PESTLE Analysis Used by SIEM as a tool to track the environment we are operating in or in case we are planning to launch a new project or service. It gives a bird’s eye view of the whole environment from many different angles that one wants to check and keep a track of while contemplating on a certain idea/plan, as well as strategic management that not only defines what a SIEM should do, but also accounts for SIEM’s goals and the strategies stringed to them.
There are certain questions that we need to ask while conducting this analysis:
- POLITICAL – What is the political situation of the country and how can it affect the industry?
- ECONOMIC – What are the prevalent economic factors?
- SOCIAL – How much importance does culture has in the market and what are its determinants?
- TECHNOLOGICAL – What technological innovations are likely to pop up and affect the market structure?
- LEGAL – Are there any current legislations that regulate the industry or can there be any change in the legislations for the industry?
They all lead to the most important aspect of the present day
ENVIRONMENTAL – What are the environmental concerns for the industry ?