The Scanning of the external environment before creating a business strategy is highly recommended as it can highlight a number of influencing factors that could possibly have effect on your company or business. The external macro-economic factors can be analyzed with the PEST Analysis. It is an important tool to measure the market. It investigates the various factors that are bound to have a profound impact on the company’s health & performance. The PEST analysis is based upon four major factors which are assessed in relation to the company.

1. Political Factors

The political factor revolves around the governing body’s behavior in economy-related laws. The political laws and changes in politics are closely linked to the legal changes. The issues that are to be considered are environmental legislation, health & safety regulations, and employment laws. The political factors are to be kept in mind before planning the marketing strategy of a company.

2. Economic Factors

The economic factors have a direct effect on the economy of a company. The economy has to face fluctuations with the booms & slumps in the economic activity. The issues to be considered are the interest rates, the level of inflation rates, the economic growth, the labor laws, the unemployment levels. Through the economic factor, the company can decide the strategic management. The exchange rates have a direct influence on the company’s economy and performance.

3. Social Factors

The social factor is related with the demographics and the cultural aspects of a society. The company can get an overview of the socio-economic status the market. The issues to be considered include the demographics, the ethical aspects, the religious beliefs, the population growth rates. The company can get an idea of the present and future needs of the consumers and know the reasons due to which the consumers are compelled to purchase a product.

4. Technological Factors

The technology plays an important role in the performance and marketing of the company. Internet and e-commerce are important factors which can have a positive impact on company. The technological factors include the ways through which technology can bring positive changes in business. The internet has turned the world into a global village. The customers are getting tech-savvy. So to keep up with the latest trends, the company needs to remain updated with the latest technology. Otherwise, the company will be left behind. There are a number of PEST-based variants which can be used to explore more complex & complicated business situations, with added factors. For more info about the PEST Analysis and other important matters of business education, you just need to visit http://www.businessstudynotes.com/

There was a time when acquisition of knowledge was an up-hill task. For communication sign’s and symbols were used. For travelling it took months and year from one place to another.

online education

But change in Human thoughts and approach brought development and advancement. Signs and symbols were changed into alphabets and words. This advancement and new approach of thinking also helped modes of education and technology. With knowledge and education a room size computer was shifted into a Laptop. Many years travelling was reduced in days with development of airplanes and bullet trains. Web, internet facilities are provided to complete task online and in effective manner.

As today’s era is of Information technology so educators also improvised their skills and techniques. Mode of educations are changed, instead of blackboards smart boards, laptops, projectors multimedia’s etc. are used for delivering lectures. Even Online Lectures are delivered with conference calling.

Now a days to save time and overcome transportation barriers Online Education System is introduced which is working efficiently. Many universities are offering online course for the ease of students. Online tuition is also considered ever effective medium for learning process. Thus with help of education great mind made life easier for all.