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.
It is very useful to conduct A PESTEL analysis prior to starting up your own business or if you have an existing business, as it would give you a strong indication of the impact the criterion has on your business depending on the industry you decide that you want to start up a business or currently operating if you would require any legal or political standard that you will need to abide by and other important factors which can affect your startup or your business hampering your customers' acquisition C=NC2.
Let's delve into each criterion: