PEST Analysis is abbreviation of “Political, Economic, Social, & Technological analysis" and it allows companies to make a framework of macro-environmental factors for the purpose of designing effective environmental strategies. The environment of corporate world is ever changing. No business operates in a vacuum environment. The corporate environment is something real complex and dynamic.
The abbreviative business term SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Conducting a SWOT analysis enable a company to see where your company is in the marketplace and what strategies a particular company can develop to increase its market share. The top level management and marketer of the company must know SWOT analysis and its importance for the company.