This factors studies how community affects decision making process of the company. This economic factor concerns in both local and global scale. Current situation and projected situation in the future are considered carefully to predict how it affects the workflow of the company Economic Political situation is the main subject to study in this analysis. In the analysis process, business owners are provided with various external factors that directly and indirectly exert impact on their businesses. This analysis PEST standing for Political, Economic, Sociological, and Technological is a method used to analyze the outside impacts on the performance of any enterprise.
This analysis concerns the effects from competitors, rules and regulations from local governments, economic situation, and so on. This step focuses on identifying the outside environment to figure out the supporting element as well as deterrence to the development of the company. This analysis figures out all advantages and disadvantages that the company has regarding human resources, capital resources, infrastructure, organization structure and so on. These factors are then grouped in opportunities and threats for the enterprise. In contrast, external analysis focuses on examining outside factors.
Among them, strengths and weaknesses refer to any criteria within and under the control of a company therefore, they are also called internal factors. In this analysis, there are four contributing elements need to be examined to complete the analysis, namely strengths, weaknesses, opportunities and threats. This analysis is mostly applied in the initial stages before the company launches any new plans, especially strategic marketing plans.
Business Analysis is popular to many company owners with the functions to analyze, examine data, and figure out the most appropriate plan or priority for the company to achieve their goals.
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