1.5 External Environment STEEPLE Analysis.

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Unit 1.5 External Influence

Presentation transcript:

1.5 External Environment STEEPLE Analysis

Social Technological Economic Environmental Political Legal Ethics External Factors that Impact Business A framework for analyzing the external environmental factors affecting business objectives and strategies. Social Technological Economic Environmental Political Legal Ethics

External Factors that Impact Business Social Issues Population demographics Role of women Improved Education Retirement Divorce/Marital rates Job security Immigration Can you think of anything in this category that has currently affected business?

External Factors that Impact Business Impact of Technology IT's role in: product development Communiction (voice and data) Developing new and better processes Cost benefits Competitive advantage Outsource and offshoring CAD/CAM Impact on labor Can you think of anything in this category that has currently affected business?

External Factors that Impact Business Economic Influences Economic Growth Rising or falling living standards Low or high levels of unemployment Value of imports/exports Can you think of anything in this category that has currently affected business?

Environmental Influences External Factors that Impact Business Environmental Influences Environmental controls on business activities such as waste disposal, use of sustainable energy, reducing packaging Threats from natural events such as drought, earthquakes, and floods Natural resources Infrastructure – such asroad and air transport facilities Can you think of anything in this category that has currently affected business?

External Factors that Impact Business Political Issues Government stability Form of political structure (democracy, dictatorship?) Government's attitude to private ownership Trade policies and membership of free-trade areas or customs union Can you think of anything in this category that has currently affected business?

External Factors that Impact Business Legal Issues Employment laws Consumer Protection Laws Business competition Laws Policy changes (legalizing same-sex marriage, marijuana, medical insurance) Can you think of anything in this category that has currently affected business?

External Factors that Impact Business Ethics Child labor Corrupt business practices Advertising and promotion techniques Can you think of anything in this category that has currently affected business?

Other Terms Recession Six months of falling GDP Cost-push Inflation rising costs of forces business to increase prices Demand-pull Inflation excess demand allows business to increase prices Unemployment people in an economy that are willing and able to work, but cannot find employment Interest rate percentage charge by financial institution when lending money Inflation the rate of change in the average level of prices

Other Terms Fiscal policy Changes in government spending levels and tax rates Monetary policy changes in the level of interest rates which make loan capital more or less expensive Exchange rates increases or decreases in the value of a currency against other currencies. CAD using computers and IT when Computer-aided design designing products CAM the use of computers and Computer-aided manufacturing computer- controlled machinery to speed up the production process and make it more flexible