6.3.2BM20 flashcards

Applying STEEPLE to business decisions

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6.3.2

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Name → describe → explain ___ on THIS business

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All 20 Flashcards — Applying STEEPLE to business decisions

Card 1concept

Question

Name → describe → explain ___ on THIS business

Answer

Impact — the three-step formula for STEEPLE answers.

💡 Hint

Impact

Card 2concept

Question

Formula for a strong STEEPLE answer?

Answer

Name the factor → Describe the specific issue → Explain impact on THIS business.

💡 Hint

Name → Describe → Impact

Card 3concept

Question

STEEPLE + SWOT: factors feed into ___

Answer

Opportunities and Threats in SWOT.

💡 Hint

O + T

Card 4concept

Question

You don't need all seven — pick the most ___

Answer

Relevant factors to the business in the case study.

💡 Hint

Relevant

Card 5concept

Question

Two well-explained factors beat ___

Answer

Seven vaguely mentioned ones — depth over breadth.

💡 Hint

Seven vague ones

Card 6concept

Question

Choose most relevant factors, not all ___

Answer

Seven — depth matters more than breadth.

💡 Hint

Seven

Card 7concept

Question

STEEPLE + Ansoff: external factors affect which ___ is feasible

Answer

Growth strategy — e.g. political instability may rule out market development abroad.

💡 Hint

Growth strategy

Card 8example

Question

Example: 'Economic' → 'rising inflation' → ___

Answer

'Increases cost of materials, squeezing profit margins for this manufacturer.'

💡 Hint

Impact on margins

Card 9concept

Question

Combine STEEPLE with SWOT, Ansoff, ___

Answer

Marketing mix and financial data for stronger answers.

💡 Hint

Marketing mix

Card 10concept

Question

Generic answers score low because ___

Answer

They don't show understanding of how the factor affects the specific business.

💡 Hint

No specific connection

Card 11concept

Question

Expansion abroad → think about ___ and ___ factors

Answer

Political and legal — government policies, regulations, trade barriers.

💡 Hint

Political + legal

Card 12concept

Question

STEEPLE + marketing mix: external changes may force ___

Answer

Changes to the 7 Ps — e.g. new technology changes promotion methods.

💡 Hint

Changes to Ps

Card 13concept

Question

When asked to 'outline two STEEPLE factors', you must ___

Answer

Name, describe and explain impact — not just list the letters.

💡 Hint

Name + describe + impact

Card 14concept

Question

STEEPLE is rarely used alone — combine with ___

Answer

Other tools for the strongest exam answers.

💡 Hint

Other tools

Card 15concept

Question

Two well-explained > ___ vague ones

Answer

Seven.

💡 Hint

Seven

Card 16concept

Question

Cost pressures → think about ___ factors

Answer

Economic — inflation, interest rates, exchange rates.

💡 Hint

Economic

Card 17concept

Question

STEEPLE + location: ___ and ___ factors affect where to locate

Answer

Political and economic — tax, regulations, labour costs.

💡 Hint

Political + economic

Card 18concept

Question

Connect theory to the ___

Answer

Case study — always refer to the specific business scenario.

💡 Hint

Case study

Card 19concept

Question

Quick: Use case study to guide your choice of ___

Answer

STEEPLE factors — which external issues are mentioned or implied?

💡 Hint

Factors

Card 20concept

Question

Reputation issues → think about ___ factors

Answer

Ethical — fair trade, CSR, environmental responsibility.

💡 Hint

Ethical

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Topic 6.3 hub

STEEPLE analysis

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