PESTEL..five forces..what are they??

24/9/2013..today, we learned about evaluating a company’s external environment. Miss Ummi started the lecture by asking us what macro-environment is. She explained that it includes all the environmental factors that have an impact on all organizations and firms within the economy whether directly or indirectly. There are six components included but it must be difficult to remember without an acronym right? PESTEL..there you are..simple and easy to remember. It refers to political, economic, socio-cultural, technological, environmental and legal & regulatory. Then, we also learnt about five competitive forces. They are substitute products, buyers, new entrants, rival firms and suppliers. These forces can be competitive pressures for a company in managing and secure their business so that their product will be continuously gain loyalty from the customers.
       During lecture, suddenly Miss Ummi asked our opinion about Chin Peng, the president of PKM (Parti Komunis Malaya). Many of us said that he is cruel and his people kill the Malay people without mercy. But, she said we cannot just accept the fact blindly and added that most of the history has been manipulated. I was confused at that time. Then, I made some searching and found out about head(pemimpin) of PR (Pakatan Rakyat) had visited the funeral of the late Chin Peng. It was a big issue because PR was criticised badly by the government especially UMNO. I think I don’t want to talk more about that because I’m afraid if I’ll give a wrong judgement. So, that’s all for now..see you again!