SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.
* Strengths: characteristics of the business or team that give it an advantage over others in the industry.
* Weaknesses: are characteristics that place the firm at a disadvantage relative to others.
* Opportunities: external chances to make greater sales or profits in the environment.
* Threats: external elements in the environment that could cause trouble for the business.