STEEP analysis for Blockbuster
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1. Using the following criteria, perform a STEEP analysis for Blockbuster to understand the general environment.
Socio-cultural
Target market: age range; income brackets; gender specific? cultural leanings? life-style and leisure patterns; changes in social trends; shopping trends
Technological
IT for business management (hardware and software); ICT for communicating with other businesses and clients; equipment and materials (quality, cost and new developments)
Economic
General economic trends; interest rates; tax and insurance; funding sources and requirements
Environmental
Sustainability; recycling; waste disposal; energy-efficiency; fuel
Political
EU and national legislation; local by-laws; trade unions; Health and Safety; Equality legislation; working with vulnerable people; party politics and potential elections
2. How will Blockbuster be affected by external factors?
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1. Using the following criteria, perform a STEEP analysis for Blockbuster to understand the general environment.
Socio-cultural
Target market: age range; income brackets; gender specific? cultural leanings? life-style and leisure patterns; changes in social trends; shopping trends
The target market for home video and video game rental service has been hit badly by socio-cultural factors. Even though the target market age range is between 13 and 65, the younger segment has darted to online download and purchases. The income brackets targeted by Blockbuster was between $50,000 and $100,000, however, persons in this target market have run to online downloads and purchases. The target market for home videos was women; however, women too have grabbed internet enabled mobile phones which are used for internet rentals. The cultural leanings towards home video, video rental shops, DVD by mail, steaming video on demand and kiosks are losing popularity and are being replaced by cable TV and laptops.
The lifestyle and leisure trends have changed. Customers are happy to download audio books when they travel by car. In addition, videos are seen on internet enabled mobile phones. With the onset of economic weakness, there is a greater divide between the rich and the poor. The rich may simply buy videos, not rent them and the 'poor' may simply download them from the internet. The change in shopping trends show that more and more persons shop over the internet than before. ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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