PEST Analysis. 1 Political Factors: When is the country’s next local, state, or national election? How could this change government or regional policy?
Who are the most likely contenders for power? Also, what are their views on business policy, and on other policies that affect your organization?
Additionally, depending on the country, how well developed are property rights and the rule of law, and how widespread are corruption and organized crime? How are these situations likely to change, and how is this likely to affect you?
Could any pending legislation or taxation changes affect your business, either positively or negatively?
How will business regulation, along with any planned changes to it, affect your business? And is there a trend towards regulation or deregulation?
How does the government approach corporate policy, corporate social responsibility, environmental issues, and customer protection legislation? What impact does this have, and is it likely to change?
What is the likely timescale of proposed legislative changes?
Lastly, are there any other political factors that are likely to change?
How stable is the current economy? Is it growing, stagnating, or declining?
Are key exchange rates stable, or do they tend to vary significantly?
Also, are customers’ levels of disposable income rising or falling? How is this likely to change in the next few years?
Additionally, what is the unemployment rate? Will it be easy to build a skilled workforce? Or will it be expensive to hire skilled labor?
Do consumers and businesses have easy access to credit? If not, how will this affect your organization?
How is globalization affecting the economic environment?
Lastly, are there any other economic factors that you should consider?
What is the population’s growth rate and age profile? How is this likely to change?
Also, are generational shifts in attitude likely to affect what you’re doing?
What are your society’s levels of health, education, and social mobility? How are these changing, and what impact does this have?
Also, what employment patterns, job market trends, and attitudes toward work can you observe? Are these different for different age groups?
Additionally, What social attitudes and social taboos could affect your business? Have there been recent socio-cultural changes that might affect this?
How do religious beliefs and lifestyle choices affect the population?
Lastly are any other socio-cultural factors likely to drive change for your business?
Are there any new technologies that you could be using?
Also, are there any new technologies on the horizon that could radically affect your work or your industry?
Do any of your competitors have access to new technologies that could redefine their products?
In which areas do governments and educational institutions focus their research? Is there anything you can do to take advantage of this?
Additionally, how have infrastructure changes affected work patterns (for example, levels of remote working)?
Are there existing technological hubs that you could work with or learn from?
Lastly, are there any other technological factors that you should consider?