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PEST Analysis is a way of predicting the response of the general public on a product or service. Understanding these core concepts about the external response of the common people requires taking PEST Analysis assignment help from the experienced writers of BookMyEssay.

Changes in the business environment can create several opportunities or significant threats to any business activity. There are several external factors that affect business operations.

Exploring and quantifying such factors is essential to the successful functioning of business operations and is termed as PEST analysis. BookMyEssay has a team of geniuses to offer highest-quality PEST analysis case study assignment help.

Meaning of PEST Analysis

The term PEST is actually an abbreviation where ‘P’ stands for political, ‘E’ for economic, ‘S’ for social, and ‘T’ for technological. PEST analysis is a way of understanding the impact of external factors on business activities.

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In 1967 Professor Francis Aguilar of Harvard University created this concept. In addition to the SWOT Analysis, this concept should also be added to a business plan as it plays an essential role in strategy design and risk management.

PEST Factors

The different factors of PEST analysis can be rightly implemented in your assignment when you take PEST Analysis assignment help from BookMyEssay. The factors are as follows –

P – Political Factors

This indicates the impact of political environment of a country on its business operations. The ever changing government regulations and legal modifications affect the ability of a business to generate profit and expand the business operations. The essential factors that must be considered are –

E – Economic Factors

This factor considers the external economic issues that impact the ability of a company to be successful. The various issues to be taken under consideration are –

  • Interest rates
  • Unemployment
  • Exchange Inflation
  • Credit availability
  • Gross Domestic Product

Apart from these, another important thing to consider is the actions of the Federal Bank as this will significantly impact the purchasing power of the common people.

S – Social Factors

The social factors consider the socioeconomic environment of the product’s industry and the driving force that leads the customers to purchase the product. The essential considerations include –

  • Growth rate of population
  • Demographics
  • Recent trends in the job market
  • Age distribution
  • Attitude towards work

T – Technology

The advancement in technology is an important driving force on the prosperity of a business. The introduction of new services, products and technologies in the market can be a bit time consuming to adjust to the changing needs. Some of the specific items that should be considered in this case are –

  • Government spending on R&D
  • Lifespan of existing technology
  • Role of the World Wide Web and its influence on the technological development
  • Overall impact of potential technological advancement

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Significance of PEST Analysis

Some of the benefits that PEST Analysis can provide to your business include –

  • A more in-depth analysis of your business
  • Increase attention to potential dangers and threats
  • Effective and long-term strategic planning
  • Insights into the valuable business opportunities

To make the most out of PEST Analysis, the same should be applied in conjunction with MOST, SCRS, or SWOT strategies. This can be effectively done when you buy assignment help on PEST Analysis from the experienced professionals of BookMyEssay.

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