PEST analysis is the useful procedure to grasp market growth or decline. So it is a business dimension tools that helps to identify an organizations macro environment. The factors include in PEST analysis are Political factors, Economical factors, Social influence, Technological factors. An organization cannot control the changes in those factors but any changes effect directly to an organization. So the organization should react quickly if any changes happen here to keep them on track in highly competitive business market.
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PEST analysis gives an organization its future opportunities and thread which is include in SOOT analysis. Political factors s Economic Factors Socio-cultural Factors Technological Factors Political Factors: Different legislation established in different countries which sometimes restrict the companies to give opportunities to an organization. European Union and other regional trade open doors to market in Europe, Asia, Latin America that offers massive prospective. Political unrest, terrorism activities always has a direct impact n business. The company depends on access to patent and intellectual properties obtain from third parties. Economical Factors: Economic slowdown in the past year has effected company's financial position as customers had low willingness to spend money. Because of poor economic circumstance
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