The technological aspects of STEEP analysis include factors like communication, transportation, energy, patent regulations, innovation, automation, and the life cycle of products. Adapting to social trends might improve the quality of your workforce or help you manage core product changes to meet changing needs of the consumer. The STEEP analysis' social shifts can drastically affect any organization's strategic plan, so it's essential to monitor changes closely. These social factors can also be influenced by the workplace environment, family, friends, or media. This information can be a mix of demographic and social data such as age distribution, gender, religion, values, lifestyle, income distribution, education, advertisement, and other consumer behavior factors. The social aspects should describe a society in its current state. Five Factors of STEEP Analysisįive factors create the foundation for STEEP analysis. We find that STEEP covers the five most important factors to consider when looking at predicting the future and strengthening your strategic planning. Other acronyms include PEST, PESTLE, STEP, and STEEPLED. STEEP is an acronym for Social, Technological, Economic, Environmental, and Political. Working through a STEEP analysis is a great way to ensure that you stay aligned with the company's values. This analysis enables you to take a step out of your personal experiences and gain a better understanding of many influential factors that may affect your decision making. The STEEP analysis looks at external factors that influence trends, allowing you to analyze the past and predict the future. Often, business decisions are made too quickly, without enough thought given to the potential repercussions. Marketers and analysts use a STEEP analysis to identify outside factors that can significantly impact an organization.

Political factors affecting business