To apply your own SWOT analysis, start by creating a heading for each category – ‘Strengths’, ‘Weaknesses’, ‘Opportunities’, and ‘Threats’ means SWOT. Under each of these, write a list of five relevant aspects of your business and external market environment. Strengths and weaknesses apply to internal aspects of your business; opportunities and threats relate to external research.

Strengths

Business strengths are its resources and capabilities that can be used as a basis for developing a competitive-advantage.

1. Patents
2. Strong brand names.
3. Good reputation among customers.
4. Cost advantages from proprietary know-how.
5. Exclusive access to high grade natural resources.
6. Favorable access to distribution networks.

Weakness

The absence of certain strengths may be viewed as a weakness.

1. Lack of patent protection.
2. A weak brand name.
3. Poor reputation among customers.
4. High cost structure.
5. Lack of access to the best natural resources.
6. Lack of access to key distribution channels.

Opportunities

The external environmental analysis may reveal certain new opportunities for profit and growth.

1. An unfulfilled customer need.
2. Arrival of new technologies.
3. Loosening of regulations.
4. Removal of international trade barriers.

Threats

Changes in the external environmental also may present threats to the firm. Examples of threats

1. Shifts in consumer tastes away from the firm's products
2. Emergence of substitute products.
3. New regulations.
4. Increased trade barriers.