Answer
SWOT
- Acronym for Strength, Weakness, Opportunity, Threats.
- It is an analysis tool used for organizing or developing the business or corporate strategies.
- SWOT focuses on both internal and external factors.
SIMILARITIES
- Both are business analysis tools.
PEST
- Acronym for Political, Economic, Social, Technological. However, there is another acronym, PESTLE. L stands for Legal, and E stands for Environment.
- It is an analysis tool that focuses on external factors that could affect the business. (For example, new technologies, newly enacted Laws, new trends, and inflation rates).
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