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Travel

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SIMILARITIES BETWEEN SWOT AND PEST ANALYSIS

SWOT and PEST analyses are similar both focus on environmental factors that may affect a company. Both types of analysis use group brainstorming to identifying environmental factors. However, there are several important differences between the analysis frameworks that must be understood before either can be used effectively.

PURPOSE

Both SWOT and PEST have become components of a good business plan and are key in evaluating environmental factors. In order to understand how these analysis frameworks are similar, it is important to fully understand each framework individually.

FEATURES OF SWOT

SWOT analysis is a simple framework for evaluating the internal and external environments affecting a company. These environmental factors can be divided into four categories, from which SWOT analysis derives its name. The categories are: strengths, weaknesses, opportunities and threats. Strengths and weaknesses represent the internal environment, whereas opportunities and threats represent the external environment.

FEATURES OF PEST

PEST is a type of analysis used in strategic management that takes into account Political, Economic, Social and Technological factors. PEST analysis is a useful tool for understanding market demand/decline, current business position and potential opportunities/obstacles. The factors it analyzes should not be solely at the company level. Rather, these external factors must be examined at a company, national and global level.

FUNCTIONS

Both frameworks focus on the environment in which a company operates, but they do so in a different manner. SWOT is concerned with identifying environmental factors that affect a company directly. Obviously, internal environmental factors have a direct impact, but so do external factors SWOT analyzes, such as increased taxes and tariffs or a new...

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