How does the PESTEL analysis framework contribute to the external environmental scanning process in strategic planning?
How does the PESTEL analysis framework contribute to the external environmental scanning process in strategic planning?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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How does the PESTEL analysis framework contribute to the external environmental scanning process in strategic planning?
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Step 1: Introduction:
In the realm of strategic planning, a thorough understanding of the external environment is paramount to an organization's success. To navigate the complexities of the ever-changing business landscape, tools like the PESTEL analysis framework play a pivotal role. This analytical tool offers a structured approach to dissecting the macro-environmental factors that can significantly impact an organization's operations and strategic decisions. In this answer, we will explore how the PESTEL framework contributes to the vital process of external environmental scanning in strategic planning.
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