An organization is affected by a multitude of factors and macro-environments forms the major part of it. One of the tools to understand those factors is PESTEL. It is basically an insight into how a business is affected by its surroundings in enormous ways.
PESTEL stands for Political, Economic, Social, Technological, Environmental and Legal factors. Although, over time people have diversified the structure with other elements namely ecological, ethical, demographics, etc. But the gist of the factors affecting a general business will be encompassed in PESTEL analysis.
Word by word analysis of the PESTEL analytical tool is done here for a better understanding.…Continue reading