PESTEL Analysis consists of six components: Political, Economic, Sociocultural, Technological, Environmental, and Legal. Each component represents a type of external macro-environmental factor that can impact a venture's performance. Political factors include government policies, regulations, and political stability. Economic factors include economic growth, inflation rates, and exchange rates. Sociocultural factors include demographics, consumer attitudes, and cultural trends. Technological factors include technological advancements, innovation, and infrastructure. Environmental factors include climate, weather, and environmental regulations. Legal factors include laws, regulations, and legal issues. Each of these factors can have a significant impact on a venture's performance by affecting its operations, costs, market, and customers.
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