SWOT analysis (or SWOT matrix) is a strategic planning and strategic management technique used to help a person or organization identify strengths, weaknesses, opportunities, and threats related to business competition or Project planning. It is sometimes called situational assessment or situational analysis. Additional acronyms using the same components include TOWS and WOTS-UP.
This technique is designed for use in the preliminary stages of decision-making processes and can be used as a tool for evaluation of the strategic position of organizations of many kinds (for-profit enterprises, local and national governments, NGOs, etc.) It is intended to identify the internal and external factors that are favorable and unfavorable to achieving the objectives of the venture or project. Users of a SWOT analysis often ask and answer questions to generate meaningful information for each category to make the tool useful and identify their competitive advantage. SWOT has been described as a tried-and-true tool of strategic analysis, but has also been criticized for its limitations, and alternatives have been developed.

Overview
The name is an acronym for the four components the technique examines:
• Strengths: characteristics of the business or project that give it an advantage over others.
• Weaknesses: characteristics that place the business or project at a disadvantage relative to others.
• Opportunities: elements in the environment that the business or project could exploit to its advantage.
• Threats: elements in the environment that could cause trouble for the business or project.
Results of the assessment are often presented in the form of a matrix, or simply as paragraphs.

Internal and external factors
Strengths and weaknesses are usually considered internal, while opportunities and threats are usually considered external. The degree to which the internal strengths of the firm matches with the external opportunities is expressed by the concept of strategic fit.
Internal factors are viewed as strengths or weaknesses depending upon their effect on the organization’s objectives. What may represent strengths with respect to one objective may be weaknesses (distractions, competition) for another objective. The factors may include personnel, finance, manufacturing capabilities, and all of the marketing mix’s 4Ps.
External factors include macroeconomics, technological change, legislation, and sociocultural changes, as well as changes in the marketplace.
A number of authors advocate assessing external factors before internal facto.

As part of the development of strategies and plans to enable an organization to achieve its objectives, that organization will use a systematic/rigorous process known as corporate planning. SWOT alongside PEST/PESTLE can be used as a basis for the analysis of internal and environmental factors.
Corporate planning includes steps such as:
• Setting objectives—defining what the organization is going to do
• Environmental scanning
• Internal appraisals of the organization—an assessment of the present situation as well as a portfolio of products/services and an analysis of the product/service lifecycle
• Analysis of existing strategies—this should determine relevance from the results of an internal/external appraisal, and may include gap analysis of environmental factors
• Defining strategic issues—key factors in the development of a corporate plan that the organization must address
• Developing new/revised strategies—revised analysis of strategic issues may mean the objectives need to change
• Establishing Critical success factor—the achievement of objectives and strategy implementation
• Preparation of operational, resource, and projects plans for strategy implementation
• Monitoring all results—mapping against plans, taking corrective action, which may mean amending objectives/strategies

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