The SWOT Analysis vs. the PEST

Two very useful career-planning techniques are the SWOT analysis and the PEST analysis. First, the acronym, SWOT, stands for Strengths, Weaknesses, Opportunities, and Threats. These are the four basic parts to this analysis in internal and external environments. It examines strengths and weaknesses in the internal environment, and opportunities and threats in the external environment. This management tool allows one to set a course in career planning. SWOT is a decision-making aid that provides a framework for formulating and developing strategies.

The first step that one would take to successfully utilize the SWOT analysis is to evaluate their strengths. Strengths are internal positive aspects that are under control and upon which you may capitalize in planning. Strengths are determined by work experience, education, strong technical knowledge, transferable skills, personal characteristics, good networking abilities, and positive interaction with professional organizations. Self-perception, as well as the perception

Sociocultural factors are the social and cultural influences that affect every business. These factors may vary from country to country. It is very important that such factors are considered. These factors include dominant religions, attitudes to foreign products and services, language impact upon the diffusion of products onto markets, time consumers have for leisure, and roles of men and women within society.

When weighing political factors, a company should consider the stability of the political environment, regulatory laws influenced by government policy, the governments position on marketing ethics, the government's policy on the economy, and the government’s view on culture and religion.

All in all, SWOT and PEST have two very affective, but different approaches to developing marketing objectives. When used conjunctively, these are very useful tool for audit and analysis.

The final step is the evaluation of opportunities and threats. Opportunities are positive external conditions that are not controllable, but of which you can plan to take advantage. Opp

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