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PEST analysis essay writing is a growing activity related to the business and marketing of any firm. It involves the analysis and an in-depth evaluation of a myriad of factors that affect the overall growth and development of a company. Students of marketing studies are assigned with such in-depth analytical essays during their academic career. Such detailed write-ups are meant to polish their critical evaluation skills for the corporate sector.
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What Does PEST Analysis Mean?
The word PEST is an acronym for Political, Economic, Social, Technological – all four factors that influence the productivity of a firm. A detailed PEST analysis covers all these aspects and their subsequent influence on business and marketing strategies. Here is an explanation of what PEST means.
P – Political – It includes all the laws, rules, regulations, and other policies that are affecting the company’s performance and productivity, or are likely to impact in future.
E – Economical – All the economic factors, such as inflation, unemployment, interest rates, job creation opportunities and market commodity trends, and their subsequent impact on a business’ performance is covered here.
S – Social – Sometimes referred to as ‘sociocultural’, it covers all social and cultural aspects that may affect a firm’s functioning at any time. These factors may include the firm’s clientele base, demographic parameters, and the cultural or moral norms that are related to the firm’s products and services in one or the other way.
T – Technological – This is the most impactful aspect on a business’ performance. Everything from smartphones and tablets, to the advanced tech products, affects how a company expands its services.
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