Each new export market development requires a revision of the outline opportunities and threats PESTEL. Making an assessment per coveted country will avoid additional and unnecessary costs.
PESTEL is an acronym used for the components of the macro-Policy, Economic, Socio-cultural and Technological. With these 4 elements, it is common to add the E to account for Environmental Data and L for judicial and Legal system.
Benefits of PESTEL analysis tool helps to identify opportunities and report a potential threat in advance;
- helps identify opportunities for change of direction (pivot);
- provides decision makers with the information necessary to avoid the potential failure of a project for reasons beyond their control;
- allow an objective view without preconceived bias.
We invite you to build a grid and assess your Threats / Opportunities per targeted region. It will guide you for a first evaluation before planning international market development. If you are already a client, you can use the Intern Audit for Export to complete your MPII Suite of planning tools.
Integrated Innovation Best Practices (MPII) Suite of tools now offers a dedicated module for Internationalization readyness self-assessment. To realize your Audit, please subscribe or contact us.