The most common method for preparing a racketing environmental analysis is to conduct a PESTLE analysis, which stands for; Political, Economic, Social, Technological, Legal and Environmental. This covers all areas affecting a business.
Political C] The first element of a PEST analysis is a study of political factors. Political factors are factors connected with the government and its activities. C] Politics affect organizations because governments introduces rules and regulations that organizations and their customers have to abide by. EconomicC] The second element off PEST analysis Involves a study of economic factors.
C] All businesses are affected by national and global economic factors. C] National and global interest rate and fiscal policy will be set around economic conditions. C] The climate of the economy dictates how consumers, suppliers and other organizational stakeholders such as suppliers and creditors behave within society. Social C] The third aspect of PEST Social Is about forces within society such as family, friends, colleagues, neighbors and the media. Social forces affect our attitudes, interests and opinions.
C] These forces shape who we are as people, the way we behave and ultimately what we purchase. C] For example within the UK people's attitudes are changing towards their diet and health. Technological 0 The fourth element of PEST Is technology, as you are probably aware technological advances have greatly changed the manner In which businesses operate. Organizations use technology In many ways, they have: -Technology Infrastructure such as the Internet and telephone egging the marketing process 0 A marketing environmental analysis helps a a new product to the market. The most common method for preparing a 0 The first element of a PEST analysis is a study of political factors.
Political factors are factors connected with the government and its activities. 0 Politics affect 0 The second element of a PEST analysis involves a study of economic factors. 0 All businesses are affected by national and global economic factors. 0 National and global interest rate and fiscal policy will be set around economic conditions.
The 0 The third aspect of PEST Social is about forces within society such as family, interests and opinions. 0 These forces shape who we are as people, the way we behave and ultimately what we purchase. 0 For example within the UK people's 0 The fourth element of PEST is technology, as you are probably aware technological advances have greatly changed the manner in which businesses operate. Organizations use technology in many ways, they have.
