PEST Analysis

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PEST Analysis The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. A PEST analysis is a business measurement tool. PEST is an acronym for Political, Economic, Social and Technological factors, which are used to assess the market for a business or organizational unit. Political The political area has a huge influence upon the regulation of a business and the spending power of consumers and other businesses. Before I put my product on the market I need to consider issues such as: Tax policy: I will need to look at certain levels of tax. If tax is high it can affect the incomes of customers and it might affect their buying power for my product. Employment laws: when producing my product I will need to take note of employment laws. There are many employment laws like the safety of employees. I will have to make sure the environment they work in is a safe one. Other employment laws include hours of work and rate of pa...

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