Do the law and court system in a country recognize the rights of intellectual property (IP) holders? In addition, how hard is it to seek redress against IP and copyright theft? Are laws a government passes in general conducive to businesses, specifically your business? Can profit levels be maintained if authorities demand a less-polluting production process or if they levy a charge on companies in your sector for post-use cleanup of your products? ![]() Will it become more expensive to employ staff because of minimum-wage legislation, safety-at-work legislation, pension contributions, healthcare contributions and so on? Are tax authorities classifying more contractors as employees? “We look at tariffs, trade deals as they are developed not only by the economics or business side but what political relationships influence those decisions.”Ī PEST analysis examines the following political factors: ![]() “We see this currently in the U.S., particularly in the area of international business,” said Donna Lubrano, a lecturer in the Northeastern University College of Professional Studies. The “P” in the analysis refers to the political factors that help or hinder a business. Elements of a PEST analysisĪ PEST analysis covers four elements: political, economic, social and technological factors. The purpose of a PEST analysis is to help a company’s management team better understand the market they’re operating in now and how they can prepare for potential shifts (for example, regulatory changes). What is a PEST analysis?Ī PEST analysis is an assessment of the political, economic, social and technological factors that could affect a business now and in the future. Many companies use a political, economic, social and technological (PEST) analysis to get a better assessment of their business environment and to understand external threats and opportunities. But many factors are completely out of your control, and without detailed knowledge of those variables, it’s a lot harder to run a successful business. You can decide which products and services you offer, how much you charge, who supplies you and whom you employ. ![]() In business, there’s only so much you can control.
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