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STEEPLE ANALYSIS - Coggle Diagram
STEEPLE ANALYSIS
S - SOCIAL
target audience's opinions or attitudes that influence their purchasing decisions
determine their product's design, packaging and price
influence advertising and marketing decisions
examples: educational level, living cost, career, age, culture or lifestyle, demographic, belief system
E - ENVIRONMENTAL
how business's geographical location can affect its operations
for instance, these factors can affect businesses in the agricultural industry as the job depends on weather conditions
examples: energy consumption regulation, environmental policies, environmental sensitivity, waste disposal laws, weather conditions, natural disaster, air quality, climate change
P - POLITICAL
government's involvement in the industry and economy
occurs as laws and policies
political stability
political stability may impact business because governments unfavourable policies may trigger strikes or protest. exp, if the government announces a policy regarding minimum wage, it can affect customer's purchasing power
labour laws
outlines requirements such as the legal minimum age and the minimum hourly wage for employees. It's essential businesses follow them because they define how to treat employees
international relations
a business can benefit from having good relations with its neighbouring countries. Business can thrive when a province or territory has strong exporting power
trade barriers
trade barriers are policies that the government implement to protect business from foreign competition. The government can do this by putting tariffs in foreign products
tax policies
this requires business to follow tax laws, which may entail obtaining an employer identification number. The government can decide whether to raise the taxes that businesses pay
E - ECONOMICAL
assessing the current state of economy is beneficial to a business
ensure the products and services align with the current economic trends
identify the economy's performance
for instance, if inflation is high, a business can change its product prices to provide more budget-friendly options to customers
examples: fiscal or new monetary policies, foreign exchange rate, interest rate, credit accessibility, employment rate
E - ETHICAL
enable a business to determine whether a particular action us good for the business
determines what is right for customers and employees
general set of moral principles that people of particular belief system follow
examples: value of people's culture, duties, integrity, morality, and employee behaviour towards society
T - TECHNOLOGICAL
advancements or innovations that can affect a business
research and development, robotics, artificial intelligence and automation
strategies and relieves customers stress
advertise and connect with potential customers on social media platoforms
examples: product launches or discoveries, customer access to technology, technology incentives , rate of technological advances, innovative technological platforms
L - LEGAL
laws that apply in the province or territory where a business operates
for instance, include changes to laws affecting employees, tax, exports, imports, resources, quotas and material assessments
have an impact on a province's business operations
beneficial for a business to become familiar with a province's legal requirements before establishing operations there
advertising standards
laws governing advertising standards ensure the business accurately describe their product when creating ads
equal opportunity
this law helps to ensure that there's no discrimination in the workplace or during the hiring process
customer's right
involve protecting customers privacy and security
health & safety
health and safety laws require business to follow defined rules to ensure customer, environment and employee safety