Environment analysis (PESTEL / STEP-Analysis)
Procedure for an environmental analysis PESTEL / STEP
- Choose an external factor to start with. There is no particular order that must be followed.
- Then consider and describe the current state and contrast this with the future influences on your company.
This approach is used to assess the influences outside the company. This is why they are also called environmental analyses. PESTEL is sometimes also referred to as PESTLE. In both cases, it is an acronym that stands for political, economic, social, technological, environmental and legal factors. For each area you record the currently existing influencing factors as well as the trends of the future. You act in a similar way with the so-called STEP analysis, which is only a shortened form of the PESTEL analysis.
This is a tool for analyzing the environmental influences.
Who benefits from a Environment analysis PESTEL / STEP
- Business units
- First decide if you need to capture all external factors from the PESTLE/PESTLE analysis. A selection of environmental factors that need to be considered is often sufficient.
- Since there are always a large number of influences, it is advisable to always concentrate on the elements that are most relevant for the company.
- The SWOT analysis is ideal for analyzing the company’s internal factors.
- If you create a corporate strategy , it already contains parts of the method presented here.