Learn how to do External Analysis of a company (with examples)

Marketing Management Course
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  • 33 lessons
  • 10 quizzes
  • 10 week duration

1.3 Is there anything better than PESTEL Analysis?

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PESTEL Alternative is myth. It doesn’t exist!

If you search alternative of PESTEL Analysis on Google Search, you will find several models in the index. But all of them are one or other form of PESTEL analysis. All of the alternative contain common factors with some extension in the variables.

Some of the common acronyms you will find online are STEP, STEEP, STEEPLE, DEEPLIST, or ICEDRIPS. There can be many others. You can share with me any new acronym you find through the Feedback Box. I will add it to the list.


Social, Technological, Economic and Political


Social, Technological, Economic, Environmental, and Political


Social, Technological, Economic, Environmental, Political, Legal, and Ethical


Demographics, Economic, Environmental/Ecological, Political, Legal, Informational, Social, and Technological (Source)


Innovation, Competitors, Economic factors, Demographics, Regulatory, Environment, Infrastructure, Partners, and Social trends (Source)

You can see few factors are extracted from the main factors. For instance, Demographics is the part of Social factor, Innovation is the part of Technological factor, and so on.

If you worry on missing out on any factor, you can remember the following acronym that covers all of the above factors/variables: 


Innovation, Demographics, Economic, Environment, Political, Partners, Regulatory, Information, Competitors, Ethical, Legal, Infrastructure, Social, and Technological

From the point of view of your University courses, PESTEL Analysis is the preferred model. You can use it without worry.