However, conducting a detailed PESTEL analysis involves extensive time, and the model cannot offer a full picture of the environmental complexity. It also encourages the management to analyze the external business environment from different possible dimensions. It encourages organizational management to think strategically, and quickly respond to the external environment changes to avoid or reduce the negative impact on business operations. PESTEL analysis is a simple and easy to apply environment scanning framework that facilitates the understanding of the broader business environment. By gaining an in-depth understanding of the external environment, management can make wise strategic decisions according to the underlying context. It is one of the most widely used strategic planning and management tools that help management in assessing the impact of different environmental factors on the business and identifying the threats and opportunities that reside in the external environment. However, an in-depth PESTEL analysis of Intuit QuickBooks can enhance the companies’ readiness to handle external environmental turbulence.
These environmental forces are considered external as they cannot be controlled by a firm. This environment scanning tool is mainly used to understand the external macro-economic influences on the industry, a particular sector, business, and its product/service offerings. PESTEL is an acronym for Political, Economic, Social, Technological, Environmental, and Legal Analysis. Ask us for custom PESTEL Analysis help if you still find it difficult. Below is a demonstration of how this PESTEL analysis can be written step by step. For instance, Intuit QuickBooks' PESTEL analysis will mainly focus on the external Macro-Environmental factors such as Political, Economic, Social, Technological, Environmental, and Legal, that can directly affect Intuit QuickBooks.Ī detailed PESTEL Analysis can help managers explore three inter-related environments, i.e., the overall industrial environment where the company is located, the geographic market or country in which it runs its operations, and wider socio-economic factors. At EssayPandas, we can help you complete different MBA assessment projects and theoretical frameworks like PESTEL/PEST/STEP analysis of different companies.
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