PEST Analysis (political, economic, social and technological) is a management method whereby an organization can assess major external factors that influence its operation in order to become more competitive in the market. As described by the acronym, those four areas are central to this model.

What are the components of PEST analysis?

The four components of PEST analysis are political, economic, social (including cultural and demographic), and technological.

What is a PEST diagram?

PEST chart is a short form for “Political, Economic, Social and Technological analysis chart” and it describes a frame work of macro-environmental factors used in the environmental strategies. PEST analysis would be able to complement the SWOT analysis in a strategic planning process.

What does S mean in SWOT analysis?

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and so a SWOT analysis is a technique for assessing these four aspects of your business.

What is O stand for SWOT?

What is the PESTEL analysis of the banking industry?

Here is a PESTEL analysis of the Banking industry that analyses the impact of these forces on the industry and its growth. Political factors acquire a very important role in the context of the banking and financial services sector.

How can a PEST analysis help your business?

A PEST analysis can be an invaluable asset to your business, helping you identify the Political, Economic, Social, and Technological factors in the market so your company may build a sound strategic management plan.

What is the best way to understand PEST analysis diagrams?

The best way to understand PEST analysis diagrams is to look at some examples of PEST analysis diagrams. Click on any of these PEST analysis diagrams included in SmartDraw and edit them:

What is a PESTLE analysis?

A PESTLE analysis will provide a clear path which anyone with good business knowledge can follows. The analysis will offer an outward look and the environment based external banking on companies because of the widespread activities which may impact and affect the campaigns, infrastructures, and policies.