Updated: Jul 13
First and foremost let define what is a PESTEL analysis and then why a business need to conduct one.
A PESTEL analysis is a framework or tool used by marketers to analyse and monitor the macro-environmental (external marketing environment) factors that have an impact on an organisation. The result of this is used to identify threats and weaknesses which is used in a SWOT analysis.
Pestel stands for Political, Economic, Social, Technology, Environmental and Legal. We are going to look a bit more into each criterion and why it's important to conduct a PESTEL analysis prior to conducting a SWOT analysis for your business.