The SWOT Analysis
"Sometimes you don’t realize your own strength until you come face to face with your greatest weakness."
- Susan Gale
What is a SWOT Analysis?
SWOT is an acronym standing for Strengths, Weaknesses, Opportunities and Threats. It is a very simple four-quadrant diagram framework usually taught in Marketing 101 but remains a powerful one.
What is the SWOT Analysis for?
The point is to identify how your Product currently compares to the market, what could make it disappear and what could make it the best product ever created.
More precisely, you are looking for how to use your strengths to exploit opportunities and reduce threats as well as identifying and improving your weak point to increase opportunity potential and eventually reduce threats.
Although it’s a simple framework, it can get difficult to actually find how to populate each category. This work usually bring a lot of inputs that were here but not accounted yet. DevelopAgile recommends any Product Manager/Product Owner to conduct a SWOT Analysis every once in a while to stay on top and be fully aware of your internal and external factors.
Download the SWOT Analysis template for free: