A guide on how to evaluate the external environment your business operates within and how you can best position your business to manage these forces outside of your direct control. There are a few models one of the main ones is called a situational analysis, and we will cover this here using a PEST (meaning Political, (Legal), Economic, Social/Societal, Technological) / PESTEL Analysis. The PESTEL also includes a second E which stands for Environmental factors like climate etc.
We also cover in slightly less detail micro internal factors which you will have some control over and can change to enhance your. efficiency, you can do this by performing a marketing audit and completing a SWOT (Internally influenced in your company Strengths, Weaknesses, Externally Driven by environment - Opportunities & Threats)
