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Thus, it’s extremely important to look at the current socio-cultural situation. The demand for many products changes with the changes in social attitudes.

Has demand for our products services grown / shrank / stayed the same?.

Are customers’ levels of disposable income rising or falling? How is this likely to change in the next few years?.

Do we operate on a budget? Is it realistic? Does it give us enough flex to try things?.

When considering the Economical factors, here are some key questions to ask: How stable is the current economy? And how much purchasing-power do our customers have? Next, you want to look at the broader economical climate your business is operating in, both from the country’s economy and the consumers side.

Could any pending legislation or taxation changes affect our business, either positively or negatively?.

When is our country’s next local, state, or national election? How could this change government or regional policy?.

When considering the Political factors, here are some key questions to ask: This includes state or federal policies around imports and exports, tax and investment and data protection laws.

The first factor to consider when performing a PESTEL analysis is how the government of a country intervenes in the national economy through policy setting or rules for business. Fill in the following sections for a strategic overview. The Pestel framework has 6 sections each of which provide insights into a market’s feasibility. Use template Sections of a PESTEL analysis template Jump onto our free pestle analysis template below! Combined with the product-specific SWOT Analysis and BCG matrix for portfolio management, it’s an invaluable tool for any business planning to enter a new or changing market. It is a vital part of any strategic planning that will help you to examine and plan for any external factors that could affect your company- P olitical, E conomic, S ocial, T echnological, E nvironmental and L egal.īy analyzing your business according to these six factors, it will differentiate you from the competition and future-proof your operations, giving your business the competitive advantage it needs as you expand and grow.

What is a PESTEL analysis and how to conduct one?Ī PESTEL or PESTLE analysis is a tool used to analyze external macro-environmental factors of change in a business environment.