Main Aspects of Pest Analysis

The use of PEST analysis can be seen effective for business such as their strategic planning, marketing, and product development. Furthermore, PEST ensures that company`s performance is aligned positively with the powerful forces of change that are affecting business environment (Porter, 1985). PEST have four factors which are Political, Economic, Social, and Technological. However, we use these factors to check how they interplay to the business or the activity of an organization.Using PEST analysis is important when a company decided to enter its business operation into new markets and new countries. In this case, using PEST will help to adapt effectively to the realities of the new environment and to make contingency plans for threats by preparing business and strategic plans (Byars, 1991; Cooper, 2000).

The PEST analysis helps to explain the critical factors in the organization's external environment. The factors include political, economic, social and technological. For Myer, these forces combine with the internal factors, and other external factors like competition. The Australian consumer goods retail market is worth $121 billion (IBISWorld, 2012) but is heavily fragmented. Myer is the third-largest company in the industry behind David Jones and Harvey Norman, but with $3.158 billion in sales holds just 2.6% market share (Myer 2011 Annual Report). This implies that competition is only one of many factors that can contribute to the company's results. This PEST analysis will help to identify the other major factors.

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PEST analysis will be able to be utilized to help detect trends in the external environment that will eventually discover their method into the competitive environment. It gives a relation between the general and competitive environments in that weak signals in the general

PEST analysis exists as the macro-environmental factors that will impact the industry’s ability to provide the products offered to its underlying customers. Controlling factors, such as threats and opportunities is challenging, since they have an effect on the business, as well as outside it (Cork, 2016). A proper understanding of the macro environment of Lily’s Kitchen is vital since the managers are able to effectively forecast the market trends and greatly take the advantages of the underlying opportunities while minimizing threat through adjustment of its operating strategies (Cork, 2016). Therefore, the determination of the factors affecting the firm’s internal operational factors such as demand, supply levels and cost is essential. Hence, PEST analysis is a beneficial tool to understand the whole environmental trends in which the enterprise is operating (Cork, 2016).

Companies conduct this analysis to stay abreast of the issue in the current business environment. Here PEST framework will be used to analyze the macro environment which is divided into four parts-- political, economic, social and technological factors.

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Over the years, the Philippines has gone from being one of the richest countries in Asia to being one of the poorest. It has experienced growth and development since World War II. The current administration under President Gloria Macapagal-Arroyo is aiming for a more rapid growth in the coming years. In 2004, the Philippine economy grew by 6.1% surprising everyone. In 2005, the Philippine peso appreciated by 6%, the fastest in the Asian region for that year. At present, the administration is meeting its expected target growth and is continually looking positive for the future.

PEST is an acronym used for companies with in the political, economic, social and technological views. PEST allows companies to view and observe certain areas that might have been overlooked. The company I will be discussing the PEST analysis is Target. Target is a large scale company and is constantly changing in the industry. The political views of Target is that they must have an unbreakable bond with China due to majority of its products coming from that country. They must be aware and stray away from any conflicts because it can create a negative affect in the operation of Target. Also the company is altered by taxation, tariffs, cost, and trade restrictions especially when they're trying to broden outside the United States. The economic

Political, Economic, Social and Technological (PEST) analysis describes a framework of macro-environmental factors used in the environmental scanning component

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The PEST analysis is a well known and widely used method to analyze the environment of a business. It takes in to account political factors, economical factors, social factors and technological factors providing a very good overview and preliminary analysis.

The PEST analysis is more of long-term analysis that can help determine how Political, Economical, Social, and Technological change will affect the performance and activities of a business.

In PEST analysis, we will look into what will be affect by the business environment. It includes political environment, economical environment, social environment and technological environment.