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The HND course involves a lot of papers to make sure that the students are well-versed with every concept. HND assignments can take a toll on you if you are not thorough with the concepts … Read More
The HND course involves a lot of papers to make sure that the students are well-versed with every concept. HND assignments can take a toll on you if you are not thorough with the concepts on which the papers are based on. And one of the first topics you’ll be studying is business environment. Since it is one of the first assignments students have to face, they tend to get confused and look for HND Assignment Help services to deal with it.
But it is one of the simplest concepts in your course, and you can master it using the PESTEL trick. If you’re performing a business environment analysis for your HND assignments, chances are that you’ll get confused about the different environmental factors. PESTLE helps you remember each of these factors and helps to analyze the environment more efficiently. Here’s how you do it:
1. P for Political Factors
Political factors include governments intrusion and involvement in an organization’s business activities. The government can do this by the way of taxation, tariffs, regulation etc. Any kind of involvement by a government that is causing disruptions or changes in the business it is the result of political factors.
2. E for Economical Factors
Economical factors are the economic conditions prevailing in an economy. It includes things like exchange rates, fiscal and monetary policies, inflation and deflation, interest rates etc. For example, you have an import-export business, its profits can change due to the change in exchange rates.
3. S for Sociocultural Factors
Sociocultural factors are related to the cultural characteristics of the society that the business caters to, and also the social trends of the time. For example, if the cases of obesity are rising and there is a trend of people switching to healthy food, then the businesses that sell fast food will need to change their marketing strategies and products to accommodate the change.
4. T for Technological Factors
Technological factors include development in technology and the change that it drives, which often pushes the business to change the way it does things. For example, a technological change like online booking of cabs is gaining popularity. Taxi services that do not adopt this change will eventually become obsolete.
5. L for Legal factors
Legal factors ass the name suggests includes the various kinds of laws that exist in a region, which might be directly or indirectly related to the business. For example, there may be business-related laws like the Company laws that directly apply to the business and laws like safety and environmental laws indirectly apply to business operations.
6. E for Environmental Factors
Environmental factors include natural environment-related factors like natural disasters, climate change, change in the natural environment etc. Although such changes have the potential to affect most business, some business is more at risk than others. For example, climate change is speculated to make coffee-growing difficult in future which will impact the coffee businesses.
Using the PESTLE method for analyzing the business environment is efficient as it guides you throughout the process and helps you identify various factors. Consider this method if you are stuck at analyzing, but in case you require expert assistance, consider taking it from an HND assignment help service.
Summary: This write-up guides students on how to do a Business environment analysis for their HND assignment.