PESTLE Analysis with Mind Mapping Tools

Mainly the government and its policies play a very important role in a company's progress. Many countries, such as Sweden, have a lot of benefits provided to the nation's organizations. Various policies have been implemented in the industries for future growth. The loan facilities by the national banks, relaxation in the taxation processes, crowdfunding, etc. help the industry grow and flourish. The political environment of a country has a great impact on any company's business growth, and a business cannot enhance without the support of governmental benefits. So, this is the "P" of PESTLE Analysis.

The economic conditions of a country suggest what business can be established there. Even there can be different economic infrastructures in one country between different states/regions. The economy of a region depends on the following factors:

• GDP
• Exchange Rate
• Inflation Rate
• Unemployment Rate
• Globalization

So, as you can see that each of these factors are inter-related or linked to each other. To know more about one country's economic situations in detail, you need to know about the country's historical, geographical, demographic, and industrial existence. So, all these factors together determine the economic health of a nation.

The PESTLE Analysis is also helpful in calculating the sociocultural values of an organization and determines what sort of products are in demand in terms of the current industry standards. Factors that impact the socio-cultural environment of an organization are mentioned below.

• The Consumer Behavior/Likings
• Age Profile
• Population's Growth Rate
• Religious Belief
• Social Attitudes

All these are important factors that determine a company's socio-cultural values and possibilities of success.

When the company launches a product, the marketers also must check whether the product will have a match with the current technology, or will lag behind the generation's needs. The product has to fulfill the current industry standards and meet all the current technological requirements. A PESTLE Analysis tool will accurately assess all these in detail and show the results by seeing which issues can be found and need to be improved.

Technological changes can have a profound impact on companies. To sustain growth in the market, a company needs to keep upgrading its technology as well. A thorough knowledge about current technology and the market trend is highly required for the growth of any business.

It is the most fundamental aspect that determines the success and establishment of a business or brand. The government body tactfully controls the legal policies such as trade license, business registration, loan eligibility, foreign trade license, investment and funding policies, business share, and expansion policies. All these factors are directly related to any organization's growth and prosperity. The more a government supports them legally, the more they flourish. Through a detailed PESTLE Analysis, all these factors can easily be measured and taken care of.

The sustainability of a business and the success of a company also depends upon environmental situations. For example, the value of any product/service is decided due to the scarcity of raw materials, pollution targets, carbon dismission, etc. Furthermore, people are gradually aware of the potential impacts of climate change and know more about how it will affect the environment. So, it has influenced how companies operate and the products they offer.