I'm a new one

in this lesson we're going to look at the

hes still model which is a tool for auditing the marketing environment

as we know from Allison on the marketing environment

the wider macro environment impacts upon how marketing managers make decisions

during this lesson we going to look at how we

or did and evaluate are external business environment

there are number acronyms which are popular

doing this an acronym basically is the for this letter

of a word which is then put together to make another word like

past and slept the will look at the moment pest

stands for political economic socio-cultural

and technological PESTEL stands for

political economic socio-cultural

technological environmental and legal

slept means societal

legal economic political

and technological and we can also

and included in this stead which is society

technology technological economic

and political all this would include lip SC

and spectacles they're all pretty much the same

and in reality you can actually do

a PEST analysis on the slept analysis and the past see

on the past manassas but for the purposes of this

video and this course we're going to focus upon

PESTEL analysis pestle let's have a look at it

each of the terms intern political

essentially ace the political environment which rolled

revolves around the current government in a particular country

in which should be a manufacturer and

trades and also looks ask laws and legislation to operate within your home

market

as well as overseas the economic environment

is indirect influence on all businesses obviously if you're studying marketing

there's a huge element in economics within the topic itself

and you should be no stranger to the principles the economics

that hey we're looking at things like employment levels

we're looking at inflation interest rates

with it the economy's booming whether there's a depression

the usual economic factors next look at socio-cultural

and the social cultural environment in body

everything which is social and cultural

within a nation of society there are plenty of examples

our society and culture on the marketing teacher website

as some recommended reading here will be the you go back through the

and less install and pick azzam

elements from the consumer behavior section

but intensive culture we're looking here at things like

religion the way you're educated your national culture

you local culture your dialect these rule cultural factors

next let's take a look and technological and technological factors are

multifaceted influences

let's just think about the salsa technology that you come in touch with

almost daily small FansEdge Android iPhone and now common

all gotten be used in being able to access information communication

technology

instantly no matter where we are jeering studies it

or at work we have access to information on quick PC and

over the Internet with faster broadband connections arriving in many parts of

the world

this is a huge area change in an area which is very interesting to

markets is environmental

or environmentalism is quite important these the green issues that surround

marketing environmentalism and marketing connect when marketing may affect the

environment

when serving customers with products and services this

and environmental movement which puts pressure on businesses governments and

everyday people to be drina

is a number of examples on how companies can be greener

internally and externally from addressing manufacturing today to

is on a more sustainable future size environment

legal ace the final element of the PEST analysis

marketing overseas your business will need to take into account

laws in the local market for example causes old in mainland Europe and the

United States

and they tend to be left hand drive whilst those which are marketed

in Japan and the United Kingdom all right and right-center

the law's intent to pay construct a car are different

this is a local requirement different countries have different laws in

relation to

the maximum speed limits and safety ratings on vehicles

as well as many other by laws and codes

okay so we look to pass analysis there which is a tool

for auditing the business environment and we look at politics economics

culture and society technology environmentalism

and lula and legal issues and it's all about

looking out from a business into the business environment

PEST analysis is not an internal pointing

audit as something such as SWOT analysis maybe

in terms of its strengths and weaknesses that's best molasses

and that's how we audit they business or marketing

environment

environment