STEEPLE

Question 1

what is STEEPLE analysis

Answer 1

a tool used to assess external factors that could impact a business. It includes: social, technological, economic, environmental, political, legal and ethical factors

Question 2

what are social factors

Answer 2

• social factors relate to demographics, lifestyle changes and cultural attitude.
  e.g. aging population impacting workforce, changing consumer preferences, health trends (decline in sugary drinks)

Question 3

why are environmental factors important for businesses

Answer 3

• they relate to sustainability and climate change
• e.g. consumer demand for eco-friendly products, gov regulations on carbon emissions

Question 4

impact of a business using environmental polices

Answer 4

• GOOD: reduces waste, attracts eco-friendly consumers, avoids fines and legal issues
• BAD: finding ethical suppliers may be hard, switching to eco-friendly is expensive, competitive disadvantage

Question 5

how do technological factors impact businesses

Answer 5

• they influence efficiency, innovation and competitive advantage
• e.g. automation reducing labour costs, AI improving customer service, banks replacing traditional methods

Question 6

what economic factors affect businesses

Answer 6

• Economic factors affect consumer spending, business costs, and financial decision-making.
• e.g. high interest rates discourage borrowing, exchange rates can make exports more expensive

Question 7

how do political factors impact businesses

Answer 7

• they relate to government policy, stability and international relations
• e.g. tax policies, changes in government

Question 8

what are business ethics

Answer 8

business ethics refer to the moral principle a business should follow including employee treatment, environmental impact and customer relations

Question 9

what are key ethical issues a business faces

Answer 9

• environmental ethics: pollution, carbon footprint
• suppliers: ethical supply chains, fair contracts
• treatment of workers: fair wages, safe working conditions, avoiding exploitation
  customers: honest marketing, avoid misleading advertising, fair pricing

Question 10

what is Corporate social responsibility

Answer 10

• refers to a business taking responsibility for their impact on society and the environment beyond profit

Question 11

examples of CSR

Answer 11

• using sustainable materials
• ethical labour
• reducing environmental impact
• ethical labour practises

Question 12

issues business may face with ethical practises

Answer 12

• GOOD: may attract loyal customers, increased reputation
• BAD: increases cost of sourcing materials, production may be expensive

Question 13

short and long term impact of ethics

Answer 13

• short term: increased costs due to ethical sourcing and staff training
• long-term: increased customer loyalty, reduced legal risks, strong brand image

Question 14

what are the main laws that affect businesses?

Answer 14

• employment laws: workers rights, wages and conditions
• anti-discrimination laws: protect against unfair treatment based on age, gender, race
• health and safety laws: ensures safe workplace
• competition policy: prevents monopiles and unfair business strategies

Question 15

how does business legislation impact businesses

Answer 15

GOOD: fair treatment of employees and consumers, reduces legal risks and lawsuits
BAD: compliance increases costs (minimum wage, safety measures), bureaucracy may slow down business decision-making