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<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">PEST analysis</span></span>
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</style><table class="sidebar sidebar-collapse nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="Strategy" title="Strategy">Strategy</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"></span></td></tr><tr><td class="sidebar-content">
<div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#DDFFDD;;color: var(--color-base)">Analysis methods</div><div class="sidebar-list-content mw-collapsible-content">
<ul><li><a href="Strategy" title="Strategy">Strategy</a> • <a href="Strategic_management" title="Strategic management">Strategic management</a></li>
<li><a href="Military_strategy" title="Military strategy">Military strategy</a> • <a href="Strategic_studies" title="Strategic studies">Strategic studies</a></li>
<li><a href="Strategic_planning" title="Strategic planning">Strategic planning</a> • <a href="Strategic_thinking" title="Strategic thinking">Strategic thinking</a></li>
<li><a href="Decision_theory" title="Decision theory">Decision theory</a> • <a href="Game_theory" title="Game theory">Game theory</a></li></ul></div></div></td>
</tr><tr><td class="sidebar-content">
<div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#DDFFDD;;color: var(--color-base)">Major thinkers</div><div class="sidebar-list-content mw-collapsible-content">
<ul><li><a href="Michael_Porter" title="Michael Porter">Michael Porter</a> • <a href="Rita_Gunther_McGrath" title="Rita Gunther McGrath">Rita Gunther McGrath</a></li>
<li><a href="Bruce_Henderson" title="Bruce Henderson">Bruce Henderson</a> • <a href="Gary_Hamel" title="Gary Hamel">Gary Hamel</a></li>
<li><a href="Candace_A._Yano" title="Candace A. Yano">Candace A. Yano</a> • <a href="C._K._Prahalad" title="C. K. Prahalad">C. K. Prahalad</a></li>
<li><a href="James_C._Collins" title="James C. Collins">Jim Collins</a> • <a href="B._H._Liddell_Hart" title="B. H. Liddell Hart">Liddell Hart</a></li>
<li><a href="Carl_von_Clausewitz" title="Carl von Clausewitz">Carl von Clausewitz</a> • <a href="Sun_Tzu" title="Sun Tzu">Sun Tzu</a></li>
<li><a href="Julian_Corbett" title="Julian Corbett">Julian Corbett</a> • <a href="Alfred_Thayer_Mahan" title="Alfred Thayer Mahan">Alfred Thayer Mahan</a></li>
<li><a href="J.C._Wylie" title="J.C. Wylie">J.C. Wylie</a> • <a href="Adrian_Slywotzky" title="Adrian Slywotzky">Adrian Slywotzky</a></li>
<li><a href="Sharon_Oster" title="Sharon Oster">Sharon Oster</a> • <a href="Chris_Zook" title="Chris Zook">Chris Zook</a></li>
<li><a href="Henry_Mintzberg" title="Henry Mintzberg">Henry Mintzberg</a></li></ul></div></div></td>
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<div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#DDFFDD;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content">
<ul><li><a href="Business_model" title="Business model">Business model</a> • <a href="Competitive_advantage" title="Competitive advantage">Competitive advantage</a></li>
<li><a href="Value_chain" title="Value chain">Value chain</a> • <a href="Performance_effects" title="Performance effects">Performance effects</a></li>
<li><a href="Core_competency" title="Core competency">Core competency</a> • <a href="Porter's_generic_strategies" title="Porter's generic strategies">Generic strategies</a></li>
<li><a href="Mission_statement" title="Mission statement">Mission statement</a></li></ul></div></div></td>
</tr><tr><td class="sidebar-content">
<div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#DDFFDD;;color: var(--color-base)">Frameworks and tools</div><div class="sidebar-list-content mw-collapsible-content">
<ul><li><a href="SWOT_analysis" title="SWOT analysis">SWOT</a> • <a href="Porter's_five_forces_analysis" title="Porter's five forces analysis">Five forces</a></li>
<li><a href="Balanced_scorecard" title="Balanced scorecard">Balanced scorecard</a> • <a href="Ansoff_matrix" title="Ansoff matrix">Ansoff matrix</a></li>
<li><a href="OGSM" title="OGSM">OGSM</a> • <a href="Managerial_grid_model" title="Managerial grid model">Managerial grid model</a></li>
<li> • <a href="Growth%E2%80%93share_matrix" title="Growth–share matrix">Growth–share matrix</a></li>
<li><a href="Segmenting-targeting-positioning" title="Segmenting-targeting-positioning">STP</a> • <a href="MECE_principle" title="MECE principle">MECE principle</a></li>
<li><a href="Business_Model_Canvas" class="mw-redirect" title="Business Model Canvas">Business Model Canvas</a> • <a href="Kraljic_matrix" title="Kraljic matrix">Kraljic matrix</a></li>
<li><a href="Strategic_Grid_Model" class="mw-redirect" title="Strategic Grid Model">Strategic Grid Model</a> • <a href="Strategy_map" title="Strategy map">Strategy map</a> • <a href="VRIO" title="VRIO">VRIO</a></li></ul></div></div></td>
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</style></td></tr></tbody></table><p>In <a href="Business_analysis" title="Business analysis">business analysis</a>, <b>PEST analysis</b> (political, economic, social and technological) is a framework of external <a href="Market_environment" title="Market environment">macro-environmental</a> factors used in <a href="Strategic_management" title="Strategic management">strategic management</a> and <a href="Market_research" title="Market research">market research</a>.
