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STEEPLE (Environmental (Businesses may consider external cost (for example…
STEEPLE
Social
The values and attitudes of a society on issues can impact the activities of a business. These can present both opportunities and threats. A business is reliant on its customers, and its customers are part of society.
- support for environment
- liberal ideas (e.g. womens' rights)
- multiculturalism
- pressure to act ethically
- demographic changes (eg. age, race, gender)
- language
Technological
Technology can provide:
New working practices- people can work at home by using technology(e.g.laptop)
Higher productivity+efficiency- robots and machines are more accurate than human and it makes products faster than humans ans less mistakes will be made
Job and creation- maintenance staff/technical support needed
New products/market- technology is a source of innovations and new product can be introduce into the market(e.g. smart phone)
Threats:
Technology aren't always reliable- Things like computers can be hacked and big problems could occur
Short product life cycle- Software needs constant upgrades and might be unusable quickly, this effects small businesses.
Expensive- Software can be costly due to maintenance cost and with shorter life cycles (e.g. smart phone)
Job loss- More people will lose their job as they're replaced by technology such as works in factories.
Economic
- Stable Inflation 2. Reduced unemployment
- Economic Growth 4. Healthy International Trade
Balance
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Economic Growth
Economic growth is measured by the change in value of the economy total output. (GDP or Gross domestic produce)
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Political
The political stability of a country and government policies can provide both opportunities and threats for businesses. A laissez-faire government adopts a free market approach to managing the economy as it rarely intervenes in business affairs. The advantage is that it stimulates healthy competition, efficiency and could possibly attract foreign direct investment as it would be easier to conduct the business. The benefits of having political opportunities in the business
- Fiscal policy
-Monetary policy
Legal
Will legislation be an opportunity or threat to business?
-Consumer protection
-Employee protection
-Competition legislation
-Social and Environmental legislation
-Minimum wage
Environmental
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As businesses become more wary of environmental factors, firms may review their production process and change their social attitudes
Ethical
Business ethics are the moral principles that are, or should be, considered in business decision making (being right or wrong). Ethical businesses tend to act in a social responsible way to the stakeholders and the environment. To maintain ethics of the business the business must put down further costs and efficiently provide its stakeholders with the best care and service.
• They attract and retain good quality workers.
•They attract new customers and retain existing ones. To remain competitive, businesses will need to consider the impact on the society and the environment because customers are increasingly concerned about the environmental protection and ethical business behavior.
•Social responsibility generates good publicity and public relations.
Opportunities:
-The business could grow and develop faster.
-Help preserve the environment.
Threats:
-Pressure groups, conflicting with the business’ actions.
-Pollution is created.