Today’s world is a rapidly changing place. Developments across a series of factors will have an impact on a business or industry. The standard PEST structure (political, economic, social, and technological) identifies four key categories of external factors that involve the capability of an organization to stay alive and show a profit. The reason for this framework is that business does not function in a vacuum. It has to act and react to what happens outside the factory and office walls. These will affect the main internal factors like Customers, Competitors, Suppliers and Share holders identified as a Microenvironment of the business and possibly the objectives of the business and its strategies. These will leads to a SWOT analysis and it is a strategic planning method used to evaluate the strengths and weaknesses internally to the organization and the opportunities and threats presented by the external environment to the organization. It involves specifying the objective the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieve that objective.

Jincy Anna Joy

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