It is very important that an organization considers its environment before beginning the marketing process A marketing environmental analysis helps a business understand external forces that can affect it. The environment, or external forces, are often factors that a business cannot control, yet it is important to be aware of environmental concerns when preparing a marketing plan or introducing a new product to the market. The most common method for preparing a marketing environmental analysis is to conduct a PESTLE analysis, which stands for; Political, Economic, Social, Technological, Legal and Environmental. This covers all areas affecting a business.
Political The first element of a PEST analysis is a study of political factors. Political factors are factors connected with the government and its activities. Politics affect organisations because governments introduces rules and regulations that organisations and their customers have to abide by. Economic
The second element of a PEST analysis involves a study of economic factors. All businesses are affected by national and global economic factors. National and global interest rate and fiscal policy will be set around economic conditions. The climate of the economy dictates how consumers, suppliers and other organisational stakeholders such as suppliers and creditors behave within society. Social
The third aspect of PEST Social is about forces within society such as family, friends, colleagues, neighbours and the media. Social forces affect our attitudes, interests and opinions. These forces shape who we are as people, the way we behave and ultimately what we purchase. For example within the UK people’s attitudes are changing towards their diet and health. Technological
The fourth element of PEST is technology, as you are probably aware technological advances have greatly changed the manner in which businesses operate. Organisations use technology in many ways, they have: -Technology infrastructure such as the internet and telephone
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Topic: Marketing Principles
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