PEST Analysis

Definition: PEST Analysis is a strategy tool to scan the external environment in which a firm operates. PEST is an acronym for the following factors: Political, Economic, Social and Technological.
PEST factors play an important role in the value creation opportunities of a strategy. However they are usually outside the control of the corporation and must normally be considered as either threats or opportunities.
Can be extended to STEEPLE analysis by adding Environmental, Legal and Ethical factors.

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More on external environment: Cultural Dimensions, External Environment, Five Forces, Specific Environment, Strategic Drift.

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