PEST, PESTLE, STEEP, STEP
PEST analysis (“Political, Economic, Social and Technological analysis'') describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. Some analysts added Legal and rearranged the mnemonic to SLEPT others inserted Environmental factors, thereby expanding it to PESTEL or PESTLE, which is particularly popular in the United Kingdom.
PESTLE can be part of the external strategic analysis when conducting market research, for example, and can provide an overview of the different macro-environmental factors a company should take into consideration. It can also be a useful strategic tool for understanding market growth or decline, business positioning, and the potential of and direction for operations.
EIDOS supports classical PESTLE analysis through a brainstorming approach enhanced by an attractive background. To enhance the potential value of the analytical results from the brainstorming exercise, it is recommended that results be documented in the PESTLE Analysis (Systemic) tool.