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Answer :
PEST, which stands for Political, Economic, Social, and Technological, is an analytical framework used in change management to assess the external factors that can influence an organization's success.
(a) PEST is important in change management because it provides a systematic approach to understand and respond to the broader environment in which an organization operates. By analyzing the political, economic, social, and technological factors, organizations can identify potential risks, opportunities, and challenges associated with their change initiatives. This enables them to develop strategies that align with the external environment and mitigate any potential negative impacts.
(b) For example, let's consider a technology startup planning to expand into a new international market. When using the PEST framework, the economic factor becomes crucial. The startup needs to assess the economic conditions of the target market, such as GDP growth, inflation rates, and exchange rates. This information will help them determine the affordability of their product or service, potential market demand, and competitive pricing strategies. By understanding the economic factor, the startup can adjust its expansion plans, financial projections, and pricing models to adapt to the economic conditions of the target market and increase the likelihood of success in the new market.
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