PESTEL analysis
PESTEL analysis evaluates the broad societal trends; political, economic, socio-cultural, technological, environmental, legal that affects many industries. It identifies current and future macro-environmental developments that will shape the micro-environments of each industry sector. PESTEL stands for: Political - Laws, global issues, legislation and regulations which may have an effect on your business either immediately or in the future. Economic - Taxes, interest rates, inflation, the stock markets and consumer confidence all need to be taken into account. Social - The changes in lifestyle and buying trends, media, major events, ethics, advertising and publicity factors. Technological - Innovations, access to technology, licensing and patents, manufacturing, research funding, global communications. Environmental - Environmental issues either locally or globally and their social and political factors. Legal - Legislation which have been proposed and may come into effect and any passed legislation`s.
Conduct a PESTEL-analysis to identify the opportunities and threats in the next market you`re about to enter:
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