Pest and Swot

In: Other Topics

Submitted By Josline
Words 321
Pages 2
An organisation’s success is influenced by factors operating in its internal and external environment; an organisation can increase its success by adopting strategies which manipulate these factors to its advantage. A successful organisation will not only understand existing factors but also forecast change, so that it can take advantage of change within the environments in which it operates. PEST and SWOT analysis are the tools used to find out the current status and position of an organization or individual in relation to their external environment and current role. They can then be used as a basis for future planning and strategic management.

PEST analysis is a concept in marketing principles. Moreover, this concept is used as a tool by companies to track the environment they’re operating in or are planning to launch a new project, product or service. PEST is a mnemonic which in its expanded form denotes P for Political, E for Economic, S for Social, T for Technological, L for Legal and E for Environmental. It gives a bird’s eye view of the whole environment from many different angles that one wants to check and keep a track of while contemplating on a certain idea/plan. A PEST analysis is often conducted prior to SWOT analysis. The data gathered in PEST analysis is used as the “external issues” in a SWOT analysis.

A SWOT Analysis is a tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in…...

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