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PEST Analysis The following political, economical, social and technological environment considers the way a business operates. These are referred to as PEST factors this is short for political, economical, social and technological. A PEST analysis looks at the external business environment. Such external factors usually are beyond the firm's control and sometimes present themselves as threats. For this reason, some say that "pest" is an appropriate term for these factors. However, changes in the external environment also create new opportunities and the letters sometimes are rearranged to construct the more optimistic term of STEP analysis. The analysis examines the impact of these PEST factors (and their interplay with each other) on the business. The results can then be used to take advantage of opportunities and to make contingency plans for threats. Political The political arena has a huge influence upon the regulation of the businesses, and the spending power of consumers and the...

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