One of the challenges of business—and life—is planning for an uncertain future. We introduced the concept of contingency planning previously in the course. In module 4, we discussed a related process—environmental scanning—and how to incorporate this concept into the strategic planning process. In this essay question, you will briefly summarize the PESTEL framework and develop a PESTEL analysis for a business of your choice.Review the Common Frameworks for Evaluating the Business Environment section of your course.Briefly (in one paragraph) summarize what the PESTEL framework is and why it matters.Select a specific business or an industry that you are familiar with as a consumer/fan (i.e., sports team, musician, favorite retail establishment), employee or stock investor and develop a PESTEL analysis that includes at least 5 factors in each category: political, economic, social, technological, environmental and legal. Conduct additional research as needed to support your points.

PESTEL analysis is a framework or methodology that marketers use to study and track…

Answered: One of the challenges of business—and…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter22: Getting Divisions To Work In The Firm’s Best Interests

Section: Chapter Questions

Problem 22.5IP: Furniture Forecasting Futura Furniture Products manufactures upscale office furniture for the Office...

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Question

One of the challenges of business—and life—is planning for an uncertain future. We introduced the concept of contingency planning previously in the course. In module 4, we discussed a related process—environmental scanning—and how to incorporate this concept into the strategic planning process. In this essay question, you will briefly summarize the PESTEL framework and develop a PESTEL analysis for a business of your choice.

Review the Common Frameworks for Evaluating the Business Environment section of your course.
Briefly (in one paragraph) summarize what the PESTEL framework is and why it matters.
Select a specific business or an industry that you are familiar with as a consumer/fan (i.e., sports team, musician, favorite retail establishment), employee or stock investor and develop a PESTEL analysis that includes at least 5 factors in each category: political, economic, social, technological, environmental and legal. Conduct additional research as needed to support your points.