Saturday, April 18, 2020
Political factors include the following types of instrument: Legislation such as the minimum wage or anti discrimination laws. Voluntary codes and practices Market regulations Trade agreements, tariffs or restrictions Tax levies and tax breaks Type of government regime eg communist, democratic, dictatorship Non conformance with legislative obligations can lead to sanctions such as fines, adverse publicity and imprisonment. Ineffective voluntary codes and practices will often lead to governments introducing legislation to regulate the activities covered by the codes and practices.Economical The second element of a PEST analysis involves a study of economic factors. All businesses are affected by national and global economic factors. National and global interest rate and fiscal policy will be set around economic conditions. The climate of the economy dictates how consumers, suppliers and other organisational stakeholders such as suppliers and creditors behave within society. An economy undergoing recession will have high unemployment, low spending power and low stakeholder confidence. We will write a custom essay sample on Pest Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Conversely a Ã¢â¬Å"boomingÃ¢â¬ or growing economy will have low unemployment, high spending power and high stakeholder confidence. A successful organisation will respond to economic conditions and stakeholder behaviour. Furthermore organisations will need to review the impact economic conditions are having on their competitors and respond accordingly. In this global business world organisations are affected by economies throughout the world and not just the countries in which they are based or operate from.For example: a global credit crunch originating in the USA contributed towards the credit crunch in the UK in 2007/08. Cheaper labour in developing countries affects the competitiveness of products from developed countries. An increase in interest rates in the USA will affect the share price of UK stocks or adverse weather conditions in India may affect the price of tea bought in an English cafe. A truly global player has to be aware of economic conditions across all borders and needs to ensure that it employs strategies that protect and promote its business through economic conditions throughout the world. Social The third aspect of PEST focuses its attention on forces within society such as family, friends, colleagues, neighbours and the media. Social forces affect our attitudes, interest s and opinions. These forces shape who we are as people, the way we behave and ultimately what we purchase. For example within the UK peoples attitudes are changing towards their diet and health. As a result the UK is seeing an increase in the number of people joining fitness clubs and a massive growth for the demand of organic food.Products such as Wii Fit attempt to deal with societyÃ¢â¬â¢s concern, about childrenÃ¢â¬â¢s lack of exercise. Population changes also have a direct impact on organisations. Changes in the structure of a population will affect the supply and demand of goods and services within an economy. Falling birth rates will result in decreased demand and greater competition as the number of consumers fall. Conversely an increase in the global population and world food shortage predictions are currently leading to calls for greater investment in food production.Due to food shortages African countries such as Uganda are now reconsidering their rejection of genetically modified foods. In summary organisations must be able to offer products and services that aim to complement and benefit peopleÃ¢â¬â¢s lifestyle and behaviour. If organisations do not respond to changes in society they will lose market share and demand for their product or service. Technological Unsurprisingly the fourth element of PEST is technology, as you are probably aware technological advances have greatly changed the manner in which businesses operate. Pest Analysis free essay sample Knowledge Representation question and answers 1. Consider the following statements a) Reema is a super star. b) All super stars are rich. c) All rich people have fast cars. d) All fast cars consume a lot of petrol. Use predicate logic and inference rules to draw the conclusion Ã¢â¬Å"ReemaÃ¢â¬â¢s car consumed a lot of petrolÃ¢â¬ . a. List any two knowledge representation techniques. b. Write Modus Ponens rule. c. Define disjunctive normal form with suitable example. 2. Consider given sentences: It is crime to steal Ram stole in exam Is Ram criminal? Write above sentences in First Order Predicate calculus and use resolution algorithm to answer Is Ram Criminal? 1. Why are propositional logic statements converted into conjunctive normal form (CNF)? Convert given clause to CNF. d. Define logical consequence. e. Why is propositional logic used? 3. Consider given sentences: Ram is a boy. Gita is a girl. Ram is husband of Gita If girl has husband then she is married. We will write a custom essay sample on Pest Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Write above sentences in First Order Predicate calculus and resolution algorithm to show Gita is married. . Represent the following paragraph using predicate logic and convert each sentence into clausual form. Ã¢â¬Å"The law says that it is a crime for an American to sell weapons to hostile nations. The country Nono, an enemy of America, has some missiles, and all of its missiles were sold to it by Colonel West, who is American. Ã¢â¬ a. In propositional logic what is meant by contradict statement? b. What is meant by conjunctive normal form? Show the relation between universal quantifier and existential quantifier a. Define conjunctive normal form and disjunctive normal form. b. Why is predicate logic better than propositional logic? Parse the sentence Ã¢â¬Å"Ram is a good boyÃ¢â¬ using bottom up parsing 1. Represent the following sentence using propositional logic:- Ã¢â¬Å"If the unicorn is mythical, then it is immortal, but if it is not mythical, then it is a mortal mammal. If the unicorn is either immortal or a mammal, then it is horned. The unicorn is magical if it is horned. Ã¢â¬ Also prove using resolution that unicorn is magical and unicorn is horned. Pest Analysis free essay sample Political, Economic, Social, and Technological analysis and describes a framework of macroenvironmental factors used in the environmental scanning component of strategic management. It is a part of the external analysis when conducting a strategic analysis or doing market research and gives a certain overview of the different macroenvironmental factors that the company has to take into consideration. It is a useful strategic tool for understanding market growth or decline, business position, potential and direction for operations. The growing importance of environmental or ecological factors in the first decade of the 21st century have given rise to green business and encouraged widespread use of an updated version of the PEST framework. Ã analysis systematically considers Socio-cultural, Technological, Economic, Ecological, and Regulatory factors. Contents * 1 History * 2 Overvier. New York: Macmillan.. , who discusses Ã¢â¬ËETPSÃ¢â¬â¢ a mnemonic for the four sectors of what he calls his taxonomy of the business environment: Economic, Technical, Political, and Social. Sometime after this initial publication, Arnold Brown for the Institute of Life Insurance reorganized it as Ã as a way to organise the results of his environmental scanning. We will write a custom essay sample on Pest Analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Over time by academics and others in business it was modified yet again to become a so-called analysis (the Social, Technical, Economic, Political, and Ecological taxonomies).