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The acronym PESTEL stands for Political, Economic, Social, Technological, Environmental, and Legal factors. This framework is utilised in strategic management to identify and analyse external forces that may influence an organisation. Each element explores different external influences, enabling businesses to recognise potential threats and opportunities.
The Political aspect evaluates the impact of government policies, Economic examines financial conditions, Social looks at shifts in society, Technological focuses on advancements, Environmental considers ecological elements, and Legal focuses on regulatory challenges. By applying PESTEL, organisations can make well-informed decisions to adapt to a changing landscape.