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An Example Of STEEP Analysis: Analysis Of Business

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According to Longenecker, Petty, Palich, & Hoy (2013) STEEP analysis has five elements each one represent one letter of acronym 1) S stands for Social: Social represents element of external environment business operate in and the society as a whole. For example when opening a retail store, Ahmed has to keep in mind the demographics, lifestyles, religion and the level of education of society. For example, considering that the majority of population in gulf region are Muslims, Ahmed has to ensure that items sold through his stores respect local and Islamic customs. Also, there is a large expatriate population from many countries from Arab world, India and Philippines living in the gulf region. Ahmed stores should offer items that cater to the needs of their cultures. Lastly, gulf population is generally young in comparison to other societies so the items on offer must appeal to young generation and be consistent with latest trends 2) T stands for Technological: Businesses must keep track of technological advances to offer new services and products and to ensure they reach customers. For example, Ahmed may use the internet to keep track of changes in the retail industry around the world. Social media such as Twitter and Instagram could also be used to promote products and reach customers 3) E stands for Economic: The economic environment is important for new businesses because it determines the spending ability of customers. Currently, the economies of gulf countries are

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