How does STEEP analysis aid in the development of the strategy of a company?
An organization or any company can never act or work as a closed system; it is always working as an open system. It is obvious that the open systems are vulnerable to the external environment. Organization is operating in a particular industry and providing products to the community, there is a governmental check on organizations as well. So, it is very significant for the corporations to find out the external trend. This apparent trend will be beneficial in formulating the future strategy and how to stop the impact of negative trends on their organization. Moreover, STEEP analysis which also support or inform the team that how to turn the tables in the favor of the organization.