When completing a PEST analysis, you should consider the following:
-
Changes in geographical factors: This can include shifts in demographics, location, and regional trends that could affect your business environment.
-
New technologies available: Advancements in technology can impact your product offerings, operational processes, and competitive landscape.
-
Current state of the economy: Understanding economic conditions such as inflation rates, unemployment rates, and overall economic growth is crucial for assessing market potential and risks.
-
How laws and regulations impact you: Legal and regulatory factors can greatly affect how businesses operate, including compliance requirements, industry regulations, and potential changes in legislation.
All the options you provided are relevant considerations for a PEST analysis.
1 answer