What does STEEPLE analysis do?
It examines factors outside of the business that are likely to impact the business
What does STEEPLE stand for?
Social
Technological
Environmental
Economical
Political
Legal
Ethics
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What does STEEPLE analysis do?
It examines factors outside of the business that are likely to impact the business
What does STEEPLE stand for?
Social
Technological
Environmental
Economical
Political
Legal
Ethics
What is an example of a social factor that could impact the business?
An ageing population, growing population
What is an example of a technological factor that could impact the business?
Developments in technology
What is an example of an environmental factor that could impact the business?
Pressure groups (such as GreenPeace), increased interest in environmentally-friendly products
What is an example of an economic factor that could impact the business?
Rates of disposable income, economic growth, supply chain issues
What is an example of a political factor that could impact the business?
Political stability, protectionism policies, higher taxes you have to pay
What is an example of a legal factor that could impact the business?
Discrimination laws (protected characteristics such as race, age, gender, religion)
What is an example of an ethical factor that could impact the business?
Bribery, cultural barriers
What is the impact of external factors on businesses?
They can provide opportunities or threats
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
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