MANAGEMENT

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 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: -A PEST analysis covers four elements: political, economic, social and technological factors.

Detailed explanation-4: -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.

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.