PEST Defined
PEST is a framework for analyzing the macro-level environment of a business that surveys the Political, Economic, SocioCultural and Technological (PEST) factors in the external environment. The factors are then assessed to identify significant changes that might have an impact on planned global expansion of an existing product or service, entrance into a new market, a foreign business opportunity, or a multinational company's (MNC's) competitive edge in its global business operations.The aim is to identify those external factors that present opportunities or threats.
Strategic Management Insight, MindTools, and Businessballs offer guidance for many strategy tools, including PEST Analysis, by offering definitions, summaries and step-by-step guides. Go to PEST Analysis Template for a one-page worksheet.
Find Country Profiles
- globalEDGEA knowledge web-portal that connects to a wealth of information, insights, and learning resources on global business activities. Created by the International Business Center (IBC) at Michigan State University.
- IMF Country InformationInternational Monetary Fund (IMF) reports and publications arranged by country.
- U.S. Bilateral Relations Fact Sheets ShareU.S. Department of State publications focusing on U.S. relations with foreign countries.
- World Bank Country ProfilesKey investment climate indicators for countries, including corruption, taxes and regulations, access to finance, infrastructure, workforce, crime, informality, innovation and trade.
- World FactbookBrief up-to-date factual profiles of countries complied by the U.S. Central Intelligence Agency (CIA) include information on history, people, government, economy, geography, communications, transportation, military, and transnational issues.
Researching the General Business Environment
- Competitive AlternativesKPMG's analysis of business cost factors ranked across countries.
- Country Commercial GuidesMarket conditions, opportunities, regulations, and business customs prepared by trade and industry experts at U.S. embassies worldwide. "Industry Information" also available through the "Market Intelligence" drop-down menu at the top of the page.
- Doing BusinessThe World Bank evaluates business environments in lengthy Economic Profiles. Their Data page ranks countries on the "Ease of Doing Business." Start by selecting an economy from the menu on the right-side of the homepage. To find a ranking of economies based upon the ease of doing business in the country, click on the "Rankings" tab at the top of the page .
- Enterprise SurveysThe World Bank surveys private sector firms for these reports that identify the top business obstacles in the country. Find data on attitudes about corruption, taxes, gender, technology, regulations and infrastructure. Publication dates vary.
- Global Business GuidesThe basics of conducting business, covers taxes, labor, trade, finance and infrastructure. From HSBC in association with Grant Thornton.
- Global Competitiveness ReportOne of a comprehensive series of reports published by the World Economic Forum that analysis and ranks countries by openness, quality of government, finances, infrastructure technology, management, labor, and institutions. Two page country profiles include strengths and weaknesses. Major portion of publication is devoted to global & regional analysis.
- Investment Climate StatementsComprehensive annual country profiles of investment conditions and policies. Prepared by U.S. embassies and diplomatic missions abroad. These summary statements are taken from the Country Commercial Guides.
- Top MarketsThe International Trade Administration's Top Markets Series is meant to help exporters determine their next export market by comparing opportunities across borders. Each report ranks future export opportunities within a particular industry based on a sector-specific methodology. The reports provide a detailed assessment of the competitiveness landscape within a sector, as well as the opportunities and challenges facing U.S. exporters in key markets.
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Attribution
Created by Associate Professor Elizabeth Mezick.