Updated: Mar 8, 2021
PESTLE Analysis is not a new acronym. It's been used across a multitude of functions - marketing, consultancy, business reviews etc. There are a host of articles online that have written about this but as a quick review, PESTLE is great for analyzing the external factors that contribute to the greater ecosystem to organizations, and ultimately their people.
The PESTLE Acronym provides a varied perspective, and from the video you would have learnt, also a diagnostic tool, of an organization:
Political - anything that might affect governments and its function
Economic - fiscal policies, and all indicators to both macro & micro considerations that may affect the business
Social - Culture, trends, social norms, buying habits etc.
Technology - Technological advancements like hardware & software (AI, Robotics etc)
Legal - laws, legislatures that are constantly updated i.e. Health & Safety, Personal Data
Environmental - covers both sustainability, CSR, and how it affects everything business i.e. supply chain, manufacturing etc.
Diving deep with PESTLE will provide a holistic picture of the statistics and variables that may affect business and is synergistic with the use of SWOT Analysis.