The STEEPLE analysis is a tool that can be used by management of companies to develop an understanding of the market environment and industry conditions. The analysis can provide management with important information of external factors when preparing the marketing strategy. Below I have provided a STEEPLE analysis for the Royal Bank of Scotland and steps that the company can take and are planning in the next 12 months to address theses external factors within the banking industry. Factors
Steps that RBS can take to address the factors Social * Changes in lifestyle due to the impact of the financial crisis. * Number of educated people available within the industry * People are now living longer * Global mobility of top skilled talent.
| * Change in strategy to offer products that have a more conservative risk profile. ( More calculated risks and less risky investments) * Incentives and training to ensure that skilled talent remains within the company. * Steps taken to ensure that top talent is relocated to other global destinations with RBS. * Increase in the offerings of types of pension products for customers.
| Technological * Fast pace of technological change * Cost of technology * Opportunities for innovation
| * RBS has incorporated within its long term IT strategy to invest in IT change projects and new IT systems. * The reduction of costs of technology has been achieved by certain outsourcing IT functions to cheaper offshore locations such as India. * The company has reinvented its financial general ledger by incorporating best practice models within its ledger integration project and has upgraded to an Oracle based general ledger. * Technology consolidation has taken place between systems used by ABN AMBRO and RBS after their merger.
| Economic factors * Tough economic conditions * Devaluation of the sterling and Euro * Changes in the LIBOR interest rate * Lack of liquidity in the market * Increase in...
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