A PEST analysis is another form of a SWOT-type analysis for a particular market segment or product. Whereas a SWOT analysis will generally look at a business unit, a PEST analysis will look to an individual market or product within that unit. Internal and external factors can determine the best timing to release a product to market. It might be advantageous to wait for a competitors product to reach it's market cycle peak before releasing, or releasing before a competitor beats you to market. It's good to have a full understanding of all the factors so that you make the best possible decisions. In this age of data-driven decisions, you cannot afford to leave your future to chance.
What Does PEST stand for?
P – Political
E – Economic
S – Social
T – Technological
There are many variations on this model and there may be reasons to migrate into one of those. To determine the necessity to do so requires a knowledge of the different modifications and the outcomes you desire from the group. For Example, if you needed to add Environmental and Legal to your desired outcomes, then the PESTEL method would suit you.
Since there are so many variations of the PEST Analysis, having someone who can decipher the usage based on the need is imperative. To make sure you are using the correct model for your situation, Mountain Skies provides a free screening to determine your best choice. We would also recommend that you use a third party non-affiliated person to lead and facilitate your group to ensure bias is kept to a minimum.
You are welcome to download a FREE sample in its PEST only form, or Mountain Skies Business Consulting can review your requirements to determine if another model would better suit your needs.