</p><p>PEST analysis was developed in 1967 by <a href="Francis_J._Aguilar" title="Francis J. Aguilar">Francis Aguilar</a> as an <a href="Environmental_scanning" class="mw-redirect" title="Environmental scanning">environmental scanning</a> framework for businesses to understand the external conditions and relations of a business in order to assist managers in strategic planning.<sup id="cite_ref-:0_1-0" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> It has also been termed <b>ETPS analysis</b>.<sup id="cite_ref-:0_1-1" class="reference"><a href="#cite_note-:0-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup>
</p><p>PEST analyses give an overview of the different macro-environmental factors to be considered by a business, indicating <a href="Economic_growth" title="Economic growth">market growth</a> or decline, business position, as well as the potential of and direction for operations.
</p>
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<div class="mw-heading mw-heading2"><h2 id="Components">Components</h2></div>
<p>The basic PEST analysis includes four factors: political, economic, social, and technological.
</p>
<div class="mw-heading mw-heading3"><h3 id="Political">Political</h3></div>
<p>Political factors relate to how the <a href="Government" title="Government">governments</a> intervene in economies.
</p><p>Specifically, political factors comprise areas including <a href="Tax_policy" title="Tax policy">tax policy</a>, <a href="Labour_law" title="Labour law">labour law</a>, <a href="Environmental_law" title="Environmental law">environmental law</a>, <a href="Trade_restriction" title="Trade restriction">trade restrictions</a>, <a href="Tariffs" class="mw-redirect" title="Tariffs">tariffs</a>, and political stability. Other factors include what are considered <a href="Merit_good" title="Merit good">merit goods</a> and <a href="Demerit_good" title="Demerit good">demerit goods</a> by a government, and the impact of governments on <a href="Health" title="Health">health</a>, <a href="Education" title="Education">education</a>, and <a href="Infrastructure" title="Infrastructure">infrastructure</a> of a nation.<sup id="cite_ref-Strategic_Management_2-0" class="reference"><a href="#cite_note-Strategic_Management-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading3"><h3 id="Economic">Economic</h3></div>
<p>Economic factors include <a href="Economic_growth" title="Economic growth">economic growth</a>, <a href="Exchange_rate" title="Exchange rate">exchange rates</a>, <a href="Inflation_rate" class="mw-redirect" title="Inflation rate">inflation rate</a>, and <a href="Interest_rate" title="Interest rate">interest rates</a>.<sup id="cite_ref-Strategic_Management_2-1" class="reference"><a href="#cite_note-Strategic_Management-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading3"><h3 id="Social">Social</h3></div>
<p>Social factors include <a href="Culture" title="Culture">cultural aspects</a> and health consciousness, <a href="Population_growth" title="Population growth">population growth rate</a>, age distribution, career attitudes and safety emphasis. Trends in social factors affect the demand for a company's products and how that company operates. Through analysis of social factors, companies may adopt various management strategies to adapt to social trends.
</p>
<div class="mw-heading mw-heading3"><h3 id="Technological">Technological</h3></div>
<p>Technological factors include <a href="R%26D" class="mw-redirect" title="R&D">R&D</a> activity, <a href="Automation" title="Automation">automation</a>, technology incentives and the rate of <a href="Technological_change" title="Technological change">technological change</a>. These can determine <a href="Barrier_to_entry" class="mw-redirect" title="Barrier to entry">barriers to entry</a>, minimum efficient production level and influence the <a href="Outsourcing" title="Outsourcing">outsourcing</a> decisions. Technological shifts would also affect costs, quality, and <a href="Innovation" title="Innovation">innovation</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading2"><h2 id="Variants">Variants</h2></div>
<p>Many similar frameworks have been constructed, with the addition of other components such as environment and law. These include PESTLE,<sup id="cite_ref-Nandonde_(2019)_4-0" class="reference"><a href="#cite_note-Nandonde_(2019)-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> PMESII-PT,<sup id="cite_ref-:2_5-0" class="reference"><a href="#cite_note-:2-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> STEPE,<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> STEEP,<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> STEEPLE,<sup id="cite_ref-:3_8-0" class="reference"><a href="#cite_note-:3-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> STEER,<sup id="cite_ref-CarrJr.2009_9-0" class="reference"><a href="#cite_note-CarrJr.2009-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> and TELOS.
