Critical evaluation of the significance of PEST factors in organizational strategic planning

Type :

Term papers

Pages :

5 pages

Format :

.doc

Published date :

08/24/2009

Category :

Business & market

Sub category :

Management

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Summary :

Abstract
Introduction
1. External marketing environment
2. The McKinsey 7 S model
3. The soft S
Organizational external environment
1. The microenvironment
Implications of the microenvironment in organizational marketing audits
1. The microenvironment factors of a business organization
2. Power of buyers
3. The power of suppliers
Significance of the macro environment forces in marketing audit
The nature of political factors
The impact of economic factors
The significance of socio cultural factors
The relevance of technological factors
Conclusion
Bibliography

Abstract

pest factors refer to the political factors, economic factors, societal factors and technological aspects that determine the outcome of business prospects in organizations. It is always important for a business entity to carry out an assessment and evaluation of its market positioning strategies. Indeed, all aspects of marketing planning should always be representative of the true reflection of the current external environment of the organization. This evaluation focuses on the significant aspects of microenvironment and macro-environment and their impact on organizational strategic plans.

External marketing environment of an organization refers to those factors from outside which determine the organization's day to day activities. The environment consists of different factors that combine to form other elements of marketing that are not controllable thus forming limits on the parameters within which marketing strategists are able to execute their plans.