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Possible Answers: PEST, PRIMA.
Random information on the term “PEST”:
PEST analysis (political, economic, social and technological) describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. It is part of an external analysis when conducting a strategic analysis or doing market research, and gives an overview of the different macro-environmental factors to be taken into consideration. It is a strategic tool for understanding market growth or decline, business position, potential and direction for operations.
Variants that build on the PEST framework include:
There is also STEER, which considers socio-cultural, technological, economic, ecological, and regulatory factors, but does not specifically include political factors.
The basic PEST analysis includes four factors:
Expanding the analysis to PESTLE or PESTEL adds:
Other factors for the various offshoots include:
More factors discussed in the SPELIT Power Matrix include:
The model’s factors will vary in importance to a given company based on its industry and the goods it produces. For example, consumer and B2B companies tend to be more affected by the social factors, while a global defense contractor would tend to be more affected by political factors. Additionally, factors that are more likely to change in the future or more relevant to a given company will carry greater importance. For example, a company which has borrowed heavily will need to focus more on the economic factors (especially interest rates).
Random information on the term “PRIMA”:
The Philippine Association of the Record Industry (Filipino: Kapisanan ng Industriya ng Plaka ng Pilipinas, abbreviated as PARI) is a non-profit and private trade organization, that represents the recording industry distributors in the Philippines.
The PARI was formed in February 10, 1972 and today composed of 14 corporate members and 13 associate members. Since then, the association had worked with the Congress on drafting music copyright laws and had helped conduct raids on music pirates with the National Bureau of Investigation, Philippine National Police, Criminal Investigation and Detection Group and Optical Media Board.
It is also responsible for awarding music recording certifications in the Philippines. Annually, PARI organizes different music events such as the Awit Awards.
In early 1950s, music piracy started to grow in the Philippines. So, in 1952, major recording companies organized the first recording industry association in the country called the Record Industry Association of the Philippines (RIAP). The association was mostly composed of foreign licensees. The first president of RIAP was Manuel P. Villar of Mareco. In 1971, independent record companies decided to bond together and formed the Philippine Recording Industry Association (PRIA). Its primary goal was to promote local records. PRIA elected their first president which was Jose Mari Gonzales of Cinema-Audio. In their years of existence, the two organizations had cooperated with each other in fighting piracy.