Discrimination law Health and safety law Environmental factors refer to ecological and environmental aspects such as weather, climate, and climate change. Climate change is a hot topic these days and organizations are restructuring their operations thus giving space to innovation and concept of Green Business.
A PESTLE Analysis is one of the most important frameworks of macro-environmental analysis, a framework which is a key part of advanced strategic management.
The questions to ask yourself are: What are the key political factors likely to affect the industry? What are the important economic factors? What cultural aspects are most important?
What technological innovations are likely to occur? What current and impending legislation may affect the industry? What are the environmental considerations?
Each and every category of factors is of crucial importance to advanced strategic management, and the PESTLE analysis in itself Pestle tool definitely a must for any business or company, regardless of its industry.
It is true that the importance of each category of factors will always vary from business to business and from company to company, but nonetheless PESTLE remains a mandatory analysis technique that is usually a part of the larger and more comprehensive SWOT analysis.
As aforementioned, the same factors will influence different companies in different ways. For instance, an online business will be less concerned about environmental factors while a waste management company will have to pay extra Pestle tool to environmental factors.
To further understand what PESTLE is and how it can be used, it is essential that you know a thing or two about each individual category of factors. The below descriptions should help you gain a better understanding of each factor and of just how powerful and effective a PESTLE analysis can be for a business.
Political Factors These factors represent the way and the extent to which a government influences the economy and a certain business. Political factors are represented by specific areas, such as labour law, tax policy, tariffs, trade restrictions and even environmental law. When political decisions result in legislation which is not favourable to a particular company they may sometimes use astroturfing techniques in an attempt to put pressure on the government to change its mind.
Greggs bakery quickly jumped onto the press reaction and created a very clever campaign which put a huge amount of pressure on the government to reverse its decision, which it subsequently did.
Economic Factors This refers to areas unique to the economy and directly influenced by the economy, areas such as the inflation rate, interest rate, economic growth or exchange rates.
All these areas can greatly influence a business or company, which makes them an extremely important part of the PESTLE analysis.
For example, international businesses are always influenced by changing exchange rates. Similarly, UK exporters are also influenced by the exchange rate as when the sterling becomes weaker their exports become more competitive. Social Factors These factors refer mainly to demographic factors, which comprise factors like population growth rate, cultural aspects, age distribution and health consciousness.
These factors greatly influence areas such as the minimum efficient production level, quality, costs and even outsourcing decisions. Legal Factors The legal part refers to all the laws directly connected to a business or company and its area of activity, including consumer law, antitrust law, anti-discrimination law and health and safety law.
Environmental Factors This refers to all the factors directly related, influenced or determined by the surrounding environment. This includes, but is not limited to, weather, climate, geographical position, climate change and even insurance. The PESTLE analysis is a way of identifying and analysing all these factors, thereby helping a company to plan for the future and deal with any risk factors which are identified.
The video below is a good overview and also applies the analysis to British Airways from 5 minutes into the video:The mortar and pestle has been the perfect tool set for crushing and extracting ingredients for thousands of years.
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We are already recognised for the strength of our clinical services. A powerful tool for doing this is PEST Analysis. This is a simple, four-point framework you can use to assess the Political, Economic, Socio-cultural, and Technological factors at play.
Your analysis can help you to understand the forces of change at play in your environment and .