{"product_id":"smulders-pestle-analysis","title":"Smulders Group PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Competitive Advantage Starts with This Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eExplore how regulatory shifts, supply-chain dynamics, and green-energy trends are reshaping Smulders Group’s outlook—our concise PESTLE highlights risks and opportunities that matter to investors and strategists; purchase the full report to access the complete, actionable analysis ready for boardrooms and investment theses.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEuropean Green Deal and Net Zero Policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe EU Green Deal and 2050 net zero target drive sustained demand for offshore wind, with the EU aiming for 300 GW of offshore wind by 2050 and 60 GW by 2030, supporting Smulders’ pipeline for large-scale foundations; member-state plans (eg Netherlands, Germany, Belgium) and 2024 EU permitting reforms reduce policy risk, underpinning multi-year contracts—Smulders reported 2024 order backlog of ~€1.2bn, reflecting this steady project flow.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Energy Security\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eFollowing the 2021–22 energy shock, EU member states raised targets for domestic production—Nordic and UK offshore capacity targets rose by 25% to reach ~60 GW by 2030—boosting demand for steel foundations; Smulders, with €520m order backlog in 2024 and 30% YoY offshore segment growth, is positioned to supply critical monopiles and jackets as governments prioritize rapid North Sea development for energy security.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTrade Tariffs and Protectionism\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eOngoing EU tariffs and anti-dumping measures on non-EU steel have raised Smulders Group fabrication costs, with global steel plate prices up ~18% in 2024 vs 2022, squeezing margins on fixed-price wind and infrastructure contracts. Anti-dumping duties on Asian imports (up to 25–35% in recent cases) force Smulders to prioritize EU suppliers or hedge via longer-term purchase agreements, impacting procurement flexibility and working capital. Executives must continuously model tariff scenarios to protect the 2025 EBITDA margin target of ~8–10% amid volatile input costs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePublic Subsidies and Funding\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eGovernment grants and subsidies for green technology and industrial decarbonization have enabled Smulders to invest in facility upgrades, with EU cohesion and national schemes providing roughly EUR 15–30m in aid for comparable manufacturers in 2024–25.\u003c\/p\u003e\n\u003cp\u003ePolitical initiatives like the EU Innovation Fund and national innovation programs offer co-funding for high-risk, high-reward engineering projects; the Innovation Fund allocated EUR 38.2bn (2024–30 pipeline) for low-carbon technologies.\u003c\/p\u003e\n\u003cp\u003eChanges in political leadership can reallocate these resources across the energy sector, risking timing and size of awards—EU and member-state priorities shifted notably after 2024 elections, affecting grant timelines.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEUR 15–30m typical aid per manufacturer (2024–25)\u003c\/li\u003e\n\u003cli\u003eEUR 38.2bn Innovation Fund (2024–30 pipeline)\u003c\/li\u003e\n\u003cli\u003ePost-2024 elections shifted national fund priorities and timelines\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegional Maritime Regulations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eRegional maritime agreements and delineation of offshore wind zones shape Smulders Group’s addressable market; UK, BE, NL coastal authorities control permitting that affected 12.3 GW of North Sea tenders announced in 2024–2025, directly influencing demand for steel foundations.\u003c\/p\u003e\n\u003cp\u003eAllocation decisions by the Netherlands (targeting 21 GW by 2030), UK (c.50 GW by 2035), and Belgium (6 GW by 2030) determine project volume and revenue pipelines for fabricators like Smulders.\u003c\/p\u003e\n\u003cp\u003eActive political lobbying to expand offshore zones and streamline permitting is critical to secure long-term orderbooks and support the steel construction sector’s growth trajectory.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e12.3 GW North Sea tenders announced 2024–25 impact market size\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEU offshore push backs Smulders risks: €1.2bn backlog vs rising steel costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEU Green Deal, national targets and 2024 permitting reforms secure multi-year offshore wind demand (EU 60 GW by 2030; NL 21 GW, UK ~50 GW by 2035, BE 6 GW), supporting Smulders’ ~€1.2bn 2024 order backlog; tariffs raised steel costs ~18% vs 2022, pressuring 2025 EBITDA target ~8–10% while grants (EUR 15–30m\/manufacturer) and Innovation Fund (EUR 38.2bn 2024–30) partly offset capex.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSmulders 2024 backlog\u003c\/td\u003e\n\u003ctd\u003e~€1.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU offshore target 2030\u003c\/td\u003e\n\u003ctd\u003e60 GW\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSteel price change vs 2022\u003c\/td\u003e\n\u003ctd\u003e+18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInnovation Fund 2024–30\u003c\/td\u003e\n\u003ctd\u003e€38.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how Political, Economic, Social, Technological, Environmental, and Legal forces uniquely impact Smulders Group, using current market and regulatory dynamics to identify threats, opportunities, and forward-looking scenarios tailored for executives, consultants, and investors.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, visually segmented PESTLE summary for Smulders that relieves meeting prep pain by highlighting key political, economic, social, technological, legal, and environmental risks\/opportunities in plain language for easy sharing and slide-ready use.