A PEST analysis is a useful tool for understanding new markets. Download this free template now.
If you’re considering exporting to another country, one of your first steps should be to complete a PEST analysis of the market.
PEST is an acronym for “political, economic, social and technologicalâ€ factors. PEST factors are external influences, so completing a PEST analysis is helpful prior to completing a SWOT (“strengths, weaknesses, opportunities, threatsâ€) analysis, which is based broadly on half internal and half external factors.
It is important to clearly identify the country or location that is the subject of a PEST analysis. A PEST analysis is a four-way perspective in relation to a particular business proposition. If you blur the focus, you will produce a blurred picture.
Our free PEST template includes sample questions or prompts, and you can insert the answers into the relevant section of the PEST grid.