SWOT analysis is a planning and brainstorming tool that helps people evaluate an idea or project for a business or formulate a business plan. SWOT stands for strengths, weaknesses, opportunities, and threats. People use this method to understand a business's internal strengths and weaknesses and external opportunities and threats. This analysis can provide people with ideas about how to improve a business, or it can help them determine how a new business will perform.

Salem Press Encyclopedia, 2022. 3p.