3S of opportunity spotting

• STEEPLED Analysis: aids the entrepreneur in deciding what product or service to set up and whether the new venture will succeed or not
• STEEPLED Analysis: focus is only on the macro environment
• STEEPLED Analysis: for the entrepreneur to fully scan the factors so they can decide if there is a compelling business opportunity or an impending threat
• STEEPLED Analysis: explains how eight specific macro-environmental factors can influence a product, brand, business, or location
• STEEPLED Analysis stands for:

  • social
  • technological
  • economic
  • environmental
  • political
  • legal
  • ethical
  • demographics
• STEEPLED Analysis: similar to PEST and PESTLE analysis but has added demographic and ethical factors
• Social factors: Lifestyle, values, and cultural ideations.
• Social Factors: typically determined on location, so business owners need to keep up-to-date
• Society: the location of customers, cultural ideas, and values (can impact business success)
• Social Factors: These factors affect how a person of the locality behaves and reacts to marketing and selling activities.
• Sociocultural Factors:

  • health consciousness
  • education level
  • emphasis on safety
  • buying habits
  • religion and beliefs
  • attitude towards imported goods and services
  • attitude towards persons lifestyle
  • attitude towards product quality and customer service
  • attitude towards savings and investments
• Technological factors: Differentiating advantages based on location
• Technological Factors: the current, previous, and future state of technology impacts businesses.
• technology: comes in many forms. It’s the manufacturing andproduction of devices. Or the packaging of another. It’s the WiFi,cybersecurity, and the internet of things. It’s also more physical, like themachinery found in factories.
• Economic factors: One of the most crucial factors of STEEPLED analysis
• Economic Factors: most impactful macro-environmental factor
• Economic Factors: it affects small and and large corporations
• Economic Factors: play a vital role in the scanning of marketing environment (directly affect any business venture)
• Environmental Factors: What impact does a business have on the planet?
• Environmental Factors: customers worry about what impact companies are having on the environment and natural resources.
• Political factors: The power of forced regulations and policies
• Political factors: one of the most strict factors
• Political Factors: businesses are at the mercy of political parties in power
• Political Parties: can pass new regulations quietly, with little tono influence from outside parties
• Legal factors: Regulations must be followed by all corporations
• Legal Factors: must pay employees the minimum rate set by governmental parties
• Legal Factors: Corporations are bound by legal regulations.
• Ethical factors: The one factor you can influence
• Ethical factors: is one of the macro-environmentalfactors businesses can influence.
• ethical guidelines: are determined by a company, and it’s up to the owner and employees to uphold these ethics
• Demographics factors: Similar to social factors, but not quite
• Demographic factors: focuses on more numerical and straightforward characteristics
• Demographic Factors: This means understanding geographic traits too.
• STEEPLED Analysis: Business owners can use this analysis to determine how these factors may impact, impede, or improve business.
• Opportunity Screening: the process of cautiously selecting the best opportunity.
• Opportunity Screening: the selection depends on the entrepreneur's life, and the external intent, which will address the compelling needs of the target market.
• Time: must be considered by the entrepreneur in screening the opportunities at hand
• Time: considered one of the most critical resourcesof an entrepreneur
• Time: should only be devoted to worthwhile opportunities.
• Opportunity Attractiveness test (OAT): aims to assist entrepreneurs in ensuring that the opportunity that they will venture into is an attractive and feasible prospect