PESTLE Analysis (Edexcel A-Level Business): Flashcards
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PESTLE analysis
PESTLE analysis
Tool examining Political, Economic, Social, Tech, Legal, Environment
6 PESTLE categories
6 PESTLE categories
Political, Economic, Social, Technological, Legal, Environmental
Pressure groups
Pressure groups
Organized campaigns aiming to influence government policy/opinion
Income elastic goods
Income elastic goods
Products where demand is very sensitive to changes in consumer income
Examples of income elastic goods
Examples of income elastic goods
Cars, holidays, computers, white goods (freezers, cookers, washers)
Effect of strong currency on exports
Effect of strong currency on exports
Makes exports more expensive for foreign buyers, reducing sales
Barriers to entry
Barriers to entry
Obstacles making it difficult for new firms to enter a market
Competitive market characteristics
Competitive market characteristics
Many buyers/sellers, low barriers, products are close substitutes
Social media benefit for businesses
Social media benefit for businesses
Monitor consumer preferences in real-time and gather instant feedback
Green consumerism benefit
Green consumerism benefit
Creates market opportunities; businesses can command premium prices