external macro environment

• EXTERNAL MACRAO environment (STEEPLE)

  seven main factors:

  social cultural

  technological

  economic

  environmental

  political

  legal

  ethical
• social cultural

  society is always changing so business must respond to the changes to satisfy consumers wants and needs

  eg. growing use of digital technologies
• technological

  developments and advancements can provide significant opportunities for businesses.

  automated process: more efficient operations and productivity, reduces time and costs.

  opened communication lines: business more accessible any time, anywhere
• economic

  external economic factors could include fluctations in:

  interest rates

  inflation

  currency rates

  unemployment.
• environment

  refers to the physical environment ranging from climate and weather to the availability of resources.

  factors:

  climate change

  recycling

  pollution
• political

  relates to government policy

  factors:

  taxes

  trade regulation

  industry regulations
• legal


  includes all laws and regulations that can impact supplies, import and exports, quality and standards.

  eg.

  consumer law

  health and safety

  employment law
• ethical

  are structured around what is acceptable to society, a business has a responsibility to society for its conduct and impact of its activities on customers, suppliers, employees and communities.