STEEPLE Analysis
This article covers meaning, importance & factors of STEEPLE Analysis from marketing perspective.
What is STEEPLE Analysis?
STEEPLE analysis is one of the concepts that are used to analyze the macro-environmental factors that are used in business analysis. STEEPLE analysis for any company is useful to understand external risks via observing, evaluating, planning & tracking techniques. The full form for STEEPLE analysis is social, technological, economic, environmental, political, legal & ethical threats.
Importance of STEEPLE Analysis
STEEPLE analysis is one of the various techniques which helps analyze the various external factors which can impact its business. Such kind of studies enable a company to evaluate their current position and the various factors which can impact their business. Since these are external factors, there is very little a company can do, but still they can prepare themselves incase any of the threats impact their business.
It is an extension of PEST analysis as well as PESTLE analysis model, with more focus on business ethics. STEEPLE is very often used with the SWOT analysis, which acts as an analysis of internal factors.
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STEEPLE Factors
The details of these factors are mentioned as below:
Social
Social factors include demographics, lifestyle, age groups and education levels etc.
Technological
Factors include the state of the technological advancement and trends in technology etc.
Economic
It includes economic factors like GDP growth rate, inflation rates, interest rates set up the central bank etc.
Environmental
It includes weather and climate of the region, the flora and fauna of the region, etc.
Political
It includes the type of Government that exists and its ideology exhibited by the various tariffs imposed, incentives given, and the stability of the government etc.
Legal
as the name suggests, the legal factors include whether any law has been broken. E.g. competition law, minority protection act etc.
Ethical
The general code of ethics followed by most of the people in the region, and the tendency of the people to be ethical.
Thus with STEEPLE one can very well analyze the various macro external factors to make a solid case for a strategic decision.
Hence, this concludes the definition of STEEPLE Analysis along with its overview.
Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.
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