This document provides information on PESTEL analysis, a framework used by marketers to analyze macroenvironmental factors impacting an organization. It examines political, economic, social, technological, environmental, and legal factors. Each letter of PESTEL represents one factor category. Managers can choose to use variations like PEST, STEEP, or STEEPLE based on their needs. Conducting regular PESTEL analysis helps identify threats, weaknesses, and opportunities in the changing business environment. It is useful before making investments or identifying strategic actions for an organization. In conclusion, PESTEL is a valuable tool for considering diverse external influences that can affect a business.
This document provides information on PESTEL analysis, a framework used by marketers to analyze macroenvironmental factors impacting an organization. It examines political, economic, social, technological, environmental, and legal factors. Each letter of PESTEL represents one factor category. Managers can choose to use variations like PEST, STEEP, or STEEPLE based on their needs. Conducting regular PESTEL analysis helps identify threats, weaknesses, and opportunities in the changing business environment. It is useful before making investments or identifying strategic actions for an organization. In conclusion, PESTEL is a valuable tool for considering diverse external influences that can affect a business.
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Involves business marketing strategies and cope with business difficulties.
This document provides information on PESTEL analysis, a framework used by marketers to analyze macroenvironmental factors impacting an organization. It examines political, economic, social, technological, environmental, and legal factors. Each letter of PESTEL represents one factor category. Managers can choose to use variations like PEST, STEEP, or STEEPLE based on their needs. Conducting regular PESTEL analysis helps identify threats, weaknesses, and opportunities in the changing business environment. It is useful before making investments or identifying strategic actions for an organization. In conclusion, PESTEL is a valuable tool for considering diverse external influences that can affect a business.
This document provides information on PESTEL analysis, a framework used by marketers to analyze macroenvironmental factors impacting an organization. It examines political, economic, social, technological, environmental, and legal factors. Each letter of PESTEL represents one factor category. Managers can choose to use variations like PEST, STEEP, or STEEPLE based on their needs. Conducting regular PESTEL analysis helps identify threats, weaknesses, and opportunities in the changing business environment. It is useful before making investments or identifying strategic actions for an organization. In conclusion, PESTEL is a valuable tool for considering diverse external influences that can affect a business.
GE-Elec 3 A PESTLE analysis is a framework or tool used by marketers to analyze and monitor the macro-environmental PESTEL (external marketing environment) factors ANALYSIS that have an impact on an organization.The result of which is used to identify threats and weaknesses which is used in a SWOT analysis. The 6 factors make up the acronym PESTEL. ■ Each letter represents one factor. It is often called PESTLE. PESTEL ■ You may find these factors using other tests too. PEST, STEEP, and STEEPLE are ANALYSIS similar analyses. Some other variations are STEPJE, STEP, and LEPEST. ■ Managers can choose any based on the nature of the firm and the factors they wish to study. Political Factor The political factors account for all the political activities that go on within a country and if any external force might tip the scales in a certain way. Trading policies Government changes Funding Foreign pressures Conflicts in the political area Shareholder and their demands Economic Factor The economic factors take into view the economic condition prevalent in the country and if the global economic scenarios might make it shift or not.
Disposable income Unemployment level Foreign Exchange rates Interest rates Trade tariffs Inflation rate Social Factor Social factors are your consumers.You need to look at buying habits, emotional needs, and consumer behaviour in this section. Because these are the people who directly influence your sales. Ethnic/religious factors Major world events Demographics Consumer opinions and attitudes Trends Education Brand preferences Technological Factor Technology can be directly involved with company products, like manufacturing technologies. Technological development Research and development AssociatedTechnologies Patents Licensing Information technology Communication Environmental Factor Environmental factors have to do with geographical locations and other related environmental factors that may influence upon the nature of the trade you’re in. For example, agri-businesses hugely depend on this form of analysis. Ecological Environmental issues Staff attitudes Management style Environmental regulations Consumer values Legal Factor Legal factors have to do with all the legislative and procedural components in an economy. Also, this takes into account certain standards that your business might have to meet in order to start production/promotion. Employment law Consumer protection Industry-specific regulations Competitive regulations Future legislation Environmental regulations WHEN TO USE THE PESTEL ANALYSIS? If you are conducting PESTLE analysis to assess the viability of a new venture, then you should definitely do so before investing too much time and money into the venture.
If you are conducting PESTLE analysis to identify opportunities or
threats for your organization, then you can do so whenever you please. We suggest that you conduct PESTLE analysis on a regular basis (so as to follow the dynamic business environment), depending on your organization’s resource. Conclusion In conclusion, PESTLE analysis is an invaluable business tool that analyzes six different groups of external factors, all of which can affect businesses. From political ones to environmental ones, each of these categories presents a wide range of variables which can impact a business. 😁 Thank You!
