External environment factors such as down turns in the economy, and a lack of investment in innovation can have a significant impact on a firm’s strategic options. To obtain a better glance of how these factors will affect the planning process, analysts can utilize the STEEP analysis tool. When used correctly, the tool will furnish decision makers with information which should be used to improve existing strategic plans.
Author: James Kyler
Sources: “CEO Refresher”, “Competia”
Subjects: Management, Strategy
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