Hence, STEEPLE provides a more comprehensive overview of the business context. It contains the same 6 factors but has one significant addition - the ethical factor. The STEEPLE framework is a further advancement of the PESTLE analysis. The other 2 factors - legal and environmental - were added later.

PESTLE was developed in the 1960s and initially included only 4 factors: political, economic, social, and technological.

The STEEPLE and PESTLE analyses have much in common: they analyze the company’s external environment. The table below explains all 7 STEEPLE factors. However, some scholars add 2 more components to the framework: legal and ethical. The STEEP model matrix includes 5 elements: social, technological, environmental, economic, and political. Managers use it in times of uncertainty when they need to predict how the market will respond to external changes. The importance of STEEP analysis in business is undeniable. In particular, it looks at the social, technological, environmental, economic, and political trends relevant to the company. It examines the external factors affecting the organization’s operations and performance. The STEEP analysis is a macroenvironmental analysis of the company. You can select the layout and colors that best fit your purpose. If necessary, you can add legal and ethical aspects. List the social, technological, economic, environmental, and political factors affecting your company. To use our free STEEP analysis template, take these 3 simple steps:

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