One of the challenges of business—and life—is planning for an uncertain future. We introduced the concept of contingency planning previously in the course. In this module, we discuss a related process—environmental scanning—and how to incorporate this concept into the strategic planning process. In this assignment, you will briefly summarize the PESTEL framework and develop a PESTEL analysis for a business of your choice.
- Review the Common Frameworks for Evaluating the Business Environment section of your course.
- Briefly (in one paragraph) summarize what the PESTEL framework is and why it matters.
- Select a specific business or an industry that you are familiar with as a consumer/fan (i.e., sports team, musician, favorite retail establishment), employee or stock investor and develop a PESTEL analysis that includes at least 5 factors in each category: political, economic, social, technological, environmental and legal. Conduct additional research as needed and include links to support your points.