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PESTEL
In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and relations of a business in order to assist managers in strategic planning. It has also been termed ETPS analysis. PEST analyses give an overview of the different macro-environmental factors to be considered by a business, indicating market growth or decline, business position, as well as the potential of and direction for operations. Components The basic PEST analysis includes four factors: political, economic, social, and technological. Political Political factors relate to how the governments intervene in economies. Specifically, political factors comprise areas including tax policy, labour law, environmental law, trade restrictions, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Environment
Market environment and business environment are marketing Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of Business administration, business management and commerce. Marketing is usually conducted by the seller, typically a retailer or ma ... terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of physical and social factors that are taken directly into consideration in the decision-making behaviour of individuals in the organisation." The three levels of the environment are as follows: # Internal environment – the internal elements of the organisation used to create, communicate and deliver market offerings. # External micro environment – Local forces that affect its ability to serve its customers. # External macro environment – larger societal forces that affect the survival o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Environmental Scanning
Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of physical and social factors that are taken directly into consideration in the decision-making behaviour of individuals in the organisation." The three levels of the environment are as follows: # Internal environment – the internal elements of the organisation used to create, communicate and deliver market offerings. # External micro environment – Local forces that affect its ability to serve its customers. # External macro environment – larger societal forces that affect the survival of the organisation, including the demographic environment, the political environment, the cultural environment, the natural environment, the technological environment and the economic environment. The analysis of the macro marketing environment is to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consumer Law
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law. Such laws are intended to prevent businesses from engaging in fraud or specified unfair practices to gain an advantage over competitors or to mislead consumers. They may also provide additional protection for the general public which may be impacted by a product (or its production) even when they are not the direct purchaser or consumer of that product. For example, government regulations may require businesses to disclose detailed information about their products—particularly in areas where public health or safety is an issue, such as with food or automobiles. Consumer protection is linked to the idea of consumer rights and to the formation of consumer organizations, which help consumers make better choices in the marketplace and pursue complaints against businesses. Entities t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Discrimination Law
Anti-discrimination law or non-discrimination law refers to legislation designed to prevent discrimination against particular groups of people; these groups are often referred to as protected groups or protected classes. Anti-discrimination laws vary by jurisdiction with regard to the types of discrimination that are prohibited, and also the groups that are protected by that legislation. Commonly, these types of legislation are designed to prevent discrimination in employment, housing, education, and other areas of social life, such as public accommodations. Anti-discrimination law may include protections for groups based on sex, age, race, ethnicity, nationality, disability, mental illness or ability, sexual orientation, gender, gender identity/expression, sex characteristics, religion, creed, or individual political opinions. Anti-discrimination laws are rooted in principles of equality, specifically, that individuals should not be treated differently due to the characteris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Innovation
Innovation is the practical implementation of ideas that result in the introduction of new goods or service (economics), services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value (economics), value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies. Innovation often takes place through the development of more-effective product (business), products, processes, Service (economics), services, technologies, art works or business models that innovators make available to Market (economics), markets, governments and society. Innovation is related to, but not the same as, ''invention'': innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations requir ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Outsourcing
Outsourcing is a business practice in which companies use external providers to carry out business processes that would otherwise be handled internally. Outsourcing sometimes involves transferring employees and assets from one firm to another. The term ''outsourcing'', which came from the phrase ''outside resourcing'', originated no later than 1981 at a time when industrial jobs in the United States were being moved overseas, contributing to the economic and cultural collapse of small, industrial towns. In some contexts, the term smartsourcing is also used. The concept, which ''The Economist'' says has "made its presence felt since the time of the Second World War", often involves the contracting out of a business process (e.g., payroll processing, claims processing), operational, and/or non-core functions, such as manufacturing, facility management, call center/call center support. The practice of handing over control of public services to private enterprises ( privatiz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barrier To Entry
In theories of competition in economics, a barrier to entry, or an economic barrier to entry, is a fixed cost that must be incurred by a new entrant, regardless of production or sales activities, into a market that incumbents do not have or have not had to incur. Because barriers to entry protect incumbent firms and restrict competition in a market, they can contribute to distortionary prices and are therefore most important when discussing antitrust policy. Barriers to entry often cause or aid the existence of monopolies and oligopolies, or give companies market power. Barriers of entry also have an importance in industries. First of all it is important to identify that some exist naturally, such as brand loyalty. Governments can also create barriers to entry to meet consumer protection laws, protecting the public. In other cases it can also be due to inherent scarcity of public resources needed to enter a market. Definitions Various conflicting definitions of "barrier to ent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technological Change
Technological change (TC) or technological development is the overall process of invention, innovation and diffusion of innovations, diffusion of technology or business process, processes.From ''The New Palgrave Dictionary otechnical change by S. Metcalfe. •biased and biased technological change by Peter L. Rousseau. •skill-biased technical change by Giovanni L. Violante. In essence, technological change covers the invention of technologies (including processes) and their commercialization or release as open source via research and development (producing emerging technologies), the continual improvement process, continual improvement of technologies (in which they often become less expensive), and the diffusion of technologies throughout industry or society (which sometimes involves disruptive innovation, disruption and technological convergence, convergence). In short, technological change is based on both better and more technology. Modeling technological chan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automation
Automation describes a wide range of technologies that reduce human intervention in processes, mainly by predetermining decision criteria, subprocess relationships, and related actions, as well as embodying those predeterminations in machines. Automation has been achieved by various means including Mechanical system, mechanical, hydraulic, pneumatic, electrical, electronic devices, and computers, usually in combination. Complicated systems, such as modern Factory, factories, airplanes, and ships typically use combinations of all of these techniques. The benefit of automation includes labor savings, reducing waste, savings in electricity costs, savings in material costs, and improvements to quality, accuracy, and precision. Automation includes the use of various equipment and control systems such as machinery, processes in factories, boilers, and heat-treating ovens, switching on telephone networks, steering, Stabilizer (ship), stabilization of ships, aircraft and other applic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Population Growth
Population growth is the increase in the number of people in a population or dispersed group. The World population, global population has grown from 1 billion in 1800 to 8.2 billion in 2025. Actual global human population growth amounts to around 70 million annually, or 0.85% per year. As of 2024, The United Nations projects that global population will peak in the mid-2080s at around 10.3 billion. The UN's estimates have decreased strongly in recent years due to sharp declines in global birth rates. Others have challenged many recent population projections as having underestimated population growth. The world human population has been growing since the end of the Black Death, around the year 1350. A mix of technological advancement that improved agricultural productivity and sanitation and medical advancement that reduced mortality increased population growth. In some geographies, this has slowed through the process called the demographic transition, where many nations with high ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Culture
Culture ( ) is a concept that encompasses the social behavior, institutions, and Social norm, norms found in human societies, as well as the knowledge, beliefs, arts, laws, Social norm, customs, capabilities, Attitude (psychology), attitudes, and habits of the individuals in these groups.Tylor, Edward. (1871). ''Primitive Culture''. Vol 1. New York: J. P. Putnam's Son Culture often originates from or is attributed to a specific region or location. Humans acquire culture through the learning processes of enculturation and socialization, which is shown by the diversity of cultures across societies. A cultural norm codifies acceptable conduct in society; it serves as a guideline for behavior, dress, language, and demeanor in a situation, which serves as a template for expectations in a social group. Accepting only a monoculturalism, monoculture in a social group can bear risks, just as a single species can wither in the face of environmental change, for lack of functional respo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
