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Resource and market analysis is essential to starting any business. When carried out efficiently by meeting certain basic parameters, it provides the ideal framework for the success of the business. This is the essence of the PESTEL analysis. What is the PESTEL analysis and what are its main factors? Continue reading to learn more about this highly effective tool.
What is PESTEL analysis?
PESTEL is a strategic planning tool used to analyze and identify the strengths that, at the macro level, can influence a business. In reality, PESTEL analysis is an acronym and its meaning is the result of the synthesis of the meanings of the words that make up it:
- P: analyzing political factors
- E: Study economic factors
- S: Studying Social Factors
- T: explains technological factors
- E: Identifies ecological and environmental factors
- L: Describes legal factors
Thus, what this analysis suggests is to identify variables external to the company, to study in depth the political, economic, social, technological, ecological and legal factors that affect its strategy. Analysis is essential to determine the real chances of success in a given industry. With a PESTEL analysis, you will be able to find solutions to each of the limits of your business.
What are the main factors of PESTEL?
The idea of the PESTEL method is to detail the environment in which the company will evolve according to the political, economic, socio-cultural, technological, ecological, legal and other aspects that, in one way or another, have an impact.
Let us examine in more detail the factors taken into account in the PESTEL analysis:
Political and economic factors
This section includes elements such as policies developed in the country, environmental poverty levels, inequality indices, economic development, access to resources of its inhabitants, as well as how all this affects the activities of the enterprise.
Social factors
The PESTEL description should include issues such as culture, religion, shared beliefs, imaginary, social classes and gender roles. In some cases, they are complementary to economic factors. The more defined the company in which the new enterprise is integrated, the more likely it is to succeed.
Technological factors
It is not the same thing to open a business in Amsterdam as in India. Opportunities for people to access IT tools, the management of the Internet, or the level of coverage of certain services largely determine the scope of a business and its potential for integration into the environment.
Legal Factors
Each site has established laws that must be respected. It is the responsibility of companies to comply with it and to act within the framework they establish. However, it is also necessary to know the legislation on factors that may influence the course of the project, such as those related to consumption habits, social roles, freedoms or state intervention, among others.
Environmental factors
These are elements directly or indirectly related to the preservation of the environment and the environment. For example, the effects of climate change, the level of pollution, the likelihood of suffering natural disasters, fires, earthquakes, tidal wave, among others. And, of course, the legislation that governs the activity of enterprises in this area, especially if the company has direct contact with natural resources or raw materials.