A quick note for now.
Largely based on scanning the environment at a higher level in order to predict/adapt to opportunities or risks to your organisation.
PESTLE plays a huge role here – developed from PEST.
I really like the real life examples of this such as – regulation affecting the oil industry, social expectations driving technology – did we really want for mobile music devices before Sony invented the Walkman? – and how new market segments can open up as a result of changes in PESTLE aspect.
The way they interrelate is also important – the uk governments idea about putting smart energy meters in homes is a good example. Political intervention, economic affect through monitoring energy usage, consumer concern about the environment as a sociological aspect, the technology that allows the ambition to become a reality, legislation required to put them into every home and of course the resultant closer monitoring that allows behavioural change in favour of the environment. Perhaps a future Uk government success story.
MBA Reflective Log 