BMT - STEEPLE analysis

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What does STEEPLE analysis do?

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It examines factors outside of the business that are likely to impact the business

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What does STEEPLE stand for?

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Social

Technological

Environmental

Economical

Political

Legal

Ethics

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12 Terms

1
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What does STEEPLE analysis do?

It examines factors outside of the business that are likely to impact the business

2
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What does STEEPLE stand for?

Social

Technological

Environmental

Economical

Political

Legal

Ethics

3
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What is an example of a social factor that could impact the business?

An ageing population, growing population

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What is an example of a technological factor that could impact the business?

Developments in technology

5
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What is an example of an environmental factor that could impact the business?

Pressure groups (such as GreenPeace), increased interest in environmentally-friendly products

6
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What is an example of an economic factor that could impact the business?

Rates of disposable income, economic growth, supply chain issues

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What is an example of a political factor that could impact the business?

Political stability, protectionism policies, higher taxes you have to pay

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What is an example of a legal factor that could impact the business?

Discrimination laws (protected characteristics such as race, age, gender, religion)

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What is an example of an ethical factor that could impact the business?

Bribery, cultural barriers

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What is the impact of external factors on businesses?

They can provide opportunities or threats

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What are advantages of using STEEPLE analysis?

It helps to identify opportunities and threats from the external environment

It promotes proactive and forward thinking

It is a useful brainstorming tool

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An example of an environmental opportunity and threat

Extreme weather and natural disasters could be an opportunity for businesses, as construction firms may benefit from having to rebuild a lot

This could also be a threat for businesses, such as farming businesses, as their crops are destroyed