MANA 298 Lecture Notes - Pest Analysis, Habitat, Swot Analysis
Document Summary
When developing marketing strategy the firm must look at both the micro and macro environment factors. Ultimately, a successful marketing strategy needs to be consistent with the external operating environment, but at the same time consistent with internal attitudes and capabilities. Pest analysis is carried out first in order to evaluate the political, economic, social, and technological environment. It involves an organisation considering the external environment before starting a project. As such, it is used by businesses worldwide to build their vision of the future. It is important to carry out pest analysis first for different reasons. First, by making effective use of pest analysis, it ensures the job to be lined up positively with the powerful forces of change that are affecting our world. By taking advantage of change, it s possible to spot opportunities and exploit them in wider business environment.
