STEEP is an acronym for: Social, Technological, Economical, Environmental and Political.
S: Social
Social developments include factors like demographics, lifestyles, social and cultural values, consumer behavior and advertising.
T: Technological
The speed of technological development is extremely rapid. New products and services hugely impact on the way we live, work and learn. Therefore changes in technology influences social, economical, environmental and even the political field. When considering technology, think about: innovation, transport, energy, communication, research & development.
E: Economical
The economic situation is largely related to the buying position of the consumer. Think about factors like interest rates, taxes, international trade, entrepreneurship and availability of jobs.
E: Environmental
Environmental developments include ecosystem factors like water, wind, soil, food and energy.
P: Political
Political developments can greatly influence individuals and companies. The political landscape can change dramatically when other political parties gain power. So be aware of possible upcoming shifts in power during elections. Political developments affects different kinds of laws for example environmental, anti-trust, financial markets and trade.
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