I have an assigment in which they told me to make a pest analysis on an company..they gave the details of the company ..its an event company..can you plz help me as i don't know how to conduct pest analysi
http://www.google.com/#q=pest+analysis
A good way to think about this is like overlapping circles. The company is the big circle. Customers are another one. Government regulations are another one. You can name many more that overlap with the company and influence (or should, or must) what the company does and how it does business.
Of course, I can help you understand how to conduct a PEST analysis for an event company. PEST analysis is a framework used to analyze the external macro-environmental factors that can affect a business or industry. It stands for Political, Economic, Social, and Technological factors.
Here's a step-by-step guide to conducting a PEST analysis for an event company:
1. Political Factors:
- Research and consider any political factors or government regulations that might affect the event industry. This could include policies related to event permits, licensing, health and safety regulations, taxation, or any government support for the industry.
- Look for any political stability or instability in the region that may impact the company's operations or events.
2. Economic Factors:
- Analyze the economic conditions that can impact the event industry. Consider factors such as the state of the economy, inflation rate, interest rates, consumer spending patterns, or changes in disposable income.
- Evaluate the impact of the COVID-19 pandemic or other economic crises on the industry and the company.
3. Social Factors:
- Examine the societal and cultural factors that influence the event industry. Consider demographic trends, lifestyle preferences, consumer behavior changes, or emerging societal trends that might impact event planning and audience preferences.
- Think about changing consumer expectations regarding sustainability, diversity, inclusion, and social responsibility in events.
4. Technological Factors:
- Identify technological advancements that can transform the event industry. Analyze how technology can improve event planning, marketing, ticketing systems, virtual events, or audience engagement.
- Consider the impact of social media, mobile apps, event management software, or other digital tools in organizing and promoting events.
To conduct a PEST analysis, you can use various research methods, such as online sources, industry reports, market research, government publications or websites, and even interviews with industry professionals.
Remember that a PEST analysis provides a framework for analysis and should be followed by a deeper analysis of each factor's impact on the company. It's also important to keep in mind that the factors can be interconnected, and one factor's impact might influence the others.
I hope this helps you get started on conducting a PEST analysis for your event company assignment!