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Strategy :: PEST Analysis

It stands for Political, Economical, Social and Technological. All these criteria should be taken into account when doing an external analysis on market research.

This analysis can be combined with a SWOT analysis.

 

Political factors include areas such as tax policy, employment laws, environmental regulations, trade restrictions and tariffs and political stability.
Economic factors are economic growth, interest rates, exchange rates and inflation rate.
Social factors often look at the cultural aspects and include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety
Technological factors include ecological and environmental aspects and can determine barriers to entry, minimum efficient production level and influence outsourcing decisions. Technological factors look at elements such as R&D activity, automation, technology incentives and the rate of technological change.

 

Source: http://en.wikipedia.org/wiki/PEST

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