I need an explanation for this Marketing question to help me study.
1.Companies need to understand their ability to compete and the environment in which they must compete. Of the strategy planning tools they have available, the PEST (political, economic, sociocultural, and technology) analysis has been shown to be very effective. Do you believe that companies who have a planning culture and use planning tools, such as the PEST analysis, can perform better in the long run than their industry competitors who may not use similar planning tools? Why, or why not? Answer in about a paragraph
2. PEST analysis allows an organization to understand the external factors that will affect the organization. I believe that companies who have planning culture and use planning tools are at a better advantage against their competitors because they are constantly trying to be a better company and understand their weaknesses and strengths.
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