Other Tools
PEST Analysis
PEST stands for the analysis of the external factors, which is beneficial when conducting research before beginning a new project or to help conduct market research. These factors are:
- Political – Laws, global issues, legislation and regulations, which may have an effect on your business either immediately or in the future.
- Economic – Taxes, interest rates, inflation, the stock markets and consumer confidence all need to be taken into account.
- Social – The changes in lifestyle and buying trends, media, major events, ethics, advertising and publicity factors.
- Technological – Innovations, access to technology, licensing and patents, manufacturing, research funding, global communications.
Source: http://creately.com/blog/diagrams/swot-analysis-vs-pest-analysis/
Pest can also be known as PESTLE, which includes other factors such as:
- Legal – Legislation, which have been proposed and may come into effect and any passed legislation’s.
- Environmental – Environmental issues either locally or globally and their social and political factors.