External environment theory (SLEPT)
We have looked at the issue of competition within markets; however, firms have to be aware of many other changes and developments in the markets within which they operate, or want to operate. The term for assessing these issues id "SLEPT" analysis - and below is a good explanation of it in a current environment: External environment theory SLEPT analysis (sometimes also called PEST analysis) Before creating business plans or when evaluating existing ones it is important to 'scan' the external environment. This takes the form of a SLEPT analysis, i.e. an investigation of the Social, Legal, Economic, Political, and Technological influences on a business. In addition it is also important to be aware of the actions of your competitors. These forces are continually in a state of change. ...
