A SWOT analysis is a commonly used planning method to evaluate the strengths, weaknesses, opportunities and threats of a project or in a business.
A SWOT analysis can apply to a product, place, industry or person:
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 that the project could exploit to its advantage.
Threats: elements in the environment that could cause trouble for the business or project.
Conducting a SWOT will help to define planning steps in order to achieve the objective.