The PESTEL framework allows the scanning, monitoring, and evaluating of changes and trends in a firm's macro environment.
A PESTEL analysis is a strategic framework commonly used to evaluate the business environment in which a firm operates. Traditionally, the framework was referred to as a PEST analysis, which was an acronym for Political, Economic, Social, and Technological; in more recent history, the framework was extended to include Environmental and Legal factors as well.
The framework is used by management teams and boards in their strategic planning processes and enterprise risk planning management. PESTEL analysis is also a very popular tool among management consultants to help their clients develop innovative product and market initiatives, as well as within the financial analyst community, where factors may influence model assumptions and financing decisions.
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