Identification and ranking of significant factors of STEP analysis
Taking into account the set goal, we proceed to form a list of factors that are significant for the relationships we have defined. All significant circumstances that are not related to the set goal of the study are excluded from the analysis. We do the same with factors that are not related to the specifics of the relationship.
For the purposes of the study, the time factor must be taken into account. When conducting an analysis of work over a long period (for example, over 10 years), it is necessary to take into account changes in external circumstances during the analyzed period.
It is advisable to rank the cash app database identified opportunities and threats, for example, according to the level of their impact on the achievement of the set objectives.
In practice, ranking of STEP analysis factors is carried out, for example, by assigning them a weighting coefficient.
To understand the possible actions of government bodies, it is first necessary to know the political component of the macroenvironment. The company's work may be affected by changes in the political situation or legislation. With regard to the sphere of activity, companies should monitor the state's attitude to the industry, understand what consequences for the market and business are possible if legislation changes. Such changes can have both a positive and a negative impact on the company's work.
Identification of STEP analysis factors
The economic situation influences the cost of all created resources and the purchasing power of the population.
The sociocultural factors of STEP analysis (attitudes, life values, traditions) influence the company. They influence the formation of population demand, labor relations, the level of payment and working conditions. These factors include the demographic state of society and the company's relations with the local population.
Taking into account the above, independent mass media are considered to be factors of the socio-cultural environment, which have the ability to form the image of a company, its goods and services.
Scientific and technological progress opens up opportunities for the production of new products, improvement of manufactured goods and improvement of production and sales technologies. The progress of science and technology means not only development prospects, but also significant threats for companies.
Lagging behind scientific and technical progress, being late with modernization, companies lose their market share, which can lead to negative consequences. The development of new products or improvement of old ones refers to innovative processes, the use of which gives the company a competitive advantage.