Here is a an example of a setting analysis I did this for the myford experience.
The main structure of the setting analysis is based on Space, Actors, and Activities. Spaces have Places and Objects. Actors have Feelings and Goals. Activities have Act, can coalesce into events, and different kinds of time.
One of the most important implications for User Experience Designers is the Actors and their feelings. Too often we just put in the goals of actors. The two feelings area does get into branding and sometimes interaction design or information architecture doesn't yet have the tools to go there, but diagrams like this help step in that direction.
Now a setting isn't an experience. And the truth of the matter is that we can't create experiences, but we can arrange settings in which people have experiences.