STEEPLE Analysis
Introduction
A STEEPLE analysis is a management procedure utilized to gauge an enterprise’s external factors and how these factors affect a business – its growth and overall performance. STEEPLE is an acronym for Social, Technological, Economic, Environmental, Political, Legal, and Ethical; these are the external factors that affect a business’s growth (Weber, 2009 n.d). In this writing piece, I intend to center-focus on three key factors of my choosing: Political, Economic, and Technological. I will analyze these factors individually and determine how they impact an organization; determine how an enterprise is shaped and developed in response to these particular factors. My selected organization is the Newcastle University of the UK.
Analysis and Discussion
Political
Under the political subtopic, I would like to narrow down to educational institutions’ public funding, more so institutions that provide tertiary education for universities and Colleges. In the UK, most higher education institutions receive public funding designated for educational resources (Bush, 2020, n.d). The government partially subsidizes education, especially for disadvantaged students who cannot afford to pay. However, the UK government is cutting back some funds by reducing the budget – this is somewhat catastrophic for most universities soon, who greatly depend on this funding.
Economic
A country’s economy is dependent on the ability of its citizens to pay tax. Therefore, for a prosperous and developed economy, employment among its citizens is significant. Currently, the United Kingdom is experiencing a weak job market compared to other renowned varsities in the United States or even Australia (Mayo, 1933, n.d). After graduating, students envision on venturing into well-paying jobs; however, scarcity of employment has made most students opt to study elsewhere where the pastures are greener with better career opportunities. Economic factors such as inflation, exchange rates, and tax rates directly influence universities and students while in school and outside. Therefore, it is essential to note that the economic environment determines Newcastle University of UK operations.
Technological
The variables that exist in technological factors include the availability, development, and efficiency of technology. Technology plays an important role in the operations of day-to-day activities; it dictates how a business is operated (Nandonde, 2019, p55). In varsities, technology is used to enhance education interaction and experience, like zoom and google meet, which offer a platform for long-distance learning (Farnham, 2010 n.d). Sourcing out study materials from an online platform such as LinkedIn, Facebook, or even Snapchat, is positive but has adversely impacted on the traditional education systems in the UK. Augmented learning is much more efficient and cost-effective compared to the traditional educational schemes of the UK. The use of technology in education has enhanced quality education, thus ensuring that marginalized communities access basic education. The influence technology has on university education cannot, therefore, be ignored.
Main Findings and Outcome
From the above analysis, it can be noted that political, technological, and economic aspects impact the Newcastle University of the UK greatly. It is revealed that the institution has made significant steps in incorporating new advancements in technology in their operations. As the country enjoys a stable political environment, government funds are delivered effectively to support various educational programs. Further, it is noted that the stable political environment creates a favorable job market for graduates, thus giving them a chance to explore their acquired knowledge. It is noted that the country experiences a weak job market, thus slowing economic prosperity. In a nutshell, it is worth noting that both political, economic, and technological factors impact significantly on the Newcastle University of the UK.
Conclusion
From the analysis and the discussion, it is a commonplace that those three external factors influence a university’s operation in the UK, Newcastle University listed among them. Therefore, universities need to understand their technological, economic, and political environment to enhance their successful operations. With the current developments in technology, every institution has no choice but to embrace the changes they come to deliver quality educational programs. Similarly, the dynamic nature of the UK’s economy due to a shift in economic factors calls for a decisive response from the university management to enable them to run their financial affairs.
Bibliography
Bush, T., 2020. PESTLE Analysis Of Higher Education In The UK. [online] PESTLE Analysis. Available at: <https://pestleanalysis.com/pestle-analysis-of-higher-education-in-the-uk/> [Accessed 9 October 2020].
Farnham, D., 2010. Human resource management in context: Strategy, insights, and solutions. Chartered Institute of Personnel and Development.
Nandonde, F.A., 2019. A PESTLE analysis of international retailing in the East African Community. Global Business and Organizational Excellence, 38(4), pp.54-61.
Weber, M., 2009. The theory of social and economic organization. Simon and Schuster.
Mayo, 1933. The Human Problems of an Industrialized Civilization. Available at: <https://en.wikipedia.org/wiki/Elton_Mayo#cite_note-Cullen-4> [Accessed 26 September 2020].