There are two terms used in Marketing: STEEPLe and PESTLE they are the same thing and are to do with market analysis.
P = political situation
E = economic
S = socio-cultural
T = technological
L = legal
E = environmental
Or jiggle them around for STEEPLe.
Some people will think that market analysis isn’t relevant for them, but consider what we are living through at the moment: the economic climate has been heavily impacted by Covid-19 and has led to pubs & restaurants turning into takeaways / home delivery services to continue to survive, for example.
Then of course there is also Brexit, which impacts the market on a political level (additional paper work between NI and GB and the ramifications of that), economic (potentially new tariffs and new trade deals), socio-culturally (migrant workers becoming less prevalent for fruit picking) and legally (new legislation with its impacts on trade and travel).
You may not even think that you are analysing the market when you take a deep breath and work out how things that happen on the ground are going to impact your business. But you are!
Some events can be planned for (Brexit) some can not (Covid-19), but they do affect the business, your business and you find ways around them, to embrace them, to succeed despite / because of them.
Some people do a PESTLE / STEEPLe analysis as part of a business plan and don’t look at it again. However, these analyses are living and breathing documents – they change as the world around your business change. Each change can bring threats (lockdowns to soft play areas has put huge strain on businesses, and not all will re-open if the cash has dried up) and opportunities (instead of distilling artisan gin turning to manufacturing hand sanitiser).
For some businesses it is more difficult to pivot than for others – if you are a hairdresser, then that has limited capabilities for pivoting; but if you had a range of bespoke clothes that you sold though ETSY, the pivoting to making face masks could have been a profitable change.
Understanding the world around your company will help uncover ways to succeed even in the most difficult of times.