PEST analysis
- Your business environment is always changing. These changes can bring new opportunities or challenges
- Understanding these changes helps you to identify “Big picture opportunities”
- For example: An upcoming election and change in government, may open a new market
- The PEST framework helps you to focus on the big picture: politics, the economy, socio-cultural changes, and technology
Q: Write down changes in politics, the economy, socio-cultural aspects or in technology, that might impact our business
Q: Based on the top five changes from the last activity: Write down potential opportunities they create for your business
Q: Based on the top five changes from the first activity: Write down potential threats they create for your business
Q: Based on the identified opportunities and threats, which actions can we take to profit from or avoid them