6.3 STEEPLE analysis

Define purpose of a STEEPLE analysis

a situational tool used to formulate business strategies by understanding the external factors

Define “s” in STEEPLE analysis

social, the influence that people have on the business

Define “e’s” in STEEPLE analysis

economic, the impact of the economy on the business, environmental, the impact of the business on nature, ethical, the morality of the business’s actions

Define “p” in STEEPLE analysis

political, how the governmental laws impact the business

Define “L” in STEEPLE analysis

legal, how rules and regulations impact the business

Example of social factors in STEEPLE analysis

labor force, migration, language, demographic

Example of technological factors in STEEPLE analysis

improvements to machines, higher costs, productivity

Example of economic factors in STEEPLE analysis

growing economy, changing inflation, unemployment rates

Example of environmental factors in STEEPLE analysis

natural disasters, pollution, global warming

Example of political factors in STEEPLE analysis

policies, stability, trade rules

Example of legal factors in STEEPLE analysis

legislation on rights, competition, environment protection

Example of ethical factors in STEEPLE analysis

quality working conditions, positive environmental impact