The PEST or PESTLE Analysis
PESTLE is an acronym for
Political, Economic, Social, Technological, Legal and Environmental factors, which are used to assess the market for a business or organizational unit strategic plan
Originally designed as a business environmental scan, the PEST or PESTLE analysis is an analysis of the external macro environment (big picture) in which a business operates. These are often factors which are beyond the control or influence of a business, however are important to be aware of when doing product development, business or strategy planning.
A SWOT is a planning tool used to understand the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business. It involves specifying the objective of the business or project and identifying the internal and external factors that are supportive or unfavourable to achieving that objective.
Definition of SWOT
A SWOT analysis generates information that is helpful in matching an organization or group’s goals, programs, and capacities to the social environment in which it operates.
Strengths
* Positive tangible and intangible attributes, internal to an organization. * They are within the organization’s control.
Weakness
* Factors that are within an organization’s control that detract from its ability to attain the desired goal. * Which areas might the organization improve?
Opportunities
* External attractive factors that represent the reason for an organization to exist and develop. * What opportunities exist in the environment, which will propel the organization?
Identify them by their “time frames”
Threats
* External factors, beyond an organization’s control, which could place the organization mission or operation at risk. * The organization may benefit by having contingency plans to address them if they should occur. * Classify