Explore 3 best Essential and Practical Examples of PESTLE Analysis

time16-Jan-2024 01:16 PM

In current times, to scale any organisation it is crucial to focus on all aspects. There are multiple strategies and relevant techniques available in the market that can help you to analyse the market situation.

They lead you to make better decisions that are beneficial for your firm’s long-term growth. To understand both the external and internal factors individuals can learn to use the PESTLE approach. 

PESTLE is a strategic management tool that is used to analyse the external factors that can influence the performance of your organisation. It divides the various phenomena and studies them individually.

It stands for political, economic, social, technological, legal and environmental analysis. These are all primarily external factors that have a direct impact on business working. 

Importance Of PESTLE

Let’s understand in more detail how this approach can benefit the decision-making for your business:

  • Risk Management: By studying the market closely the company is aware of any upcoming political, social or economic turmoil that can impact the business. Businesses can make better choices and plan how they can handle the upcoming situation. 

  • Opportunity Identification: It also informs traders and marketers of any coming opportunity that can result in profits for them. Business people can leverage these opportunities like festivals, changes in economic schemes, environmentally friendly products and increase their customer base. 

  • Adaptation to change: To compete in the competitive and evolving market picture it is important to stick to adaptability. The approach also assists businesses to adopt changes in policies, technologies or the demands of customers. This way companies can understand the needs of clients better and deliver satisfactory results. 

  • Regulatory framework: By keeping an eye on the legal aspect it informs the corporation what legal duties are expected of them. This is crucial for industries like healthcare, finance and environment sectors. This guides businesses to stick within the legal frameworks and prevents penalties. 

  • Strategic planning: By foreseeing the present and future scenarios, the firms can do strategic planning which will assist in raising productivity, saving costs, and serving more profits.

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Understanding PESTLE 

Let us understand the PESTLE functioning more clearly through the aid of an example in a political context. In a company’s affairs, political decisions have a clear impact. Let’s understand how:

  • Stability and Influence: A change in government or policies can have an impact on all industries. They may bring changes in further policies which can influence on functioning of business. They can impose a stay on infrastructure or ban the use of plastic bags impacting both big and small businessmen. 

  • Trade Regulation and Tariffs: The government can also increase or decrease the tariff or excise duty. This can lead to changes in prices and profit margins. These severely affect partnerships between companies. 

  • Government Intervention: From time to time for the benefit of citizens and to govern the market, the government do checks. They might abolish a few practices and ban liquor shops or increase the prices which can lead to a downfall in sales. 

  • Political Ideology and Influence: During their governance, the political parties may favour some industries and sectors. A government with a focus on technology will lead to a bloom in telecommunications whereas one focused on infrastructure will lead to a rise in employment of more labour, and high production of material. 

Let’s understand how it helps to analyze economic factors:

  • Economic Growth and Recession: By observing the market trends, one can see and interpret the period of blooms and recession. As per the market situation, firms can strategies their policies which will keep them stable and help to increase profits and production during bloom. 

  • Inflation Rates: During inflation, the prices tend to soar high. In such vulnerable times, it is crucial to adjust pricing models and adopt more cost-effective supply chain models. This will keep you on track and in the market. 

  • Exchange Rates: A fluctuation in exchange rates affects the cost of imported goods. Weakening of local currency will lead to a high cost of goods and vice versa. Retailers should be prepared to deal with these adverse conditions and strategies their prices. 

  • Employment and Unemployment: With a high unemployment rate, consumer purchasing power decreases. The demands for non-essential gods tend to decrease. With stable employment, a more optimistic preview happens. 

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Let’s understand how social factors impact the working of business in terms of the healthcare sector:

  • Health Consciousness: Social awareness about health gives a boost to the healthcare sector. For instance, there is a growing demand for mental health services and awareness campaigns as a result of Australians' increased knowledge of mental health issues. 

  • Social Mobility and Education: As education has become more accessible and standards have increased, the audience likes to know everything about their purchase. Hence across all industries, we have seen a more educated and informed customer base. 

  • Cultural and Social Attitudes: With advanced times, people are learning more about their cultural values. People are more aware of their food choices and have become health conscious which has led to a rise in demand for more healthy food options, fitness programs, and alternative medicine. 

  • Lifestyle Shifts: sedentary behaviours and poor eating habits are examples of changing lifestyles that lead to a rise in chronic illnesses. In response, there is a rise in wellness initiatives, lifestyle counselling, and preventative measures to address the increased incidence of diseases including diabetes and cardiovascular disorders.

  • Demographic Trends: Demographics also defines the market goods. Australia's population is aging and the percentage of senior residents is rising. The demand for specialist treatments, long-term care facilities, and aged care services is rising due to this demographic shift, which has an impact on the healthcare sector.

    Also Read - Pestle Analysis Sample

Digi Assignment Help: A Guide to Understanding PESTLE

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Conclusion

PESTLE analysis has become more than just a theoretical framework and serves as a useful manual for decision-makers to foresee changes, reduce risks, and take advantage of opportunities.

Companies can adapt using consumer-centric strategies to satisfy changing demands and expectations. Businesses that adopt and use PESTLE analysis techniques are better positioned to prosper in a constantly shifting environment. Individuals can learn all about the analysis with the help of professionals and put it to use to benefit decision-making. 

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