1.5 Notes Business
1.5 Notes Business
1.5 Notes Business
5 External Environment
STEEPLE Analysis
Population demographics can change (more young, more old woman, more skilled men)
Society’s attitude towards some issues
Cultural and religious beliefs
2) Technological Factors
Innovations in technology
Information technology (social media enhances mouth-to-mouth promotion)
3) Economic Factors
Client confidentiality
Bribery and other illegal transactions (India, Venezuela, Afghanistan is corrupted)
Treatment of employees
How changes in STEEPLE Factors affect a business’s objective and strategy?
Changes in social norms, public opinion and ethical views affect company’s products,
activities and marketing strategies.
Changes in political or legal factors force business to operate according to regulations &
comply with them
Changes in technological factors results in adaption of newer technology and thus
efficiency increased and EOS may occur.
Changes in environmental factors force companies to engage in in sustainable
production processes.
Changes in economic factors affect costs of operations, spending attitudes of customers,
etc