Question
The PEST Analysis framework was developed in the 1960s by Harvard Business School professor, Francis Aguilar. It was initially called ETPS, representing Economic, Technical, Political, and Social external factors. Later, it was rearranged to PEST for easier recall. The framework was further expanded to PESTEL or PESTLE, including Environmental and Legal factors. It's a tool used by organizations to track the environment they're operating in or planning to enter. It's a simple but effective tool that helps organizations to understand the big picture of the Political, Economic, Social, and Technological environment.
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Start with the history – familiarize yourself with your topic: read about its history, find out how it was established, how long it's been around and who was it founded by. Also, pay attention to major achievements associated with the topic that happened over the past few years Find political information – common political regulations to search for are tariffs, employment laws, health and safety, tax policies and trade control. Find economic information – some economic issues to pay attention to are taxes, Interest rates, demand and supply and recessions. Find social information – here, you'd examine how consumers are affected by political and economic factors. It is acceptable to draw conclusions based on the information you've already gathered from your political and economic factors research.
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