Which acronym encompasses Political, Economic, Social, Technological, Environmental, and Competitive factors?

The correct acronym that encompasses Political, Economic, Social, Technological, Environmental, and Competitive factors is PESTLE. This model is commonly used for external analysis in business management, allowing organizations to evaluate the external factors that could impact their operations and strategy.

PESTLE stands for:

• Political: Examines how government policies, political stability, and regulations may affect the business environment.

• Economic: Looks at how economic factors like inflation, exchange rates, and economic growth might influence an organization.

• Social: Analyzes societal trends, demographics, and cultural aspects that can affect consumer behavior and market demand.

• Technological: Evaluates how technological advancements or innovations can create opportunities or challenges for businesses.

• Environmental: Considers environmental and ecological aspects, such as sustainability practices and environmental regulations.

• Competitive: Often included in discussions but is generally covered under the broader frameworks of either competitor analysis or specific competitive environments.

PESTEC, while similar, typically focuses less on environmental factors and more on the existing competitive landscape. SWOT, which stands for Strengths, Weaknesses, Opportunities, and Threats, is used for internal and external analysis but does not encompass