PEST Analysis Importance
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What is PEST Analysis? Why is it important to marketing?
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Solution Summary
The solution explains the meaning of the acronym PEST and lists 20 factors to explain the concept.
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What is PEST Analysis?
It is very important that an organization consider its environment before beginning the marketing process. In fact, environmental analysis should be continuous and feed all aspects of planning. The organization's marketing environment is made up from:
1. The internal environment e.g. staff (or internal customers), office technology, wages and finance, etc.
2. The micro-environment e.g. our external customers, agents and distributors, suppliers, our competitors, etc.
3. The macro-environment e.g. Political (and legal) forces, Economic forces, Sociocultural forces, and Technological forces.
These are known as PEST factors.
Political Factors
The political arena has a ...
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