What is it? 🤔

• STEEPLE is an acronym for evaluating external factors affecting business success.
• Factors: Social, Technological, Economic, Ethical, Political, Legal, and Ecological.

Why is it cool? 😎

• Allows businesses to adapt to changes in the environment.

Real-world example 🌍

• Let's take Tesla. When there's a political push for green energy, Tesla's electric cars gain popularity. If there's an ecological concern about global warming, more consumers might lean towards buying electric cars. And, with advancing technology, Tesla continues to innovate its products.

Economies of Scale 💰

• As businesses grow, they can produce goods at a lower cost per unit.

Diseconomies of Scale 📈

• BUT, sometimes growing TOO big can lead to inefficiencies that increase costs.

Types 🧐

• Internal: Inside the company.
• External: Factors outside the company.

Real-world example 🍔

• Think of McDonald's. As it expanded, it enjoyed economies of scale—buying in bulk became cheaper. But if it grew too fast without managing its supply chain, it might face diseconomies of scale with uncoordinated suppliers.