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How service firms enter the Chinese market: Study of entry strategy of hotel and restaurant industries for Chinese market
Pages 40 (10040 words)
PEST analysis Strategic planning is of utmost importance as it helps the organization to reach the future goals by the critical analysis of the intricacies offered by the competitive environment (Srinivasan, 2006, p.3). The study of the environment of society is quite necessary to analyze the relationship between the business and the society and their interdependence with each other.
One of the tools used widely for the macro environmental study is PEST. The tool helps to analyze the situation in a more practical and in a conceptual manner. The categorization of the environment is done and the boundaries of environment levels are identified. The key elements of PEST analysis are political, environmental, Social and technological factors. However often legal factors are also taken into consideration for the analysis. During analysis not only each of the units are highlighted but a close look at their interrelation is also spotted and noted down. Based on the results future plans to combat the unfavorable implications are chalked out and plans to derive benefit out of favorable conditions are strategized (Bensoussan & Fleisher, 2008, p.176) Political Factors: The significance of the political factors is of a high importance to the organization. Business units look for the infrastructure which the government provides in order to facilitate their line of operation. The government policies do affect the business in a direct way. During the scanning of political factors, issues relating to the politics of different areas are all covered. The areas include the organizational, regional, national and international aspects. ...
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