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Q3. What is PESTLE analysis and why is it important?
PESTLE is a type of business analysis tool which is expanded as Political, Economic, Social, Technological, Legal Environment. Considering these factors, the tool helps in analyses the specific company. The purpose of this business analysis tool is to identify the macro influence that may create an impact on the company or organization.
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Q3. What is a SWOT analysis and why is it important?
The full form of SWOT analysis is Strengths, Weaknesses, Opportunities, and Threats. Most companies or start-ups use this business analysis tool to detect the current position of their business in the market or to understand if there is any possible threat in the upcoming future.
By understanding the strength, you will get to know the competitive capabilities you have. Weakness will show you where you are lagging behind or where you should focus more. Opportunities will show what are the things are still favorable for you. Threats will help you understand the upcoming disadvantage you will face so you can take the required steps for it.
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