Monday, May 25, 2020

Pest Analysis - 2654 Words

1.0 QUESTION 1 â€Å"PEST analysis is used by businesses around the world to devise a strategic approach to their activities†. Discuss this statement describing in detail the components of the said analysis. 1.1 INTRODUCTION Apart from a company’s internal resources there are several other factors that have a profound impact the performance of a company. The internal resources usually refers to the employees of the firm, contractors, sub-contractors, suppliers and so on whereas the external environment refers to the market, clients, stakeholders, etc. 1.2 PEST ANALYSIS According to Kotler (1998), PEST analysis is a useful strategic tool for understanding market growth on decline, business position and direction for operations.†¦show more content†¦Furthermore, to the nature of the political situation prevailing in the country where the company is doing business or where it intends to do business. The political factors which influence the external environment include consumer protection law, employment law, government tax regulations, competition regulations and environmental regulations. Therefore, any business need to operate around these factors. The political factor is the key component of the business environment that dictates greatly on the success of any business. If businesses do not take into consideration the political aspects and political environment of the country they are operating, this can present political risks and negative impact on the business. Changes in government policies may affect the economic performance of a business either positively or negatively. For example: Reduction on import duty of raw materials for a ceramic industry will be positive to the local ceramic manufacturer as imported tiles are more expensive. However, it will have a negative feedback to importers. Hence, many businesses may have to change or abandon strategies because of government actions. Businesses should consider the following politicalShow MoreRelatedA Swot and Pest Analysis10002 Words   |  41 PagesHUONG HAAND KEN COGHILL E-Government in Singapore — A Swot and Pest Analysis HUONG HA Department of Management, Monash University, Australia Huong.Ha@BusEco.monash.edu.au KEN COGHILL Department of Management, Monash University, Australia Ken.Coghill@BusEco.monash.edu.au ABSTRACT This paper aims to review and evaluate the vision, the objectives and the strategic framework of e-Government in Singapore. Rapidity, Reliability, Efficiency, Cost-effectiveness, Customer-orientation and AccessibilityRead MorePEST analysis of Siemens703 Words   |  3 PagesSiemens AG PESTLE Analysis Political Factors Siemens AG will be subject to legislation in any country within which they are operating. With the head office in Germany they are subject to German and European corporate law. 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