External Analysis: PESTEL Framework | Strategic Management

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In this step, you'll learn about the PESTLE Analysis, a tool used by managers to analyze and monitor the macro environmental factors that have an impact on an organization, company, or industry. PESTLE stands for Political, Economic, Social, Technological, Environmental, and Legal factors. By running a PESTLE Analysis regularly and responding to changes, managers can keep their strategies fluid and current. This tool is especially useful when starting a new business or entering a new market.