a) Socio-Cultural: A social field is the arena where a business needs to promote itself. Gauging the present demand trends, attitudes and lifestyles, consumerism and its structure, are all pre-requisites of a business before it lays out the corporate strategy.
b) Technological: A company has no means of survival without having the knowledge of existing technologies and exploiting them optimally. The Governments expenditure to influence technological innovations, the speed at which technology transfers are taking place and the tendency to relegate obsolete technology for faster and newer ones would have to be studied by the industry in question, very carefully.
c) Environmental: The environment protection strategies shouldn’t be ignored totally. Waste management practices, ethical energy consumption trends have to be paid adequate heed, needless to say.
d) Legal: The legal framework and its utility should be comprehended with due importance. Employment Laws, Competition Laws, Product Safety, Health and Safety are points to be kept in the ‘legal’ forefront.
Hence, a company would ‘look before it leaps’. Each aspect should be clearly analysed such that it can be harnessed for the benefit of the business venture. The population and demographics, the Global Business Environment, literacy, income patterns etc. are all contributing features which indicate the company’s probability to thrive in the market.