic, socio-cultural, and technological.
Detailed explanation-3: -A PESTLE analysis studies the key external factors (Political, Economic, Sociological, Technological, Legal and Environmental) that influence an organisation. It can be used in a range of different scenarios, and can guide people professionals and senior managers in strategic decision-making.
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: -PEST is an acronym for Political, Economic, Social and Technological. This analysis is used to assess these four external factors in relation to your business situation. Basically, a PEST analysis helps you determine how these factors will affect the performance and activities of your business in the long-term.