The PEST framework helps business planners and innovators identify opportunities for innovation and change in the macro environment. It's a tool that enables a systematic exploration of how political, economic, social and technological factors may impact on the business - sometimes expanded to PESTEL to include legal and environmental.

Typically, business planners will identify the specific trends in each of these areas, and then identify how they might be a threat to the business or an opportunity. But are all these factors equal? Do they deserve the same amount of attention?