Comprehensive Guide to PESTLE Analysis for Strategic Decision-Making
PESTLE analysis is a valuable marketing tool that delves into political, economic, social, technological, legal, and environmental factors to assess external influences on a business venture. This analysis aids in strategic planning and decision-making by offering insights into the external environment where a product or service will be introduced. By examining trends and factors in each PESTLE category, businesses can better understand the landscape they operate in and make informed decisions to mitigate risks and leverage opportunities.
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PESTLE Analysis A PESTLE Analysis is a Marketing Tool used to analyze the outside influences on a potential product, project or service prior to launching it. PESTLE is an acronym, an extension of a PEST Analysis, which stands for Political, Economic, Social, Technological, Legal and Environmental factors. When completed, it gives an overall picture of the environment in which a new product or service will be introduced in order to help with planning and decision-making. Political - List issues related to tax, trade, and employment law, regulations and overall stability, all of which are likely to impact your business activities. Economic - List factors such as inflation, growth, interest rates, and the unemployment rate. Social - List issues such as culture, education, and demographics can influence the viability and development of your products and services. Technological - Technological development, internet use and government-sponsored research and development must also be examined in terms of any potential barriers or advantages for the business. Legal- List factors that impact current and future legal regulatory requirements of a product, these factors can include laws around consumer protection, labor, health, safety, taxes and trade regulation in the individual countries where the product will be sold. Environmental- Include all those that influence or are determined by the surrounding environment. This aspect is most important for industries such as tourism, farming and agriculture. 1 Want more best practices? Visit Praxie.com
Complete the template below to define the most relevant and critical political economic, social, technological, legal and environmental trends. Review the guidance, obtain research and input from key stakeholders and then list the top trends for each area. PESTLE Analysis List Political trends/issues here P List issues related to tax, trade, and employment law, regulations and overall stability, all of which are likely to impact your business activities. Political List Economic trends/factors here E List factors such as inflation, growth, interest rates, and the unemployment rate. Economic List Social trends/issues here S List issues such as culture, education, and demographics can influence the viability and development of your products and services. Social List Technological trends/barriers/advantages here List any technological developments, internet use and government-sponsored research and development that should be examined in terms of any potential barriers or advantages for the business. T Technological List Legal trends/factors here List factors that impact current and future legal regulatory requirements of a product. These factors can include laws around consumer protection, labor, health, safety, taxes and trade regulation in the individual countries where the product will be sold. L Legal List Environmental trends/factors here Include all factors that influence or are determined by the surrounding environment. This aspect is most important for industries such as tourism, farming and agriculture E Environmental 2 Want more best practices? Visit Praxie.com
Actions Create an action plan for completing the PESTLE Analysis, including obtaining input from key stakeholders and conducting research into the six areas. Also create actions for applying the PESTLE Analysis in your strategy, planning and other processes. Actions Owner Due Date Enter action here Enter owner Enter due date 3 Want more best practices? Visit Praxie.com
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