PEST analysis (STEP-analysis) is one of the traditional methods of studying the external environment of a company. The method considers the business environment in 4 areas: political, economic, socio-cultural and technological.
Research stages:
- Identification of factors that have a direct impact on the work of the company.
- Collection of information about these factors.
- Determining the significance of each factor.
- Compiling a PEST analysis table.
When analyzing, it is important to take into account not only the current situation in the market but also its forecast for the next 5 years.
Having identified all the points that affect the business, it is necessary to distribute them into 4 groups.
- Political
Factors related to foreign and domestic policy, and legal acts regulating the work of the company.
- Economic
This group includes macro- and microeconomic factors.
- Socio-cultural
They have a significant impact on the performance of the firm. They reflect not only socio-demographic properties but also the mood in society, and the habits and cultural characteristics of buyers.
- technological
The last group of factors. The structure of our world is largely determined by the speed of technological progress, it is always necessary to take this into account and keep up with the times.
PEST-analysis allows not only to assess the current situation around the company and predict future changes. A well-conducted study is a basis for an anti-crisis plan.
If you are planning to conduct a study, in our company the process will be as transparent and simple as possible for you:
- Submit your request by email, email, or phone. Our manager will contact you, ask about your tasks and wishes, help formulate goals, offer research options
- We will prepare a commercial offer with a detailed description of the research methods, specify its terms and cost
- We will answer your questions, adjust the commercial offer in accordance with your wishes
- We will send you an agreement to sign and an invoice for payment for the selected service.
- While the analysts are working, the manager will keep you updated on the progress of the study
- Based on the results of the analysis, you will receive a detailed report with the collected data, expert conclusions and forecasts. If necessary, we will finalize the report free of charge within the agreed terms of reference
Research price
Each study is individual, so there is no single tariff. The cost of the service is affected by the volume and availability of the necessary information, the specifics of the industry, the geography of the study, the wishes of the client, and many other factors. We approve the final price after drawing up a research plan and agreeing on the terms of reference. It does not change unilaterally.
With a low budget, you can purchase a ready-made analysis of the market you need. It is faster and cheaper than an individual study. This option is suitable for businesses at the decision-making stage – for example, whether it is worth investing in an unfamiliar direction.
What will be required from you
- Information about your business and tasks that you would like to solve with our help
- Your vision of the purpose of the study, plans for using its results
- Data you would like to see in the report
- Willingness to fill out a small questionnaire: it will help to formulate a wish and clarify the task