PESTLE Analysis with Mind Map ToolsSubrina
PESTLE is a mnemonic-abbreviation which stands for Political, Economic, Social, Technological, Legal and Environmental. It is a fundamental business planning framework for a company to analyze macro-environment factors for determining whether to launch a new project or not. Mind mapping tool fits for PESTLE Analysis with a whole intuitive view page to see the structure anytime. Moreover, mind maps help users boost efficiency in analyzing PESTLE factors to make a decision of launching plan. Before starting a PESTLE analysis with mind map tools, we should know the concept of PESTLE factors.
Political factors influence the economy and industry trendy. If companies intend to launch a new project, they should conduct researches on the government policies, trading policy, and funds etc. And if the policy tends to support this industry, it is well-worth entering into the fields. While if the government restrain the industry strictly without any incentives, it will be difficult to develop the project.
Economic factors have a direct impact on the long-term development of a company. For example, if the economic situation tends to be inflation or deflation, all the product prices will fluctuate by a wide margin. Obviously, the purchasing power is affected as consumers would not buy without hesitation. Therefore, economic factors like inflation rate, foreign exchange rate, and taxation should be monitored before a product launching decision.
Social factors are in a wide range containing culture difference, demographic analysis, ethical issues, buying trend and lifestyles, etc which influence the propaganda way and potential target customers straightforwardly.
Innovation ability is a core part of technological factors. After launching a new product, update period moves rapidly with technological skills improvements and innovations. Thus, the maturity of the technology, technology legislation, and competitors’ skill improvement should be taken into account all the time.
Different countries and even different states may have different laws and regulations to limit business expansion and monopoly. Therefore, those legal factors are of vital importance in monitoring the sustainable development of the market.
Environmental factors play decisive roles in analyzing external environments as ecological issues attach great importance to people all around the world. As a consequence, factors of climate change, global warm, environmental regulations, reduction of carbon footprint, and especially sustainability influence business tendency gradually.
Steps of Doing a PESTLE Analysis with a Free Mind Map Tool
1. Brainstorm the external factors which will influence the launching of the new project.
2. Allocate those factors to PESTLE branches accordingly as subtopics.
3. Branch off to extend the content of different factors.
4. Add details of factors by inserting clip arts, notes, attachments, hyperlinks, callouts, and comments, etc.
5. Stylize mind map with clip art libraries, marks, and pictures.
6. Apply built-in mind map examples and backgrounds and adjust the details of texts, shapes, and branches.
So far we have a comprehensive understanding of PESTLE analysis with the free mind map tool. Just have a try to experience using Mind Mapping tools to analyze PESTLE factors, and you will be fascinated by this effective tool.