- Political: The impact of decisions made by government(s), from new laws and policies to political goals and ideologies, such as increasing gender equality.
- Economic: Issues related to the distribution, supply, and availability of money, such as the performance f national economies and changes in currency exchange rates.
- Social: The impact of social factors, such as collective social belief of what is right or wrong, and changes in taste, fashion, attitudes and work ethics.
- Technological: The emergence of availability of new and enabling technologies--automation, for example--meaning new things are possible and old processes are obsolete.
- Legal: The impact of existing lass, proposed changes to laws, or the introduction or removal of laws These can be general laws or those specific to business.
- Environmental: The impact of consumer attitudes toward and legislation relating to environmental issues, such as pollution and climate change.
The process begins by gathering the team and brainstorming each factor in turn. Then anything that could affect your organization in the future is listed. From there the team narrows the list to the main factors that need to be considered when developing new strategy.
ACTION POINT: Consider a PESTLE analysis when developing a new strategy.
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