What may represent strengths with respect to one objective may be weaknesses (distractions, competition) for another objective. Internal factors are viewed as strengths or weaknesses depending upon their effect on the organization's objectives. The degree to which the internal strengths of the firm matches with the external opportunities is expressed by the concept of strategic fit. Strengths and weaknesses are usually considered internal, while opportunities and threats are usually considered external. Results of the assessment are often presented in the form of a matrix, or simply as paragraphs.
The name is an acronym for the four components the technique examines: 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. 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. It is intended to identify the internal and external factors that are favorable and unfavorable to achieving the objectives of the venture or project. 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.). Additional acronyms using the same components include TOWS and WOTS-UP.
It is sometimes called situational assessment or situational analysis. 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.
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