|Date:||April 2, 2015|
|Length:||3 / 652|
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The analysis examines the impact of each of these factors (and their interplay with each other) on the business. The results can then be used to take advantage of opportunities and to make contingency plans for threats when preparing business and strategic plans.
You need to consider each PEST factor as they all play a part in determining your overall business environment...
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Thus, when looking at political factors you should consider the impact of any political or legislative changes that could affect your business. If you are operating in more than one country then you will need to look at each country in turn. Political factors include aspects such as laws on maternity rights, data protection and even environmental policy: these three examples alone have an on impact employment terms, information access, product specification and business processes in many businesses globally...
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