International Marketing Environment - PEST Analysis
There are a number of steps that need to be taken before you decide to enter international markets.
The first step involves an analysis of the international marketing environment (Macro Environment) through a PEST/STEP analysis. Lets briefly look at some factors that make up a PEST analysis and how to adapt them for a foreign country.
When operating in foreign markets its very important to analyse the Macro environment through things like a PEST analysis as events are not happening around you. There will be customs and cultures that you are not accustomed to and values you may not agree with.
Ongoing PEST analysis will help you integrate your business into foreign markets and forecast change so that you mitigate threats and capitalise on opportunities (SWOT).
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