Question
Almost any company can benefit from the PEST Analysis framework. For instance, a tech company like Apple could use it to understand the political, economic, social, and technological factors that could impact their business. Politically, they need to be aware of trade policies, especially with their manufacturing largely based in China. Economically, they need to understand global economic trends as they sell products worldwide. Socially, they need to keep up with consumer trends and preferences. Technologically, they need to stay ahead of the curve in a rapidly evolving tech industry.
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PEST analysis, sometimes also referred to as PESTLE or PESTEL Analysis, is a tool used by businesses to monitor the environment they're operating in or to track processes before launching a new project, product or service. Each letter in the original framework name, "PESTLE," stands for a factor that might influence the organization's operation. Thus, "P" stands for "political," "E" stands for "economic," "S" stands for "social," "T" stands for "technology," "L" stands for "legal" and another "E" stands for "environmental" factors.
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