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Introduction of STEEPLE
(Social, Technological, Economic, Environmental, Political, Legal and Ethical)
analysis
This report is about the STEEPLE
(S= Social, T= Technological, E= Economic, E= Environmental, P= Political, L=
Legal and E=Ethical) analysis. A STEEPLE analysis is a notion, used to inspect
the macro-environment parameters of a business, to assist organizations for creating
well-versed competitive as well strategic decisions. This environment is
beneficial for the firms in order to identify the threats, which exist in the
surrounding environment and grab the opportunities from the same. The more the
threats are identified the better it helps the firms to mitigate these threats.
The narration of method of
analysis along with the consideration of internal and external business
environment is being discussed in this report. Also, the main findings and the
analysis’ outcomes are a part of it.
Organization being selected
The organization being selected
for the evaluation purposes is Apple.Inc.
STEEPLE (Social, Technological, Economic, Environmental, Political,
Legal and Ethical) analysis
The convenient strategic tool for
the planning purposes is STEEPLE analysis. It better helps the organizations in
the planning for the strategic positioning of the organization. It is a tool
for identifying the external factors of macro-environment. The factors which
are identified through STEEPLE analysis help the firms to identify the direct
or indirect impact, of these factors, on business operations. It is suggested
to identify these factors and then plan accordingly. It will help the firms to
mitigate the risks associated with it
·
Social
factors: the social environment of the market is determined by the
consideration of the social environment.
It may include income
distribution, change of fashion etc.
·
Technological
factors: The technological consideration is realized through the
technological environment. It may include technological advancement,
innovations etc.
·
Economic
factors: the economic performance that has an impact on the firm’s performance
is determined by economic factors. It may include economic growth, consumer
confidence etc.
·
Environmental
factors: the factors existing in the surrounding environment may also
affect the business operations. It may include environmental protection.
·
Political
factors: these factors tend to determine the impact of Government’s
policies on a specified industry or a business. It may include political
stability or instability.
·
Legal
factors: the business environment may be affected due to certain laws and
regulations. It may include
employment laws, taxation policies etc.
·
Ethical
factors: The ethical considerations also help the businesses to the
increased market share. It may include corporate social responsibility
regarding the surrounding environment
Analysis of Key factors of
STEEPLE (Social, Technological, Economic, Environmental, Political, Legal and
Ethical) analysis
·
Taxation
Policies: It is a part of legal factors. There is a possibility to have the
changes in the taxation policies as per the governmental rules and regulations.
In order to better cater these changes regarding tackling internal and external
environment, Apple has a full fledged procedure. This procedure for meeting up
with the governmental rules and regulations helps Apple to formulate the
strategies in order to train the employees for the taxation policies. It is specifically
in the context of Accounting and Finance department of the firm. The officials
of the department are trained regarding meeting up with the governmental
requirements of the taxation and the rates.
·
Technological
advancements: The current era is all about the technological advancement
and the innovations. All the firms are required to be one step ahead from the
competitors. It is the only key to success. As it helps the firms to conduct
the market research in order to know about the market trends and the
technological advancements. So as is the case with Apple. Inc. This firm has a
separate department for identifying the latest and advanced technology. The
more the innovations are determined the better it helps the firm to train the
employees accordingly and provide the market place with the innovative
products. In this way, Apple is serving the market place in order to become the
market leader.
·
Change of
fashion: In this world, the only thing which is consistent is change. So as
is the case with the changing demands and the change of fashion. People try to
adopt what is the new trend in the market place. Apple is trying to tackle the
change of fashion by conducting the market survey with the help of its
personnel and the staff. The customers are the one who tend to provide the firm
with the competitive advantage in the market place
Discussion about main finding and outcomes from the critical analysis
From the critical analysis, it
can be evaluated that the firms who tend to conduct the STEEPLE analysis has
the ability to identify the environmental factors better than the ones who are
devoid of STEEPLE analysis. For every factor which is identified correctly the
firm can formulate the strategic plans in order to cater these parameters. The
best strategies are if formulated by the firm only then the firm can better
serve in the market place. It helps to provide the firm with the competitive
advantage and increased customer count in the market place.
Human resource management is perceived to be the
significant parameter for any organization. The human resource department is
the one which is responsible to hire the new employees, provide the employees
with the training, bonuses, compensations, leave encashment and other
employee’s related terms and conditions. If it is the case of identifying an
issue in the surroundings through the STEEPLE analysis, HRM department is to
follow the full-fledged process for the decision making purposes
In case the HR system is not good, it tends to provide
with the problems and the issues in the efficient management of the situations.
In case the HR system of the firm is poor, any of the steps of decision making
process may be skipped leading the management to the inefficient management of
the situation.
Conclusion of STEEPLE (Social, Technological, Economic, Environmental,
Political, Legal and Ethical) analysis
STEEPLE analysis is a tool for
identifying the external factors of macro-environment. The factors which are
identified through STEEPLE analysis help the firms to identify the direct or
indirect impact, of these factors, on business operations. The more properly
these factors are planned to be tackled, the better it is for the firms to have
the financial growth.
References
of STEEPLE (Social, Technological,
Economic, Environmental, Political, Legal and Ethical) analysis
Bayt.
(2019). What is STEEPLE analysis. Retrieved from https://specialties.bayt.com/en/specialties/q/323925/what-is-steeple-analysis/
csp.
(2019). 7 steps of decision making process. Retrieved from
https://online.csp.edu/blog/business/decision-making-process
marketingtutor.
(2019). Apple PESTEL analysis. Retrieved from
https://www.marketingtutor.net/apple-pestle-analysis/
pestleanalysis.
(2019). What is PESTEL analysis: a tool for business analysis. Retrieved
from https://pestleanalysis.com/what-is-pestle-analysis/
STEEPLE. (2019). PESTLE Analysis for Human Resources: How PESTLE Affects HR. Retrieved from https://pestleanalysis.com/pestle-analysis-for-human-resources-how-pestle-affects-hr/
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