Pestle Analysis Essay

Every business enterprises whether it is small or large, aim to meet the needs of their potential and actual customers. There are some sorts of concepts and theories that they need to follow to do it. The essay will be looking at the marketing concepts and marketing theories which are portrayed in the PESTEL theory analysis and how they have application in guiding business marketing practice. In addition, there will be comparison between PESTEL with Porter’s 5 forces to discuss how both theories relate to each other.

The basic theory of marketing analyzes how the market came into existence and the various means in which the marketers, the producers, the sellers and the consumers ensure total satisfaction. Traditional Marketing theory has evolved since the old days when people used to trade with goods for goods. This led to the introduction of the trading centers where people could go and exchange their goods with others and mostly the agricultural products.

What is a PESTLE analysis? The factors of PESTLE analysis are Political, Economic,

When the PESTLE analyzes the macro-environment of a business, the five forces examines the micro-environment of a business.

As industries share the same characteristics, there will be need to create a strategy tool that would enable the impact of underlying drivers and their investment attractiveness and the assessment of their profit potential was identified.

In 1979, Michael Porter recognized this need and proposed a framework which analyses the basic structure that can be extended to every industry. This foundation consisted of five essential factors that summarize the most important characteristic to consider in order to analyze a particular sector's key drivers of success. A strategy can be formulated proposed on growth factors and certainty rather than scenarios and forecasts based on such an