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The PEST analysis is used for all external activities that could affect the business. External activities are things that the business can have no control over. PEST stands for Political, Economic, Social and Technological. The PEST analysis examines the impact of each of these factors on the business. The results can then be used to take advantage of opportunities and to make contingency plans for threats Political Factors The political factors have a huge influence upon the regulation of businesses, and the spending power of consumers and other businesses. A business must look at issues such as how stable is the political environment, will government policy influence laws that regulate or tax your business, what is the government's position on marketing ethics, what global changes are occurring, data protection, health & safety and environmental policy. Economic Factors Marketers need to consider the state of a trading economy in the short and long-terms. This...

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