Once the goal has been decided

[tmonower111]

we start collecting information from newspapers, media, research materials, etc.



When collecting information, it is important to collect reliable information based on facts and actual data from as reliable sources as possible, such as public institutions .



It is important to collect reliable information from clear sources, such as feature articles in specialist magazines, various statistical data collected by the government or public organizations, and armenia telegram data information released by industry associations .

When gathering information, it is also an effective method to not only do desk research but also to go out and do your own research to find out what is actually going on.

Step 3:　Classify into PEST categories
Once you have clarified your goal and gathered information about your business , you need to determine which of the four external environmental factors (politics, economy, society, or technology) it falls into and assign it to.



You may find it difficult to decide which PEST factor to best categorize the information you have gathered.

However, the purpose of PEST analysis is not to accurately classify into the four factors, but to understand what impact it will have on your company, so try not to think too strictly about it or get too caught up in classifying it.

Also, not all information has the same value, so it is important to carefully select the information that is most important regarding your company's market, products, and services .

Step 4: Divide into "facts" and "interpretations"
Classify the four factors you classified in step 3 into either "facts" or "interpretations."



When performing a PEST analysis, the only information you need is fact, so make sure there are no subjective interpretations.



"Fact" refers to what is actually happening, the situation, or what is clearly evident from the data, while "interpretation" refers to an individual's subjective understanding of what is happening or the situation.



The Internet is overflowing with information and it can be difficult to distinguish between facts and interpretations. Take your time and carefully begin by sorting out what is currently happening and determining the facts.

Step 5: Divide into "opportunities" and "threats"
Once you have identified the facts, the next step is to determine whether the information is an opportunity or a risk for your company, and then classify it accordingly.



If the information is positive and advantageous for your company, classify it as an opportunity (chance), and if it is negative and disadvantageous for your company, classify it as a threat (risk).



Even if the same fact occurs, whether it presents an opportunity (chance) or a threat (risk) will differ depending on the company, so it is important to understand your company's position and determine whether it can be classified as an opportunity (chance) or a threat (risk) .