Strengths and weaknesses are generally internal factors that are within your control.

Opportunities and Threats are generally external issues that you can’t control.

STRENTH

WEAKNESS

OPPORTUNITY

THREATS

Strengths

Consider from both the view of the firm (product) as well as from customers and competitors

One’s strength is another’s weakness

Questions: What are the firm’s or the product’s advantages over

others?

What does it do well? What makes it stand out from your competitors?

Weaknesses

Be truthful so that weaknesses may be overcome as quickly as possible

One’s strength is another’s weakness

Questions.

What is done poorly?

What can be improved?

What should be avoided?

Opportunities and Threats

External in nature

Represent characteristics of:

the research environment

growth in potential markets

changes in the competitive, economic, political/legal, technological, or socio-cultural environments

A threat to some is an opportunity to another.

Questions on opportunities:

Is there a product/service area that others have not yet covered?

Are there emerging trends that fit with your company's strengths?

Questions on threats:

Are your competitors becoming stronger?

Are there emerging trends that amplify one of your weaknesses?

An opportunity could include:

A new, developing or untapped market

An old market needing technological advances

Change in regulatory environment that creates demand for new technology

A threat could be:

Other ongoing research or commercialization efforts

A large existing competitor

Market access (for supplies or customers)

A competitor has a new, innovative product or service

Competitors have superior access to channels of distribution

Suggestions for using SWOT Analysis:

Two people rarely come-up with the same final version of SWOT.

Be realistic; no need to inflate strengths or be in denial about shortcomings.

Distinguish between where your technology is today, and where it could be in the future.

Be specific. Avoid grey areas.

Always analyze in the context of your competitive environment.

More suggestions for using SWOT Analysis

Weaknesses should be looked at in order to convert them into strengths.

Threats should be converted into opportunities.

Strengths and opportunities should be matched.

Keep your SWOT short and simple.

Do not rely on it too much.

Expanding Your SWOT Analysis

Include more detailed competitor information in the analysis.

Take a closer look at the business environment.

Expand the reach of a SWOT analysis through surveys.