SWOT analysis is a structured planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective.
SWOT is also extended to SWOTI, whereby the term Issues is added, since issues are important in a business model because they often link the internal with the external analysis.
SWOT can also be used in an evaluation process towards the position, direction and strategy of a company. Furthermore the analysis is used to review marketing, planning competition, organizational development and is also used a tool for teambuilding.