PESTLE Analysis; A Framework to Assess External Factors
PESTLE Analysis; A Framework to Assess External Factors PESTLE stands for P olitical , E conomic , S ocial , T echnological, L egal and E nvironmental factors of the external environment. No sort of strategic management decision can be made for launching a new product or service without a thorough PESTLE analysis. All the factors of the PESTLE analysis can have a vital effect on your business in terms of varying implications, including: Duration of impact – whether the impact will be short term or long term. Type of change – whether the change will be positive or negative. Rate of impact – whether the impact will increase, decrease, or remain unchanged. Importance – whether the impact of the factor is critically important, important, or unimportant. This is a popular tool for identifying external factors which are responsible to affect your organization’s stra...