In order to do a complete PESTEL analytics writing, you need to understand the concept of the PESTLE model well. The PESTLE model consists of 6 very important business variables – Political Economic, Sociocultural, Technological, Legal, and Environmental. It helps an organization to identify the external factors that can have a significant impact on the decisions that are made in the organization. So, if you are interested in doing a PESTLE
analysis, then you must follow these steps.
1. Understand All the Categories
The very first step for making a PESTLE analysis is to understand all the 6 categories.
Political – Almost every business in any industry is affected by political factors. This is especially true for businesses that operate across borders. Political factors can include taxation policies, trade tariffs, and other rules and regulations established by a government.
Economic – Economy plays a massive role in the overall success of a business. Both global and local economies can have an impact on businesses. Factors like gross domestic product, inflation, and exchange rates, can influence various industries.
Sociocultural – It can also be referred to as 'social' factors, represent the cultural and societal aspects of any industry. Social factors majorly include demographics, ethnicities, and cultural differences. They can have a long-lasting impact on a particular business.
Technological – In recent years, technology is now an essential factor in business analysis. It can refer to the development of new technology, or new infrastructure, or an upgrade of the already existing ones. Innovations and technologies can bring changes to a business.
Legal – Legal factors should also be kept in mind when businesses release a new product or service. These are the laws and regulations which the businesses need to follow like import and export laws or even copyright rules.
Environmental – A very crucial category to be focused on, environmental factors are vital. Factors like depletion of natural resources and climate change can affect a lot of businesses.
2. Do the Research
The next step in your pestle analysis assignment is doing the right research. When you are familiar with all the 6 different categories of the PESTLE model, you must carry out thorough research on all of them. In case you are new to the business, then it becomes a lot more intimidating than it seems.
Even though there aren’t any strict rules which you should abide by when doing the relevant research, PESTLE analysis requires a strong idea of all the categories it is made up of. The very first thing you can put into consideration is which factors can relate to your business more than the others. Once you are aware of them, you can dedicate more effort and time into finding more facts about these categories.
That is the very reason why PESTLE analysis requires a clear idea about which business you are dealing with. The more you come to know about this business, the higher the chances are to find the relevant information for analysis.
As you realize about the factors that have the most influence on the business, you must find out ways from where you can extract the information. There is a huge amount of data and information on the web. Try out the popular search engine options and find out the details you are looking for a particular factor.
Other than using the search engines, you have two more options to choose from – government reports and third-party reports. Both sources can help you get a massive amount of reliable and verified data regarding any topics. This data is also industry-specific.
3. Put It All Together
The third and final step in the PESTLE academic assignment analysis is to put everything together. Once
you have identified the factors of influence, source of information, and reliable data, you need to match them. The best way to present the analysis is by creating six different sections for the main content part. Each section represents one category of the PESTLE model. Now, include all the factors and data you have retrieved based on the section you are working on. In case of a bulkier topic, use sub-sections. Don’t forget to add an introduction and the conclusion to the analysis. This is how the analysis should be presented to the readers. In case you find it to difficult to manage, you can check out for PESTEL analysis services.