PESTLE stands for Political, Economic, Social, Technological, Legal and Environmental.
That’s correct! The PESTLE framework is a strategic tool used for analyzing external factors that can impact an organization or a business environment. Here’s a quick breakdown:
- Political: Factors such as government policies, political stability, tax policies, trade restrictions, and political influences.
- Economic: Economic growth, inflation rates, interest rates, exchange rates, and overall economic conditions that affect purchasing power and business operations.
- Social: Cultural trends, demographics, consumer attitudes, lifestyle changes, and societal expectations.
- Technological: Innovations, technology trends, R&D activity, and the rate of technological change that might influence products, services, or operations.
- Legal: Laws and regulations including labor laws, consumer protection laws, intellectual property rights, and health and safety standards.
- Environmental: Ecological factors like climate change, environmental regulations, sustainability initiatives, and corporate responsibility toward the environment.
It’s widely used in business planning and risk management to ensure decisions align with external realities. Primary Goal of Marketing http://dorianfinance.com/primary-goal-of-marketing
