These forces, although out of the company’s control, may have an impact on the success of any future plans. By considering them, a company can change direction, build contingencies, identify new opportunities or do nothing at all: it is an important part in the strategic decision making. Managers have used a combination of the factors to suit their needs including:
The important things to focus on are those factors which directly impact your business. There has been an update to the tool, incorporating Ethical issue (PESTLEE) covering:
- Child labour.
- Sweat shops.
- Human rights.
- Compliance to equal opportunities.