Conducting a PEST Analysis involves several steps:
Identify the relevant factors: Gather information on the political, economic, social, and technological factors affecting your industry. Analyze the impact: Assess how these factors influence your business and identify potential opportunities or threats. Develop strategies: Formulate strategies to leverage opportunities and mitigate risks. This may involve adapting your business model, entering new markets, or investing in new technologies. Monitor and review: Regularly update your PEST Analysis to reflect changes in the external environment and adjust your strategies accordingly.