During the strategic planning process, it is often necessary to use a PEST analysis. What is PEST an acronym for?
Explanation
Answer - A - During the strategic planning process, it is often necessary to use a PEST analysis. PEST is an acronym for political, economic, social, technology.
Key Takeaway: A PEST analysis, used during the strategic planning process, refers to the “Political, Economic, Social, and Technological” factors that may affect the overall strategy of an organization. In recent years, some analysts have added an “L,” which stands for legal and/or an “E” for environmental factors. A PEST analysis can be very useful to understand the potential direction of the business and any ramifications-good or bad-of impending business decisions.