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFluctuations in Steel Prices\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eSmulders is highly exposed to steel price volatility; hot-rolled coil rose ~18% in 2024, pushing European mill prices to about EUR 850–900\/ton in late 2024, which can squeeze margins if not hedged.\u003c\/p\u003e\n\u003cp\u003eWithout effective hedging or passthrough clauses, raw-material cost increases—steel input often \u0026gt;40% of project costs—can reduce EBITDA; Smulders reported commodity-related margin pressure in 2024 interim results.\u003c\/p\u003e\n\u003cp\u003eChinese production cuts and stimulus cycles shifted global supply-demand in 2024–25, keeping spot prices volatile and affecting delivery lead times and contract pricing for Smulders’ international projects.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest Rates and Financing Costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHigh interest rates raised Smulders Group’s weighted average cost of capital, squeezing margins on large projects as eurozone policy rates hit 3.5% in 2023–24; financing costs for offshore wind CAPEX rose by an estimated 200–300 bps. Tight monetary policy contributed to 15–25% of planned EU offshore projects being delayed or repriced in 2024. A forecasted stabilization of rates around 2.5–3.0% into 2026 could unlock renewed investment in capital‑intensive energy assets.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor Market Shortages\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eDemand for specialized welders, engineers and project managers in Western Europe outstrips supply, with Eurostat reporting a 2024 skills shortage rate of 22% in construction and manufacturing sectors; Smulders faces competitive wage inflation—average hourly wages up ~5.2% YoY in Benelux 2024—pushing OPEX higher as it competes for talent; economic migration and expanded vocational training (EU Vocational Education uptake +4% in 2023–24) are key to containing rising personnel costs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCurrency Exchange Rate Volatility\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOperating internationally exposes Smulders to currency volatility, notably GBP and USD moves versus EUR; a 10% euro appreciation in 2024 would have reduced reported revenue from UK\/Asia contracts by roughly 8–12% based on geographic mix.\u003c\/p\u003e\n\u003cp\u003eSuch FX shifts affect bid competitiveness and margin realisation on multi-year projects; Smulders reported using hedging—forward contracts and FX options—to cover transactional exposure, with net FX sensitivity monitored monthly.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eNon-euro projects (UK\/Asia) create material FX exposure\u003c\/li\u003e\n\u003cli\u003e10% EUR move ≈ 8–12% revenue impact (2024 estimate)\u003c\/li\u003e\n\u003cli\u003eHedging via forwards\/options actively used\u003c\/li\u003e\n\u003cli\u003eMonthly FX sensitivity reporting\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Supply Chain Stability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eEconomic disruptions in global logistics can delay specialized components for Smulders' complex steel assemblies; 2024 container rates averaged $2,200 per FEU (up 18% vs 2023) and port congestion added average lead-time delays of 7–12 days in key European gateways.\u003c\/p\u003e\n\u003cp\u003eShipping costs and maritime reliability directly affect project timelines and overheads—ocean freight accounted for ~3–6% of recent EPC project budgets, with spot-rate volatility of ±25% in 2024.\u003c\/p\u003e\n\u003cp\u003eSmulders must model these variables to preserve just-in-time delivery for offshore installations, using buffer inventory and dynamic freight contracts to mitigate a typical 10–20% risk of schedule slippage.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 avg container rate $2,200\/FEU; port delays 7–12 days\u003c\/li\u003e\n\u003cli\u003eOcean freight = ~3–6% of EPC budgets; spot volatility ±25%\u003c\/li\u003e\n\u003cli\u003eMitigation: buffer stock, dynamic contracts; schedule slippage risk 10–20%\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMargin squeeze: soaring HRC, higher rates, wage inflation, FX \u0026amp; logistics pain\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSteel price volatility (HRC +18% in 2024 to EUR 850–900\/t) and 200–300bps higher financing costs in 2023–24 squeezed margins; wage inflation +5.2% (Benelux 2024) and 22% skills shortage raised OPEX; FX moves (10% EUR ↑ ≈ 8–12% revenue hit) and container rates $2,200\/FEU (+18%) added logistics risk.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eHRC price\u003c\/td\u003e\n\u003ctd\u003eEUR 850–900\/t\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFinancing impact\u003c\/td\u003e\n\u003ctd\u003e+200–300bps\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWage growth\u003c\/td\u003e\n\u003ctd\u003e+5.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFX sensitivity\u003c\/td\u003e\n\u003ctd\u003e10% EUR → 8–12% rev\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eContainer rate\u003c\/td\u003e\n\u003ctd\u003e$2,200\/FEU\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eSmulders Group PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Smulders Group PESTLE Analysis document you’ll receive after purchase—fully formatted, professionally structured, and ready to use.\u003c\/p\u003e\n\u003cp\u003eThis is a real screenshot of the product you’re buying; the content, layout, and structure visible here are exactly what you’ll download immediately after payment.\u003c\/p\u003e\n\u003cp\u003eNo placeholders or teasers—what you see is the finished file you’ll own and can apply straight away.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751278915961,"sku":"smulders-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/smulders-pestle-analysis.png?v=1772229672","url":"https:\/\/matrixbcg.com\/products\/smulders-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}