SLEPT ANALYSIS ?

SLEPT ANALYSIS is a tool used to analyse a business environment. It's PEST analysis with one aditional dimention. SLEPT stands for Social, Legal, Economic, Political and Technological factors. Social factors relate to the habits of the consumer, as well as the status of the general public (for example, the average age and income of people in a certain area). Legal factors refers to government legislation that places constraints or obligations upon a business; businesses must adapt to changes in the law quickly in order to avoid prosecution. Economic factors are often effected by social changes, for example through booms and slumps in the economy; in a boom most businesses benefit, whereas in a slump most businesses feel a negative effect. Other economic factors are tied in with legal issues, for example a change in the minimum wage. Political factors are similar to legal changes, except that this relates to changes in government influence in general; for example, businesses situated within the European Union have been affected by legislation passed by the EU and then implemented into the law of their own country. Technological factors play a particularly significant role in modern business, and businesses must be aware of new technology in order to keep up with the rapid changes that are occurring in this field.