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It is a useful strategic tool for understanding market growth or decline, business position, potential and direction for operations.
The growing importance of environmental or ecological factors in the first decade of the 21st century have given rise to green business and encouraged widespread use of an updated version of the PEST framework. STEER analysis systematically considers Socio-cultural, Technological, Economic, Ecological, and Regulatory factors.
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It is also referred to as the STEER, STEEP, DESTEP, STEP, PESTE, PESTEL or PESTLE (or Political, Economic, Socio-cultural, Technological, Legal, Environmental)...
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Common topics in this essay:
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