Managerial Economics Complete an initial STEEP (Social, Technical, Ecological, Economic and Political/Legal) analysis to determine how macroeconomic factors impact and influence the organization. For example, touch on the following five-step STEEP plan: Comprehend the element of the environment being analyzed Answer the following questions: What are the current key events and trends within the element? What is the evidence supporting the existence of these trends? How have the trends evolved historically? What is the nature and degree of change or turbulence within the trends? What kind of impacts do the trends have for the company? Assessing interrelationship between trends Assess the interrelationship between trends within the external environment elements as follows: What are the conflicts between the trends? What are the interrelationships between the trends? Relate trends to issues Create a list of possible trends and shrink the list down to main issues. Forecast the future direction of issues In order to seek out the driving forces, identifying the symptoms and causes of trends. Forecast the future direction of issues which can guide the decision-making process for the firm. Derive implications Provide conclusions about the external environment and how it may impact the present and future strategic initiatives. For example, provide "food for thought" and implications to be dealt with when putting in place a strategic plan. Your Assignment should be at least 500 words.
