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Essay / Research Paper Abstract
This 3 page paper critiques the PESTEL analysis framework and then suggests 4 ways that the analysis framework may be improved. The bibliography cites 5 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEimpestel.rtf
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Unformatted sample text from the term paper:
environmental (or in some cases this is cited as ecological) and legal influences (Thompson, 2007). This may sometimes be used in a shortened format; a PEST analysis where only
the first four elements are incorporated (Mintzberg et al, 2008). There are different variations of the model developed, such as the LoNGPEST where each element is divided into local influences,
national influences and global influences (Mullins and Capon, 2008). It cannot be argued that the components of the PESTEL analysis are not relevant they are, however they are
also very broad headings, and as such they may incorporate many elements, for example, the political environment can include issues such as local counsel regulation through to UN resolutions, include
trade association influences and international trade disputes (Thompson, 2007). Likewise economic influences may be general economy issues such as interest rates and inflation, but may also include the conditions of
the banks and the lending criteria that they are implementing at the time. This indicates the broad nature of the tool, it provides a framework and the realty is the
quality of the analysis will depend on the way that the input data is gathered and organized and the way that the analysis is applied. It may be argued
that the PESTEL is an extension of the PEST analysis, with the ability to narrow down certain areas that are important. If this is the case and the main criticism
of the PESTEL model is that it is two broad there should be the identification of other areas that may benefit from greater singular attention. One area of increasing
important is the virtual environment, this is typified with the use of the internet as a way of marketing and selling goods and services, it has revolutionized the way that
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