What Is Needed to Install Wind Turbines for Power Generation at Home Free Essay Example, 4250 words

Before starting the marketing process, an organization needs to analyze the internal, micro and macro environments of its business. The macro environment consists of four main factors, namely, Political, Economical, Social and Technological. PEST stands for these. It is sometimes referred to as STEP analysis also. Business leaders use PEST Analysis for decision making and to assess marketing and business development. (Pest Analysis: What is Pest Analysis. 2009). The concept of PEST has now been extended to PESTEL or PESTLE analysis by adding two more parameters namely the legal and environmental factors. The PESTLE analysis is a more in-depth analysis of your company than the standard PEST analysis. PESTLE not only evaluates the Political, Economic, Social, and Technological factors affecting the success of your business, but also the Legal and Environmental factors. It is a crucial test for understanding the environment surrounding your business and managing it to your advantage. - Political: Political factors are mostly government policies and other legal issues such as tax policy, employment regulations, environmental laws, trade restrictions, tariffs, political permanence of various governments of the country etc. - Economical: These are often closely related to political factors. We will write a custom essay sample on What Is Needed to Install Wind Turbines for Power Generation at Home or any topic specifically for you Only $17.96 $11.86/page It includes intellectual property issues, competing for technology development, the maturity of the technology, consumer buying mechanisms, patents and licensing, replacement technology, information, and communication etc. Research funding also falls into this.