STEEPLE ANALYSIS

S - SOCIAL

E - ENVIRONMENTAL

P - POLITICAL

E - ECONOMICAL

E - ETHICAL

T - TECHNOLOGICAL

L - LEGAL

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

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

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

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

  • 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

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

  • 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