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le of the PEST Analysis tool. What is its role? What is its importance? How do we use it? This is what will become clear in this article. What is PEST Analysis? PEST analysis is a tool that reviews external conditions and factors represented by economic, political, social and technological factors. This analysis helps to identify these factors and how they affect your field of work, and the extent to which they affect performance and overall activity on business decisions. PEST analysis? The PEST model takes into account the importance of external factors and their analysis, such as: political issues, government legislation, restrictions and binding laws, labor laws and approved regulations, and from here the importance of this analysis becomes clear, which is represented in the following: A greater understanding of your company.
Any activity or business that is related in one way or another to customers and the surrounding community. When you understand the factors affecting your business, positively or negatively, you can form a comprehensive vision of how the business is conducted phone number database and the extent of the difference it makes in the lives of others. Effective long-term strategic planning : BEST analysis contributes to teaching you how to avoid risks, and prevents you from running into any problems that may affect your long-term plans, thus reducing the size of potential losses. Focus on potential threats and external risks : When looking at potential risks and threats, you have two options: either deal with them or prevent them completely. When you take action proactively, you gain a competitive advantage by confronting any risks that may lead to losses that are difficult to.
Compensate for. Awareness of valuable business opportunities : You must be close to the market, and keep your finger on its pulse and movement in order to be the first to benefit from government policies and beneficial opportunities in your field. You must strengthen your brand, enact ethical policies that emerge from government policies, and have your message in the right direction. Read also about: Market analysis and study How to use PEST analysis? There are four important steps to using the PEST analysis tool, and these steps are as follows: 1- Brainstorming Brainstorming is done about the factors and variables that affect your field of work, including economic, political, social, and technological factors, while including some common questions about each factor to make the process easier for you.
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