The PESTEL analysis is a strategic tool used to examine the macro-environmental factors affecting an organization, providing a comprehensive understanding of the external landscape for better decision-making, especially for new ventures or market entries.
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so you want to map out the external
environment of an organization but you
don't know where to start
best tool is your answer today I'm going
to tell you everything you need to know
about the PESTEL analysis my name is
Lars and welcome to a new episode of
business - you PESTEL best steeple desk
step or the spell it analysis they're
all different versions of basically the
same thing with the exact same goal
which is to help you analyze the
external environment of an organization
this is especially useful when starting
a new business or when entering a
foreign market or a different industry
with an existing company before I go
into the actual framework
I want to clearly define the external
environment that is being examined
because PESTEL analysis does not just
look at any external factor out there
but more specifically to macro
environmental factors in order to
explain it better let's imagine a
fictional company first of all you have
the company itself everything that
exists and happens within that company
can be considered internal think about
the organizational structure of the
company the culture the employees the
management shareholders reward systems
etc closely surrounding the company
which are there for external our
competitors suppliers distributors
customers or strategic partners this
external element so to speak are in a
direct contact with the focal company
they interact with one another it's a
two-way relationship sometimes this part
of the external environment is called
the task environment now it's very
important to realize that even though
pestle is looking at external factors it
is not looking at these factors like
mentioned before pesto looks at the more
general environment the macro
environmental factors which can have a
massive impact on a company but not the
other way around they therefore have a
one-way effect rather than an
interaction like with the task
environment if you want to look more
into the task environment I advise you
to use Porter's five forces which I will
make video
very soon so now we have that cleared up
let's go into the pestle analysis
pestle is an acronym that stands for
political economic social technological
environmental and legal factors together
they make up quite an exhaustive list of
the general environment in other words
if you look at all of these six factors
combined when scanning the
organization's environment you are less
likely to miss out on any important
macro environmental factors let's go
through all of them one by one political
these factors are all about how and to
what degree a government intervenes in
the economy or a certain industry
basically all the influences that a
government has on your business could be
classified here this can include
government policy political stability or
instability corruption foreign trade
policies tax policies etc furthermore
the government's may have a profound
impact on how a nation's education
system works how infrastructure looks
like and how the health sector is
regulated these are all factors that
need to be taken into account when
assessing the attractiveness of a
potential market economic factors are
determinants of a certain economy's
performance factors include the economic
growth exchange rates inflation rates
interest rates disposable income of
consumers and unemployment rates these
factors may have a direct or an indirect
long-term impact on a company since it
affects the purchasing power of
consumers and could possibly change the
demand and supply in the economy
therefore it also affects the way
companies price their products and
services you can imagine that in a
country where purchasing power is
relatively low prices are also lower the
social dimension this dimension of the
general environment represents the
demographic characteristics norms
customs and values of the population
within which the organization operates
this includes trends such as the
population growth rate age distribution
income levels but also attitudes towards
careers health lifestyle and possible
cultural barriers these factors are
especially important for mark
tears when targeting certain customers
in addition it also says something about
the local workforce and its willingness
to work under certain conditions some
people like to distinguish these factors
by separating social factors into
demographics and cultural or
intercultural factors that explains
these different versions of the PESTEL
analysis personally I'm fine with the
social category since it combines all
factors related to the people but feel
feel free to adapt it in a way that
suits you of course technological
factors these factors pertain to
innovations in technology and the
regulations surrounding technology that
may affect the operation of the industry
in the market favorably or unfavorably
think about technology incentives the
level of innovation automation R&D
activity technological change and the
amount of technological awareness that
the market possesses these factors may
influence decisions to enter or not
enter certain industries to launch or
not launch certain products or to
outsource production activities abroad
by knowing what is going on technology
wise you may be able to prevent your
company from spending a lot of money on
developing a technology that would
become obsolete very soon due to
disruptive technology called changes
elsewhere environmental factors have
come to the forefront only relatively
recently they have become important
due to the increasing scarcity of raw
materials pollution targets and carbon
footprint targets set by governments and
pressure from NGOs like for example
Greenpeace it is important to mention
that you shouldn't be confused about the
term environmental here since we also
use that to indicate all external
factors combined environmental simply
has a double meaning here and in this
context we use it to address ecological
aspects such as weather climates
environmental offsets and climate change
basically the well-being of our planet
growing awareness of the potential
impacts of climate change is affecting
how companies operate and what kind of
products they offer this has led to many
companies getting more and more involved
in practice
such as corporate social responsibility
and sustainability so finally the legal factors
factors
although these factors may have some
overlap with political factors they
include more specific laws such as
discrimination laws antitrust laws
employment laws consumer protection laws
copyright and patent laws and health and
safety laws it is clear that companies
need to know what is and what is not
illegal in order to operate successfully
and rightfully even organization trades
globally this becomes especially tricky
since each country has its own set of
rules and regulations in addition you
want to be aware of potential changes in
legislation and impact it may have on
your business in the future so recommend
it is to have a legal advisor or an
attorney to help you with this kind of
things so all of these factors combine
to give a good overview of the general
environment out there which factors are
most important for your business might
vary based on the country and industry
you are in as you might be able to
imagine environmental and ecological
factors are more important to the oil
and automotive industry now for example
the software industry so if you want to
bring PESTEL into practice and actually
use it properly I recommend you to
calculate weighted averages of the
available options you have imagine you
are a European company and you're
thinking of entering the South American
markets but you don't know which country
to enter first what you could do is
select a number of peso factors that are
most important to your business let's
say we want to look at the economic
growth corruption and how intellectual
property is protected give them a
weighting of their importance relative
to the other factors and assign grades
for each factor per country in the end
you are able to give each option the
weighted average great and compare them
to each other so you might be wondering
where to get the data from you will
actually be surprised how many of the
factors that I have just mentioned in
this video are already meant
measures and given a score even
something as corruption for example is
measured by the corruption perception
index there are many helpful websites
where these factors are quantified per
country and of course I'm here to help
you out so I included some useful links
in the description down below if you
like business-related stuff feel free to
subscribe to not miss out on any of our
future videos and if you have any
question on the subject please ask them
below in a comment section because I
will try to answer as many as I can and
of course I highly encourage all of you
to help each other out as well and get
the discussion going thanks for watching
and don't forget alone we are smart
together we are brilliant see you next time
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