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.