PEST Basics
What does "P" stand for in PEST?
Political
Which political factor affects how much businesses pay the government?
Tax Laws
What economic factor refers to rising prices?
Inflation
What social factor studies age groups in a population?
Demographics or age distribution
What technological tool allows customers to order online?
Mobile apps or online ordering systems
What does PEST Analysis help businesses understand?
External factors that affect a business
What type of laws control worker rights and working conditions?
Employment Laws
What happens to consumer spending during a recession?
It usually decreases.
What do changing lifestyle trends influence?
Consumer behaviour and business decisions
What technology is used to automate tasks traditionally done by people?
Automation or artificial intelligence
Larger Organizations
True or False: International relations can affect businesses.
True
What economic factor affects borrowing money?
Interest rates
Because they affect what consumers buy and support
How can technology improve businesses?
By improving efficiency, communication, and customer experience
What analysis tool commonly used together with PEST?
SWOT Analysis
What political factor could increase the cost of imported goods?
Tariffs or trade restrictions
What determines how much products cost and how much consumers want them?
Supply and demand
Give one example of a current social trend.
Sustainability, Healthy Lifestyles, Social Media Influence
What role does social media play in business?
Marketing and customer engagement
Name all four parts of PEST Analysis
Political, Economic, Social, Technological
How can government policy changes impact businesses?
They can affect profits, costs, and operations.
Name two economic factors included in PEST Analysis
Examples: Inflation, recession, exchange rates, interest rates, economic growth
Why must businesses adapt to social trends?
To stay relevant and competitive
Why is government spending on technology research important?
It can lead to new innovations and business opportunities.