Final answer:
The purpose of a STEEPV analysis is to perform a strategic analysis of how external environments impact business operations.
Step-by-step explanation:
The purpose of a STEEPV analysis is to perform a strategic analysis of how external environments impact business operations. It is a tool used to evaluate the social, technological, economic, environmental, political, and legal factors that can influence an organization's success.
For example, in a STEEPV analysis, you would consider how changes in technology, such as the rise of online shopping, could impact a retail business. You would also examine how political factors, such as changes in government regulations, could affect an industry.
A STEEPV analysis is a strategic tool used to examine the external factors that could impact a business, helping companies to anticipate challenges and opportunities that lie outside their internal operations.
The purpose of a STEEPV analysis is to perform a strategic analysis of how external environments impact business operations. This type of analysis examines various external factors — Sociocultural, Technological, Economic, Ecological, Political, and Values-based trends — and how they can influence a company's strategy and decision-making processes. It goes beyond looking at just the internal factors of a business, providing a comprehensive view of the potential external challenges and opportunities that a business may face.