Over the next 12 weeks our newest member of the team; Paige Cradduck, will be writing a fortnightly blog that will look into the political, economic, social, technological, legal and environmental factors that can currently be seen having an impact on the UK events industry.
These factors make up the PESTLE analysis, which help one to identify macro-environmental issues in a company/industry. This can be a useful tool to help understand market growth or decline, business position, potential and direction.
A little bit about PESTLE
When writing a PESTLE analysis, one needs to identify how each area should be considered when attempting to recognise the causes of change, these are as follows:
Political – Factors that should be taken into consideration in this element can include; change in government, government policies that may impact an industry, conflict and so on.
Economic – This factor can include – economic growth, interest rates, inflation, disposable income of consumers and businesses and so on.
Sociological – Social factors can include issues such as; demographic issues or consumer behaviour pattern.
Technological – This allows one to see how changes in technology can affect a specific industry or market.
Legal – Factors to consider that are arising from changes in law.
Environmental – This covers the rising concerns about the national environment.
So, if this is something that interests you and you are keen to find out more on these topics, watch this space!