Slept Analysis

SLEPT analysis is a strategic management tool that is used by the organisations to analyse its environment in order to be able to understand its customers' requirements and respond to other changes. It’s PESTLE analysis with one dimension missing. SLEPT stands for Social, Legal, Economic, Political and Technological factors. Now I am discussing these factors.
SOCIAL 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: 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: 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: 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: 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.

Now I am giving two examples of problems with SLEPT that might cause someone analyzing a case in an examination. Here I am discussing about legal and economical problems.
LEGAL PROBLEMS: Laws are continually being updated in a wide range of areas, e.g. consumer protection legislation, environmental legislation, health & safety and employment law, etc. Businesses need to take a pro-active approach and be ahead of these changes, rather than hurriedly making alterations to products and processes in a reactive way.
ECONOMICAL PROBLEMS: Economic changes are closely related to social ones. The economy goes through a series of fluctuations associated with general booms and slumps in economic activity. In a boom nearly all businesses benefit and in a slump most lose out. Other economic changes that affect business include changes in the interest rate, wage rates, and the rate of inflation. Businesses will be more encouraged to expand and take risks when economic conditions are right, e.g. low interest rates and rising demand.