Business

Section 3-E: Industry Trends-Environmental Trends:

[PEST analysis: How are PEST factor affecting your industry]

A PEST analysis is a business measurement tool. PEST is an short form for Political, Economic, Social and Technological factors, which are used to assess the market for a business or organizational unit.

Political factors:

Political factors in the context of the external environment, in which a business functions, are a type of external constraint acting upon a business.

If a political party's convention were held on the same weekend in any city, we could see that having an effect because most hotels would be booked already. If your family was personally involved with politics, we could see interferences based on the election cycle. Otherwise, we can't really think of anything. Sometimes may be rood can be blocked because of strike. we can also see in the election time most of the rode are block, bus cannot run anywhere so in this time people face a great problem.

Economic factors:

Economic factors relate to changes such as costs and prices of goods, interest rates, wage rates, exchange rates and the rate of increase. Sometimes cost can be different in weeding. It’s specially depend which time you prefer. Especially in eid time cost may be increase. In the rainy season cost may be reduce.

Social factors: Social factors are things that affect lifestyle, such as religion, family or wealth. These can change over time. Different people want to celebrate his/her weeding in different ways. It’s totally depending on his/her lifestyle, religion &family.

Technological factors:

Influences that have an impact on how an organization operates that are related to the equipment used within the organization's environment. Our life are being changing day by day so every time we are using latest technology .In weeding we always use the best system so that people are being attracted.

Section 8: Product (or Service) Design and Development Plan...