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PESTa framework used by business strategists to identify those factors operating in the ‘outer’ (macro) environment of a firm which impinge upon its activities and profitability in addition to factors affecting its immediate product MARKETS. PEST has four elements: political (e.g. the UK government's policy on joining the EURO-zone); economic (e.g. recession/boom conditions. See BUSINESS CYCLE); social (e.g. DEMOGRAPHIC CHANGES) and technological (e.g. the impact of the INTERNET). See BUSINESS STRATEGY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson