Business Studies

The acronym STEEP means ____________.


ANSWER

Social, Technological, Economical, Environmental, and Political  


SOLUTION
STEEP is basically an acronym which stands for Social, Technological, Economical, Environmental, and Political. A STEEP analysis is a tool commonly used in marketing to evaluate different external factors which impact an organization. It is essential for every business to consider some external forces before they can take decisions. 
The social developments include factors like consumer behavior demographics, religion, lifestyles, values, and advertising. 
The technology aspect of STEEP analysis focuses highly on technological advancements.The economic condition is strongly associated with the consumers’ buying position. 
Environmental developments involve ecosystem factors such as water, wind, food, soil, energy, pollution and environmental regulations. The Political developments can highly influence individuals and organizations.
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Single Correct Medium Published on 18th 08, 2020
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