The STEEP◢ analysis ("STEEP + change analysis") is a method for environmental scanning and analyzing an organization’s external environment.STEEP is an acronym standing for Social, Technological, Economic, Environmental, and Political categories that represent the external environment of an organization.
The objective of the STEEP◢ analysis is to understand trends and changes that are occurring in the external environment. The◢ ("+change")emphasizes the changing nature.
Application areas:
For strategic planning in organizations, to assess external factors that may impact them
To assess potential future trends and changes
To assess the effect on the market when launching a new product for example through evaluating the social, technological, economic, environmental, and political factors
Detailed instructions for conducting a STEEP◢ analysis and using the template can be found on the board including a rich example.
