Understanding Drivers and Trends: A Guide to STEEP Analysis for Strategic Planning, Exams of Product Development

An introduction to STEEP Analysis, a framework used to assess the external environment's impact on a company's strategic plan. The analysis covers five elements: Social, Technological, Economic, Ecological, and Political. Understanding these elements can help businesses remain competitive and adapt to changes in their industry.

Typology: Exams

2021/2022

Uploaded on 09/07/2022

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หลักการและแนวทางในการวิเคราะห์
ปัจจัยขับเคลื่อน
การอบรมเชิงปฏิบัติการ
การมองภาพอนาคต (Foresight) ส าหรับการวางแผนพลังงานของประเทศ
โครงการพัฒนาความเชี่ยวชาญด้านการวิเคราะห์นโยบายและแผนบริหารและพัฒนาพลังงาน ระยะที่ 1
ระหว่างวันที่ 9-13 พฤศจิกายน 2560
ณ โรงแรมทวาราวดี รีสอร์ท จ.ปราจีนบุรี
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การอบรมเชิงปฏิบัติการ การมองภาพอนาคต (Foresight) ส าหรับการวางแผนพลังงานของประเทศ โครงการพัฒนาความเชี่ยวชาญด้านการวิเคราะห์นโยบายและแผนบริหารและพัฒนาพลังงาน ระยะที่ 1 ระหว่างวันที่ 9 - 13 พฤศจิกายน 2560 ณ โรงแรมทวาราวดี รีสอร์ท จ.ปราจีนบุรี

Drivers and Trends

  • Drivers are defined as developments causing change, affecting or shaping the future. A driver is the cause of one or more effects.
  • Trend is a general tendency or direction of a development or change over time. It can be called a megatrend if it occurs at global or large scale. A trend may be strong or weak, increasing, decreasing or stable. There is no guarantee that a trend observed in the past will continue in the future.

The five elements of STEEP analysis

S – Social

The social element of the external environment takes into account the aspects that describe society as a whole. Some of the key elements that organizations must deal with in each market are:

  • Demographics
  • Lifestyles
  • Religion
  • Education
  • Age distribution of the population Changes in the social environment can create havoc on an established strategic plan. Analysts must be careful when monitoring trends in society to arrive at the correct conclusions.

The five elements of STEEP analysis (cont.)

T – Technological

Industries that rely on technological advances to generate new products and services are prone to be affected by rapid changes in the environment. It is the job of analysts to monitor and measure the effects the changes within the technological environment will have on their respective product-development strategies. This task may take years to conduct depending on how the industry is driven by innovation.

The five elements of STEEP analysis (cont.)

E – Ecological

The ecological element considers the present-day situation of the physical and biological environments that companies can face. Companies which make use of natural resources in producing goods should devote a great amount of time examining the ecological environment of each country in which they are offering their goods and services. Without the correct information, companies can be fined and refused the right to operate in certain regions around the globe.

The five elements of STEEP analysis (cont.)

P – Political / Legal

This element of the analysis consists of understanding the political and legal environments of a specific country or region where companies select to operate. Failure to understand and adapt to the political and legal environments will result in overcoming barriers which may be too costly to deal with, given the expected return on investment.

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