Posted in Marketing and Strategy Terms, Total Reads: 15551
STEEPLE is one of the concepts that are used to analyze the macro-environmental factors that are used in business analysis. It is an extension of PEST model. STEEPLE is very often used with the SWOT analysis, which acts as an analysis of internal factors.
STEEPLE stands for:
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.
Ethics: 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 analyse the various macro external factors to make a solid case for a strategic decision.