SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis is used by product and marketing teams during strategic planning to identify what their product is doing well, where it can improve, and how it fits in the competitive landscape. It can also be applied even more strategically at the company level. However, the explanations below assume that you will use them for product planning purposes (unless otherwise indicated).
Components of a SWOT analysis
Strengths
Strengths are an internal assessment of the product’s attributes that give it an advantage over other products. These can be features of the product or characteristics of the business. For example, a strength of one product may be its wide range of integrations, while for another, it is veteran product leadership.
Opportunities
Opportunities are usually external to the product and can range from partnerships to new markets. These can also be future product expansion opportunities — expressed as unmet customer needs that the team has identified.
Weaknesses
Similar to strengths, the weaknesses component of the SWOT analysis is an internal assessment of the product’s attributes that put it at a disadvantage when compared to alternatives. For example, a weakness could be a key feature that the product is lacking.
Threats
Threats are typically external factors impacting the product. These factors can be anything ranging from economic factors to emerging technology. Ultimately, these threats are the obstacles facing the business and what could adversely affect the product in the future.
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