How does PEST analysis contribute to understanding market dynamics?
- Economic factors
- Political factors
- Social factors
- Technological factors
PEST analysis is a strategic tool used to understand the external macro-environmental factors affecting a business or industry. By examining political, economic, social, and technological factors, organizations can gain insights into the opportunities and threats present in the market. For example, political instability can impact regulations and policies, while technological advancements can drive innovation and disrupt traditional business models.
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