A PEST analysis can be an invaluable asset to your business, helping you identify the Political, Economic, Social, and Technological factors in the market so your company may build a sound strategic management plan. The PEST acronym is sometimes reworked as STEP, and SmartDraw provides a template for a STEP diagram as well.
SmartDraw is so easy to use, you can bring it to your next workshop or brainstorming session, and, as a group, create a professional-looking PEST graphic that has the input of all your contributors, all in real-time.
Just start with one of the included PEST templates and customize it as a group by adding your factors.
Once your PEST analysis is complete and you are more knowledgeable about your current market, you can easily move on to perform a SWOT analysis (also included in SmartDraw), determining the Strengths, Weaknesses, Opportunities, and Threats to your business.
While a PEST analysis looks at the market in general, SWOT analysis looks specifically at your business, both from the inside and outside, allowing you to see how well you are positioned in the market.
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