The PESTLE framework is a method used in marketing analysis. Companies and organizations use this framework to keep track of the environment where they are operating. This is also useful in conducting feasibility studies for new products that will be launched. Using this method provides a clear view of the external factors that may contribute to the success or failure of a product. In-general, this plays an integral role in any marketing strategy since it is involved in the pre-launch and maintenance phase.
PESTLE Framework Tutorial
PESTLE Definition
PESTLE or sometimes spelled as PESTEL or PEST, is an acronym that stands for Political, Economic, Social, Technological, Legal and Environmental respectively. This is the official PESTLE definition that you will find on most books and on the internet. In business marketing, it is often paired in-use with SWOT and Porter’s Five Forces analysis to get the best results. Doing so helps provide information about how the environment contributes to the actual performance of a business and its products or services. Aside from that, it will also provide relevant data for things that should be avoided in the future. Overall, we can conclude that the sole purpose of this method is to help users become successful in their business ventures by providing a clear forecast.
PESTLE Framework Benefits
Any method or framework provide various benefits, and PESTEL framework is no exception. As mentioned above, it helps in determining the feasibility of a product in a specific environment. However, that is not the only good thing about employing such methods as there are a lot more. Some of these advantages and benefits are listed below.
- Cheaper framework method
While most marketing tools and strategies requires excessive amount of funds to execute, that is not the case for PESTLE. This framework is one of the most cost-efficient framework that you can work with even without any special budget. As a matter of fact, an individual can make a PESTLE analysis example with just a pen and single piece of paper at hand. It means that there are no special tools required to make one. However, for professional purposes, we recommend using such tools. There are a lot of free tools these days that provide easy chart making functions, like GitMind.
- Gain more information about the various environment
There are a lot of factors that can make or break a product’s success. By implementing the PESTLE example framework, you’ll have a deeper understanding of things that constitutes to these environment. One example is the Legal part, where you will learn about the legalities of a certain location. Doing so will eliminate the chances of getting sued for disobeying the specific law of that location.
- Make use of opportunities
Employing this method doesn’t just bring out the advantages, but also shows the disadvantages. However, by doing so, you’ll be aware of them and then exploit the opportunities that comes along with them to turn them in your favor.
PESTLE Framework Examples Free to Download
You’ll find many PESTLE analysis example on the internet. This only proves how useful this framework is since it is in-demand. On that note, here are some sample templates that you can use and download for free.
- Cola PESTLE Analysis
This template illustrates how a famous Cola brand employs PESTLE in their marketing strategy. From the most important Political environment, to all Legalities involved, this cola brand made sure to cover all important aspects as shown on the PESTLE example.
2. PESTLE Industrial Analysis Template
The PESTLE framework was created to help track environmental factors for a business model. The template above is the perfect example of this since it can be used to track the performance of a product. The results can provide ideas about the current standing of the product and in the market. Using the data, you can come up with strategies to either improve it or keep the good performance going. You can download this PESTLE analysis example by clicking the button.
3. Feasibility PESTLE Example
The last template that we have is a useful one for conducting feasibility studies. This is an effective tool to measure environment before you actually launch the product. The template itself is simple in design so there is no confusion when you use it. Aside from that, you can alter its design to better suit your use style.
Conclusion
PESTLE framework is a very useful tool that applies to various fields. However, the field where it is most useful is in the marketing field. This is because it was created for the purpose of improving the chances of success and minimize losses. That is why, if your need a quick way to start implementing the PESTLE framework, then you can download the examples above.
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