BMT 3 - STEEPLE

Question 1

Structure of STEEPLE

Answer 1

S = Social
T = Technology
E = Economic
E = Environmental
P = Political
L = Legal
E = Ethical

Question 2

STEEPLE

Answer 2

• Framework used for looking at possible future external factors that might affect an organisation in a positive or negative way
• Analyze opportunities and threats

Question 3

Social

Using a Vegan Restaurant as an example:

Answer 3

E.g. culture, demographic, consumer trends

Opportunities:

• New social movement towards vegan diet

Threat:

• Consumer trends change to see vegan food as less tasty

Question 4

Technological

Using a Vegan Restaurant as an example:

Answer 4

E.g. Digital, online, production

Opportunities:

• New plant-based food is invented

Threat:

• New apps to make it easier to get restaurant-quality food at home

Question 5

Economic

Using a Vegan Restaurant as an example:

Answer 5

E.g. GDP, unemployment, exchange rates

Opportunity:

• High economic growth sees more people eating out

Threat:

• Exchange rates changing, making buying important ingredients more expensive

Question 6

Environmental

Using a Vegan Restaurant as an example:

Answer 6

E.g. weather, climate change, pressure group

Opportunity:

• New pressure groups that campaign for animal rights

Threat:

• Poor weather leads to poor harvest

Question 7

Political

Using a Vegan Restaurant as an example:

Answer 7

E.g. tax policies, monetary policy, government subsidies

Opportunity:

• New government subsidies for restaurants to promote eating out

Threat:

• Higher interest rates lead to increased borrowing costs

Question 8

Legal

Using a Vegan Restaurant as an example:

Answer 8

E.g. labor laws, food safety

Opportunity:

• More stringent food safety laws for meat → higher costs to buy meat → people would go to vegan restaurants instead

Threat:

• Labor laws mean businesses have to pay higher insurance costs for employees

Question 9

Ethical

Using a Vegan Restaurant as an example:

Answer 9

E.g. cultures rights and wrongs

Opportunity:

• Heightened ethics around treatment of animals

Threat:

• Consumers see plant-based diets as unethical

Question 10

Pros of STEEPLE

Answer 10

• Quick and easy
• A systematic way of considering things that could happen in the future

Question 11

Cons of STEEPLE

Answer 11

• Other factors than these 7
• Cannot predict the future