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PEST vs SWOT | basics of PEST and SWOT terms

This page on PEST vs SWOT describes basics of PEST and SWOT terms.The difference between various terms are also provided here.

PEST is the short form of Political, Economic, Social and Technical. SWOT is the short form of Strengths, Weaknesses, Opportunities and Threats. Let us understand these terms below.

PEST-Political, Economic, Social, Technical

Political: Change in government in different countries will have impact on manufacturing and other sectors.
Economic:GDP projections in a country and economics of the users allow capability to pay for the product which need to be assessed.
Social: This include various social factors such as increase in crime as well as backlash against use of mobile devices in public places such as markets, malls etc.
Technical: This relates to various technical developments such as introduction of low cost mobile phobes, introduction of new batteries etc.

SWOT-Strengths, Weaknesses, Opportunities, Threats

Strengths: These are various factors such as good distribution channels of the company, name of the company, company's financial position etc.
Weaknesses: These are factors such as lack of skilled labor, outdated equipments etc.
Opportunities: These include new ventures of the company as well as new upcoming products in near future company will be developing.
Threats:These include factors such as cheaper product release from competitor as well as superior product from the competitor. This will certainly lower the company's position in the market.

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