What's it about?
There are many variations of PEST that can bring other factors into consideration, in PESTLE Analysis, the legal and environmental factors are also evaluated:
Legal: These factors have to do with the legislative and procedural components of an economy. Also, this takes into account certain standards your business might have to meet in order to start production or distribution.
Environmental: These factors include all those having to do with the geographical location and the related environmental aspects of a business.
Other noteworthy variations of PESTLE include:
- LONGPESTLE: Local, National, and Global versions of PESTLE.
- PESTLIED: Political, Economic, Socio-Cultural, Technological, Legal, International, Environmental, Demographic.
Who should use it
PESTLE Analysis is for any stakeholder and manager who needs qualitative information from different points of views to make meaningful assessments for informed decisions. Ideal for consultants, researchers, strategic planners and C-level executive corps.