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hsa505-w7-p2.pptxHealth Services Strategic Marketing HSA505
The PEST Analysis
Welcome to Health Services Strategic Marketing.
In this lesson we will discuss The PEST Analysis.
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Topics
Political Forces, Economical Forces, Social Forces, Technological Forces
Formulating a PEST Analysis
The following topic will be covered in this lesson:
Political, Economical, Social and Technological Forces; and
Formulating a PEST Analysis
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Political Forces, Economical Forces, Social Forces, Technological Forces
Political Forces
Economical Forces
Social Forces
Technological Forces
We learned healthcare entities exist in a much larger macro environmental teeming with opportunities and threats capable of bolstering or destroying institutional progress. A useful tool for performing external forces that impact healthcare entities is known as the PEST Analysis. This analysis involved is the assessment of a series of macro environmental variables: political, economic, social and technological.
Political Forces involves all aspects associated with the legal and political framework of the environment. The political forces has more profound impact on the healthcare industry than other industries and this is due to the unique role of healthcare in society.
Economic Forces involves all aspects associated with the economy of a society, notably including forces related to economic health, such as inflation, unemployment, income, gross national product, interest rates, and so on. The economic climate is a powerful influence on both organization and individuals.
Social Forces involves the social climate of a society which impacts virtually every organization operating within the particulate environment. Social forces include things like demographic competition and system of values and beliefs of a society.
Technological Forces significantly influence broad society, including the healthcare industry. Both the healthcare industry and the individuals it serves have greatly benefited from technological innovations, which have become frequent and expected in society.
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Formulating a PEST (Political, Economic, Social, And Technological) Analysis
Construct PEST Diagram
Identify Relevant Macro environmental Forces
Describe Impact
To formulate an effective PEST Analysis, marketers must construct the PEST diagram, identify relevant macroenvironment forces, and describe these forces that are expected to impact given healthcare entities. The resulting diagram is then analyzed to gain macro environmental insights.
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Check Your Understanding
Summary
Political Forces, Economical Forces, Social Forces, Technological Forces; and
Formulating a PEST (Political, Economic, Social, And Technological) Analysis
We have reached the end of this lesson. Let’s take a look at what we’ve covered.
We started our discussion by covering the PEST Analysis. We learned the PEST Analysis is based on assessing the Political Forces, Economical Forces, Social Forces, and Technological Forces.
Then, we discussed the logistics of formulating a PEST Analysis. To formulate an effective PEST Analysis, marketers must construct the PEST diagram, identify relevant macroenvironment forces, and describe these forces that are expected to impact given healthcare entities.
This completes this lesson.
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PROPERTIES
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