Pestel Framework Explained in Product Management

This century bore witness to many successful organizations. From small start-ups to larger companies, all are focused on advancing and acquiring a unique identity in the market. Each decision taken by an organization can have either a positive or a negative impact on it. Thus, it is essential for leaders to make good decisions.

However, it is not only the stakeholders and competitors who decide a firm’s fate; a firm’s success also depends on certain external factors, and these are the factors that come under the PESTLE framework:

1. Political factors

2. Economic factors

3. Socio-cultural factors

4. Technological factors

5. Legality of actions

6. Environmental factors

PESTLE is the tool in your product manager arsenal that helps you understand the environment in which your product operates.

You will learn more about the PESTLE framework in the next video.

As discussed in the video, here is the structure of the PESTLE framework.

With this, we have come to the end of the second session. In the next segment, we will summarize all your learnings.