Pestel Analysis
I can offer your business, a national outlook of the Political, Economic, Social, Technological, Environmental, and Legal factors affecting your market with PESTEL Analysis.
Political Factors: Politically speaking elections tend to be a period of uncertainty for a country, in so far as each political party will have diverging views and strategies for tax policy, trade restrictions, tariffs and bureaucracy.
Economic Factors: To analyse the nations economic landscape, I will refer to Central Banks and Government Agencies to get the latest data on Economic Growth Rates, Interest Rates, Exchange Rates, Inflation and Unemployment rates.
Social Factors: Social norms and pressures are key in determining a societies consumerist behaviour. For example, the increased health and wellness consciousness starting in the 1970s lead to a rapid decline in smoking and the purchasing of cigarettes.
Technological Factors: concern the emergence of new technologies, investment from the public and private sector and adoption from the general public. Younger generations tend to adopt technologies at a faster rate, once they hit their 30s they command great purchasing power and its vital that companies meet customers expectations with regards to a seamless tech experience.
Environmental Factors: concern the ecological impacts on business. As weather extremes become more common, businesses need to plan how to adapt to these changes. Additionally, there is increasing importance for businesses to be environmentally friendly with their operations, as evidenced by the rise Corporate Sustainability Responsibility (CSR) initiatives. Examples of CSR initiatives include carbon footprint reduction efforts and transitions into renewable material and energy sources.
Legal Factors: pertains to Industry Regulation, Licenses & Permits, Labor Laws and Intellectual Property. Political and Legal Factors can intercept when governmental bodies introduce legislature and policies that affect how businesses operate.
