The goal of this exercise is to uncover the Political, Economic, Social, Technological, Legal, and Environmental forces surrounding your organization. So that you can keep an internal true north with your next big idea while all these external factors come to play. This is a process that your team should continually evaluate and optimize.
Political factors may include tax policies, tariffs, trade restrictions, corruption, funding grants, etc.
Economic factors could include inflation rate, interest rates, economic growth patterns, labor costs, unemployment rates, etc.
Describe the social environment of your market. Look at cultural trends, demographics, attitudes, and beliefs, lifestyle trends, etc.
Technological factors refer to automation, research and development, and the amount of innovation going on in the market.
25% Factor #1
40% Factor #2
35% Factor #3
Take into account both governmental and internal legal factors: consumer laws, safety standards, tax and discrimination laws, etc.
Outline your geographical location, climate, your carbon footprint, environmental regulations, pollution laws, recycling policies, etc.