Discuss effective problem-solving tools.
Each discussion will introduce you to a business-related decision-making tool to add to your “leadership toolbox”. These tools will assist you with your future assignments throughout your program.
Please conduct some research and describe the PEST Analysis in your own words. Next, identify how you can use the PEST Analysis in your profession. My profession is ridesharing like uber or lyft.
List the pros/cons of using a PEST Analysis in a business setting.
Lastly, explain how this new “tool” compares to the tools you learned in previous discussions. When preparing for this discussion, you may find the following article helpful: Carruthers, H. (2009). Using PEST analysis to improve business performance. In Practice, 31(1), 37.
In each discussion forum, students are expected to respond to the prompt by providing an informed, rigorous, and professional post. The initial post should be at least 150 or more words. In addition, respond to Nathaniel Williams and
below separately in a similarly informed, rigorous, and professional manner, replies should be at least 100 or more words.
Nathaniel Williams
Adjust automatic marking as read setting
The Pest Analysis is the new tool used for businesses environment and strategic planning. Pest Analysis mostly analyze in market and provides summary in the macro environment. Business and marketers use the Pest Analysis to make their business more competitive, in political ethic, socially, and technological. I can use the Pest Analysis to prevent threats to my company, advance opportunities, it lets you know when you need to make a change within the company, and also controls failure for your business. The Pest Analysis makes you aware of assumptions from other countries, region and market.
Disadvantages of Pest Analysis
- Political
- Social
- Legal
- Economic
- Technological
- Environmental
Advantages
1, Analyze its position or product in the market.
- Acronym stands for Political, Economic, and Social
- Technological, Legal and Environmental factors.
- Identify and analyze key drivers.
- Allows management to assess the macro environment.
Pest Analysis is compared to Fishbone Analysis, and SWOT Analysis because all of them are used in businesses to power their strategy against other businesses and marketing. SWOT Analysis and Pest Analysis both focuses on environmental factors which may affect business expansions.
References
Adam Kasi (Jan 16, 2016), Analysis Tools.
