Unit 1 - Introduction To Business Management - QB
Mastering STEEPLE: Navigate Business Growth Amidst External Factors
Table of content
🌍 Setting the Scene: Businesses aren't isolated entities. They operate in a BIG world with countless factors that influence them. These factors? They're part of the "external environment."
What's the 'external environment' in business?
🤔 Simple Explanation: It's everything outside the business that can influence it.
- Deep Dive: Forget the trees and forests. In business, "environment" means a bunch of conditions, including but not limited to Mother Nature.
- Fun Fact: Businesses can't really control these external factors, but smart ones can plan for them.
The power of planning with STEEPLE
🛠 Tool Alert: STEEPLE analysis
- Purpose: To understand and plan for those pesky external elements.
- Evolution Time: STEEPLE didn’t just appear out of nowhere; it evolved from earlier tools.
- PEST - Political, Economic, Social, Technological
- PESTLE - Added: Legal and Ecological
- STEEPLE - The boss level: Sociocultural, Technological, Economic, Environmental (Ecological), Political, Legal, and Ethical.
🎉 Did you know? The PEST tool was born in 1967. As businesses grew and started thinking about more than just profits, STEEPLE took the spotlight. They began caring about being sustainable and treating everyone nicely (ethical practices).
Unlock the Full Content! 
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟
Unit 1 - Introduction To Business Management - QB
Mastering STEEPLE: Navigate Business Growth Amidst External Factors
Table of content
🌍 Setting the Scene: Businesses aren't isolated entities. They operate in a BIG world with countless factors that influence them. These factors? They're part of the "external environment."
What's the 'external environment' in business?
🤔 Simple Explanation: It's everything outside the business that can influence it.
- Deep Dive: Forget the trees and forests. In business, "environment" means a bunch of conditions, including but not limited to Mother Nature.
- Fun Fact: Businesses can't really control these external factors, but smart ones can plan for them.
The power of planning with STEEPLE
🛠 Tool Alert: STEEPLE analysis
- Purpose: To understand and plan for those pesky external elements.
- Evolution Time: STEEPLE didn’t just appear out of nowhere; it evolved from earlier tools.
- PEST - Political, Economic, Social, Technological
- PESTLE - Added: Legal and Ecological
- STEEPLE - The boss level: Sociocultural, Technological, Economic, Environmental (Ecological), Political, Legal, and Ethical.
🎉 Did you know? The PEST tool was born in 1967. As businesses grew and started thinking about more than just profits, STEEPLE took the spotlight. They began caring about being sustainable and treating everyone nicely (ethical practices).
Unlock the Full Content!
Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 🌟