Pestle Analysis Assignment Help from PhD. Qualified Experts
What
is Pestle Analysis, and how does it work?
Pestle analysis
is a term that businesses use to track macro-environmental factors, their
impact on the business, and their plans to launch a new
project/product/service. The outcome is utilized in the SWOT analysis to
identify threats and weaknesses. It's a marketing philosophy concept. It's also
referred to as a PEST analysis. PESTLE is a mnemonic that stands for:
●
P-Political
●
E-Economic
●
S-Social
●
T-Technological
●
L-Legal
●
E-
Environmental
All of these
things are influenced by the outside world.
The following are
the more comprehensive details of the PESTLE mnemonic:
Political Factors: It
all boils down to how and to what extent the government intervenes in the
economy. Tax policies, fiscal policies, trade tariffs, corruption, bureaucracy,
internal political concerns, trading policies, conflicts, wars, and terrorism
are all political elements. Political issues certainly impact organizations and
how they do business, as demonstrated by this. The organization's objective is
to respond to present and projected future legislation and adjust its marketing
strategy accordingly.
Economic Factors:
Economic factors have a significant impact on how a company conducts business
and how profitable and successful it is. Economic growth, interest rates,
exchange rates, inflation, and customer and disposable business income are all
elements that influence this. There are two types of economic factors:
macroeconomic and microeconomic. The macro element in an economy is usually
concerned with demand management. The government employs three key mechanisms:
interest rate control, taxation policy, and government spending. The micro
aspects are concerned with how people spend their money. This has a significant
influence on B2C businesses in particular.
Social Factors:
Social elements are often referred to as socio-cultural factors. They are the
ones who are involved in the population's shared beliefs and attitudes.
Population increase, age distribution, health consciousness, career
preferences, and so forth are all examples of these influences. These specific
interest elements directly impact how marketers see customers and what
motivates them.
Technological Factors: As
we all know, technology is continually developing, which impacts how a company
markets its products. Marketing and management are both affected by
technological variables in three ways:
1.
Developing novel methods for
producing goods and services.
2.
Using new methods to distribute
goods and services.
3.
Using new methods to communicate
with target markets.
Environmental factors:
These are the only ones that have come to the fore in the last fifteen years.
Environmental factors have become the most crucial with the increasing scarcity
of raw materials, pollution targets, conducting business ethically and
sustainably, and government-set carbon footprint limits. Marketers are
confronted with a slew of challenges in this area. The customer requires that
the things they buy be ethically sourced and produced sustainably.
Legal Factors:
There are both internal and external aspects to this factor. It encompasses
labor rules, health and safety regulations, consumer protection legislation,
product quality and labeling, etc. Companies must know what is lawful and not
legal to trade profitably. When a company trades worldwide, this becomes
extremely difficult because each country has its own set of rules and regulations.
The following is a comprehensive study of Uber,
the leading shared taxi service provider:
●
Political considerations: conforms
to the minimum wage regulation, handles bans in several nations and makes its
position on driver's insurance apparent.
●
Economic factors: It is
conveniently accessible, has reasonable fares, and while the salary isn't
great, it provides additional job opportunities.
●
Social factors: It is
user-friendly, has a rapid pick-up option, and offers a better trip than taxis.
●
Technological factors: Excellent
mobile app for clients, electronic media and social media promotional usage.
●
Environmental factors: There may be
an increase in fuel use and traffic congestion.
●
Legal considerations: Copyright
rules must be observed. Bans must be avoided in many countries. Labor and
employee safety must be observed.
The following is a comprehensive analysis of
Nike, the well-known sports shoe and apparel manufacturer:
●
Political factors: It should
consider each country's taxation and manufacturing rules, as well as the import
and export policies.
●
Economic factors: It should target
customers with a high purchasing power, and it should look into developing
countries as potential markets for Nike.
●
Social factors: Target
health-conscious people; the shoes and clothing should be suitable for both
health-conscious and sporty individuals.
●
Technological factors: It uses the
most advanced technology, is constantly changing and represents both an
opportunity and a threat.
●
Environmental considerations: It
must develop environmentally friendly products.
●
Factors of law: It must protect
copyrights and the designs of the shoes and garments it creates and follow
health and safety regulations.
Pestle analysis has the following
advantages:
1.
Simple to comprehend.
2.
Maximizes the possibilities that
are presented.
3.
Preparedness in the event of a
threat.
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