Ad An economic factor to consider when writing a PEST report is the spending habits of consumers, which may be influenced by dips and rises in the business cycle. What social attitudes and social taboos could affect your business? Basic goods or lower priced products may experience a boon. The PEST analysis report is a strategic business tool used by writing a pestle analysis to find out their current standing in a competitive market with the aim of utilizing this knowledge to restructure the business.
It may also affect the way a company operates. Write each part in a tabular form with the headings P, E, S and T.
Values take a central role in any society. Are there any new technologies on the horizon that could radically affect your work or your industry? A business located in a country with a stable government may count it as a positive factor. In which areas do governments and educational institutions focus their research?
Technological factors must also be included when writing the PEST analysis report, since technological advances often play an important role in the success of a company.
This provides a context for more detailed planning, within which you will be able to minimize risk and take full advantage of the opportunities that writing a pestle analysis themselves. Sociocultural factors must be included when writing a PEST analysis report.
What employment patterns, job market trends, and attitudes toward work can you observe? For instance, a dollar store may see an increase in profit from more consumer demand during a recession. How are these changing, and what impact does this have? How is this likely to change?
It is important that your PEST analysis class work should be logically structured and presented clearly with analysis, if you can present the analysis in bullet points that makes it clearer and can gain more marks.
Are any other socio-cultural factors likely to drive change for your business? Have there been recent socio-cultural changes that might affect this? Technological Factors to Consider Are there any new technologies that you could be using?
This includes aspects like the social norms and cultural habits of consumers, which may influence the way they spend money on goods and services.
For instance, a company that manufactures rubber sandals may be affected by a ban or trade limitation on the importation of raw rubber into the country.
Subscribe to our free newsletteror join the Mind Tools Club and really supercharge your career! It is also used by those wishing to start a business to find out how such an organization can be positioned for success. Choose the version that best suits your situation.
Do any of your competitors have access to new technologies that could redefine their products? If you understand this early enough, you may be able to avoid these problems, or minimize their impact. I will show you here the simple and best approach to write the PEST analysis: For instance, advances in technology have made it easy for most companies to use automated systems instead of live customer service representatives to answer some simple questions from customers over the phone.
You writing a pestle analysis show effectively how an organization can survive in a new country or in new sector by using PEST analysis in the assignment.
A recession could also negatively affect or positively affect a business, depending on the type of product or service it offers. Luxury goods are the first items to be struck off the list of consumers during a recession. How do religious beliefs and lifestyle choices affect the population?
For example, could it help you develop new products, open up new markets, or help you make processes more efficient? Are there any other technological factors that you should consider? Customers who are not happy with the increase may rebel by focusing on cheaper, locally produced furniture.
I have given you an example of PEST analysis assignment based on Coca-Cola See how I am filling the above table with keywords then expand those keywords in my detailed assignments samples shown: Are these different for different age groups?
How have infrastructure changes affected work patterns for example, levels of remote working? After you complete this exercise then you will be able to write the detailed PEST analysis by expanding the keywords. Risk Analysis can help you to assess these threats and devise strategies to manage them.PEST Analysis is a simple and widely used tool that helps you analyze the Political, Economic, Socio-Cultural, and Technological changes in your business environment.
This helps you understand the "big picture" forces of change that you're exposed to, and, from this, take advantage of the opportunities that they present. PESTLE analysis - The PEST or PESTLE analysis tool is one of many used to help managers identify their market positioning and strengths.
Sep 13, · The way to write a Political, Economic, Social, and Technological (PEST) analysis report is to consider each of the factors for which it stands that affect, or are likely to affect, a company.
What you should consider when writing PESTEL analysis of Costco: While writing PESTEL analysis assignments may be simple to some students, others find a difficult task to complete.
When writing a paper on PESTEL analysis of Costco, You should consider Political, Economic, Socioeconomic, Technological, Environmental, and Legal factors. Kush, Jonathan () "Pestle and Swot analysis of Primark " Writing [Online] at mint-body.com Abstract The business environment affecting the clothing retail industry in the UK is made up of both the macro and micro environment.
For Huawei Pestle and Swot analysis, see Huawei Pestle & Swot. INTRODUCTION Xiaomi is a Chinese privately owned electronics technology multinational currently engaged in the design, manufacture and retailing of smartphones, tablets, mobile apps, smart electronics as related software, accessories and third party applications.Download