EXTRAS MUST LEARN

Question 1

STEEPLE Advantages

Answer 1

1. Cost effective, doesn’t require any expensive software of specialized workers. The cost will solely depend on how much time managers decide to invest in.
2. Flexible , there are no set standards that have to be met. The amount of detail is up to the managers.
3. Promotes forward thinking, allows managers to understand more deeply the market, make any predictions on future changes and know how to respond to them and avoid any external shocks.
4. Simple to construct, it is easy to prepare and useful for brainstorming and discussion.

Question 2

STEEPLE Disadvantages

Answer 2

1. Not practical in fast chaning enviorments
2. Time consuming if all factors have to be included. Businesses often choose PEST analysis because it is simpler and includes the most important and influential factors.