</p>
<div class="mw-heading mw-heading3"><h3 id="Legal_and_regulatory">Legal and regulatory</h3></div>
<p>Legal factors include <a href="Discrimination_law" class="mw-redirect" title="Discrimination law">discrimination law</a>, <a href="Consumer_law" class="mw-redirect" title="Consumer law">consumer law</a>, <a href="Antitrust_law" class="mw-redirect" title="Antitrust law">antitrust law</a>, <a href="Employment_law" class="mw-redirect" title="Employment law">employment law</a>, and <a href="Health_and_safety_law" class="mw-redirect" title="Health and safety law">health and safety law</a>, which can affect how a company operates, its costs, and the demand for its products.<sup id="cite_ref-Nandonde_(2019)_4-1" class="reference"><a href="#cite_note-Nandonde_(2019)-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Regulatory factors have also been analysed as its own pillar.<sup id="cite_ref-CarrJr.2009_9-1" class="reference"><a href="#cite_note-CarrJr.2009-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading3"><h3 id="Environment">Environment</h3></div>
<p><a href="Biophysical_environment" class="mw-redirect" title="Biophysical environment">Environmental</a> factors include ecological and environmental aspects such as weather, climate, and <a href="Climate_change" title="Climate change">climate change</a>, which may especially affect industries such as tourism, farming, and insurance.<sup id="cite_ref-Nandonde_(2019)_4-2" class="reference"><a href="#cite_note-Nandonde_(2019)-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Environmental analyses often use the PESTLE framework, which allow for the evaluation of factors affecting management decisions for coastal zone and freshwater resources,<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> development of sustainable buildings,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> <a href="Sustainable_energy" title="Sustainable energy">sustainable energy</a> solutions,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> and transportation.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading3"><h3 id="Demographic">Demographic</h3></div>
<p>Demographic factors have been considered in frameworks such as STEEPLED.<sup id="cite_ref-:3_8-1" class="reference"><a href="#cite_note-:3-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Factors include gender, age, ethnicity, knowledge of languages, disabilities, mobility, home ownership, employment status, religious belief or practice, culture and tradition, living standards and income level.
</p>
<div class="mw-heading mw-heading3"><h3 id="Military">Military</h3></div>
<p>Military analyses have used the PMESII-PT framework, which considers political, military, economic, social, information, infrastructure, physical environment and time aspects in a military context.<sup id="cite_ref-:2_5-1" class="reference"><a href="#cite_note-:2-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading3"><h3 id="Operational">Operational</h3></div>
<p>The TELOS framework explores technical, economic, legal, operational, and scheduling factors.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading2"><h2 id="Limitations">Limitations</h2></div>
<p>PEST analysis can be helpful to explain market changes in the past, but it is not always suitable to predict or foresee upcoming market changes. The macro-environment is highly fluid, and factors can shift unpredictably.<sup id="cite_ref-:1_17-0" class="reference"><a href="#cite_note-:1-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup>
</p>
<div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div>
<ul><li><a href="Enterprise_planning_systems" class="mw-redirect" title="Enterprise planning systems">Enterprise planning systems</a></li>
<li><a href="Macromarketing" title="Macromarketing">Macromarketing</a></li>
<li><a href="SWOT_analysis" title="SWOT analysis">SWOT analysis</a></li>
<li><a href="VRIO" title="VRIO">VRIO</a></li></ul>
<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>
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<ul><li><a href="Ansoff_matrix" title="Ansoff matrix">Ansoff matrix</a></li>
<li><a href="Balanced_scorecard" title="Balanced scorecard">Balanced scorecard</a></li>
<li><a href="Bowman's_Strategy_Clock" title="Bowman's Strategy Clock">Bowman's Strategy Clock</a></li>
<li><a href="Business_Model_Canvas" class="mw-redirect" title="Business Model Canvas">Business Model Canvas</a></li>
<li><a href="Competitor_analysis" title="Competitor analysis">Competitor analysis</a></li>
<li><a href="Growth%E2%80%93share_matrix" title="Growth–share matrix">Growth–share matrix</a></li>
<li><a href="Managerial_grid_model" title="Managerial grid model">Managerial grid model</a></li>
<li><a href="Market_Opportunity_Navigator" title="Market Opportunity Navigator">Market Opportunity Navigator</a></li>
<li><a href="MECE_principle" title="MECE principle">MECE principle</a></li>
<li><a href="Mind_map" title="Mind map">Mind map</a></li>
<li><a href="OGSM" title="OGSM">OGSM</a></li>
<li><a href="Pareto_priority_index" title="Pareto priority index">Pareto priority index</a></li>
<li><a href="Porter's_five_forces_analysis" title="Porter's five forces analysis">Porter's five forces analysis</a></li>
<li><a href="Scenario_planning" title="Scenario planning">Scenario planning</a></li>
<li><a href="Segmenting-targeting-positioning" title="Segmenting-targeting-positioning">Segmenting-targeting-positioning</a></li>
<li><a href="SWOT_analysis" title="SWOT analysis">SWOT analysis</a></li>
<li><a href="Kraljic_matrix" title="Kraljic matrix">Kraljic matrix</a></li>
<li><a href="Strategic_grid_model" title="Strategic grid model">Strategic grid model</a></li>
<li><a href="Strategy_map" title="Strategy map">Strategy map</a></li>
<li><a href="Structure_follows_Strategy" title="Structure follows Strategy">Structure follows Strategy</a></li>
<li><a href="VRIO" title="VRIO">VRIO</a></li></ul>
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